Electric Guitars Market Size Worth $6.4 Billion By 2028 | CAGR

7.3%: Grand View Research, Inc.

SAN FRANCISCO, Dec. 6, 2021 /PRNewswire/ -- The global electric guitars market size is expected to reach USD 6.4 billion by 2028, registering a CAGR of 7.3% during the forecast period, according to a new report by Grand View Research, Inc. Increasing number of beginner guitarists, particularly, young children opting for music courses in their schools, has been a major driving force for the global market. The evolution of popular music genres into global phenomenon and commercialization of concerts have led to ample capital inflow in the music industry, therefore incentivizing upcoming musicians and providing established music bands a roster to perform to larger audiences in various geographies. The influx of new record labels and the advent of super concerts &new music festivals are also among the key factors driving the product demand across the globe.

Key Insights & Findings from the report:

• Asia Pacific was the largest regional market in 2020 and is estimated to expand further at the fastest CAGR from 2021 to 2028
• The region has a strong presence of various home-grown electric guitar brands, such as Yamaha, Fernandes Guitars, FujiGenGakki, Tokai, Greco, and Aria
• Moreover, the increasing popularity of western music genres and growing independent music culture are the key trends driving the product demand in the region
• The solid-body guitars segment accounted for the largest revenue share in 2020 and is estimated to retain the leading position throughout the forecast period
• However, the semi-hollow-body product segment is projected to register the fastest CAGR from 2021 to 2028
• Semi-hollow-body guitars are tonally similar to solid-body guitars with less focused low-end tones. These are highly favored for composing jazz, blues, and R&B music

Read 80 page market research report, "Electric Guitars Market Size, Share & Trends Analysis Report By Product (Hollow-body, Solid-body), Distribution Channel (Offline, Online), By Type (Lead/Rhythm, Bass), By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research