As per the latest report available on Radiant Insights, Inc., the worldwide electric guitar market is likely to grow at a healthy rate over the forecast period (from 2017 to 2022). Rise in live music performances and concerts across the globe is expected to be a key factor driving the growth of this market. Increased interest in various leisure activities is also projected to propel demand over the next few years.
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The design of these guitars varies significantly, depending on the configuration of the neck, pickups, and bridge, and the shape of the body. The sound of these guitars can be modified by playing techniques, such as string bending, tapping, slide guitar playing, hammering, and using audio feedback.
Growing popularity of rock music is also an important factor driving the worldwide market. Advanced guitar playing methods are much easier with these guitars as they feature softer strings compared to other guitars. However, electrical guitars can be a bit costly for most amateurs, which is likely to hamper overall market growth.
Elixir Strings, one of the top innovators in coated guitar string technology, recently launched new electric guitar strings. It is an innovative lightweight coating that sounds indistinguishable from uncoated ones but with a longer lasting tone life. The new OPTIWEB Coated Strings provide crisp tone, natural feel, excellent grip, and longer tone life. The coating allows strings to vibrate without much damping for a crisp tone and provides a firm and natural grip with full control of vibrato, bends, and sustain.
The global electric guitar market is categorized as per product type (shape), material, end user, and region. Based on product type, the market is categorized into telecaster, solid body, SG, Les Paul, and others. Based on material, the market is segmented into mahogany, ash, maple, and alder. Based on end user, the market is categorized into individual users and retailers.
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Based on region, the market is divided into United States, North America (Canada), Middle East & Africa (South Africa, Turkey, Egypt, Saudi Arabia, Iran, Others), Asia & Pacific (Japan, China, India, Australia, and Korea), Southeast Asia (Indonesia, Malaysia, Philippines, Thailand, Singapore, Vietnam, and Others), Latin America (Argentina, Brazil, Mexico, and Others), and Europe (Germany, Spain, France, Russia, Italy, Netherland, United Kingdom, and Others).
The Americas dominated the global electric guitar market in the past. High customer disposable income levels, presence of a large number of rock bands, and widespread popularity of rock as a music genre in the region were key market growth drivers. However, rising presence of several other types of entertainment such as movies, sports, and online entertainment such as gaming may hinder the growth of the regional market over the forecast period.
Major companies operating in the global electric guitars market include Rickenbacker International Corp.; Samick Musical Instruments Co., Ltd.; C. F. Martin & Company; G&L Musical Instruments; Schecter Guitar Research; and Taylor Guitars.
New product launch is a key strategy undertaken by these companies to attract more customers and strengthen their market position. These companies also focus on research and development activities to come up with highly advanced and innovative products.
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Radiant Insights is a market research and consulting company offering syndicated research studies, customized reports, and consulting services. Our market research studies are designed to facilitate strategic decision making, on the basis of extensive and in-depth quantitative information, supported by extensive analysis and industry insights. Using a patented and robust research methodology, we publish exhaustive research reports covering a host of industries such as Technology, Chemicals, Materials, and Energy. Radiant Insights has a strong base of analysts, consultants and domain experts, with global experience helping us deliver excellence in all research projects we undertake.
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