Electric Guitars Market Poised to reach $5.1 Billion, Fueled by Rising Popularity of Live Music Performances As Per The Business Research Company's Electric Guitars Global Market Report 2024
Year End Offer By The Business Research Company - Get 33% Discount On Opportunities And Strategies Reports
LONDON, Feb. 08, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Electric Guitars Global Market Report 2024, the electric guitars market is witnessing substantial growth, driven by the increasing demand for instruments that cater to diverse musical styles and the surge in live music performances worldwide. According to recent market analysis, the electric guitars market is set to grow from $3.19 billion in 2023 to $3.47 billion in 2024, showcasing a compound annual growth rate (CAGR) of 8.9%. Forecasts suggest continued expansion, with the market expected to reach $5.11 billion by 2028, at a CAGR of 10.1%.
Factors Driving Growth
The rise in the popularity of live musical performances is a significant driver for the electric guitars market. Live music events continue to attract large audiences globally, creating a demand for versatile instruments that can deliver powerful and dynamic tones across various musical genres. Recent data from Live Nation Entertainment and Music Promotion Club highlight a significant increase in ticket sales and concert revenue, underscoring the growing enthusiasm for live music experiences. As musicians seek instruments capable of producing impactful sounds in live settings, the demand for electric guitars is on the rise.
Get A Free Sample Of The Global Electric Guitars Market Report
https://www.thebusinessresearchcompany.com/sample_request?id=6125&type=smp
Innovative Product Development
Companies in the electric guitars market are focusing on innovation to meet the evolving needs of musicians. By introducing new models and incorporating advanced features, manufacturers are catering to a wide range of players, from novices to experts. Examples include Donner Music's introduction of carbon fiber guitars and Yamaha Guitar Group's unveiling of the Revstar electric guitar lineup, featuring exclusive switching options and acoustic design enhancements. These innovations offer players unique possibilities and sensations, driving interest and demand in the market.
Market Segmentation and Leading Regions
The electric guitars market is segmented based on type, price, distribution channel, and end-user:
- By Type: Electric Acoustic Guitar, Seven String Guitar, Solid Body Guitar, Hollow Body Guitar, Other Types
- By Price: Low, Medium, High
- By Distribution Channel: Online, Offline
- By End-user: Professionals, Learners, Individual Amateurs
Asia Pacific emerged as the largest region in the electric guitars market, accounting for 42.6% or $1,598.5 million of the total market share in 2023. North America, Western Europe, and other regions followed suit, indicating a global demand for electric guitars across diverse geographical areas.
Learn More In-Depth On The Electric Guitars Market
https://www.thebusinessresearchcompany.com/report/electric-guitars-global-market-report
This comprehensive report offers valuable insights into the electric guitars market's growth potential, key drivers, and competitive landscape. By leveraging these insights, businesses can identify emerging trends, develop innovative products, and capitalize on market opportunities. Whether exploring new market segments, enhancing distribution channels, or targeting specific end-user segments, players in the electric guitars market can utilize this report to formulate strategic initiatives and achieve sustainable growth in a competitive landscape.
Electric Guitars Global Market Report 2024 by The Business Research Company provides insights on the electric guitars market size, electric guitars market segments, electric guitars market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Check Out Similar Market Intelligence Reports By The Business Research Company:
Musical Instruments Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/musical-instruments-global-market-report
Film And Music Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/film-and-music-global-market-report
Music Recording Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/music-recording-global-market-report
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
The Business Research Company Europe: +44 207 1930 708 Asia: +91 8897263534 Americas: +1 315 623 0293 Email: info@tbrc.info Follow us on: LinkedIn: https://in.linkedin.com/company/the-business-research-company Twitter: https://twitter.com/tbrc_info Facebook: https://www.facebook.com/TheBusinessResearchCompany YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ Blog: https://blog.tbrc.info/ Healthcare Blog: https://healthcareresearchreports.com/ Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
