In this report, LP Information covers the present scenario (with the base year being 2017) and the growth prospects of global Electric Guitar market for 2018-2023.
Electric guitars are a type of guitars in which strumming the strings themselves is not the primary source of the sound. Rather, the vibrations caused by the movement of the strings are captured and magnified electronically in order to produce a louder output. The sound of an electric guitar can also be electrically modified, since an electrical representation of the vibration of the string is produced in electric guitars. This can then be modulated with the help of dials and other controls on the electric guitar as well as pedals. This is the primary factor distinguishing electric guitars from acoustic guitars; the sound produced by the latter comes directly from the vibration of the strings and thus can’t be modulated electronically.
United States electric guitar market size was valued at around 373.59 million in 2016. APAC countries such as China, India, and South Korea currently have a low penetration rate but are expected to emerge as an attractive opportunity for vendors to venture during this period. The region is predicted to emerge as the fastest growing markets for electric guitars globally
The global Electric Guitar industry is characterized by several large international manufactures and many smaller regional manufactures. Therefore, market share concentration is relatively low. The four largest operators account for about 65.11% of total industry revenue in 2016. Larger companies are looking to expand their footprint in nearby areas, where they can add value and turn once-struggling operations into profitable ventures.
The increase in disposable income, changing lifestyles, and high standards of living have motivated individuals to spend more on leisure activities. It has led to a rise in the sales of musical instruments such as guitars, pianos, and keyboards. To capitalize on the market demand, vendors are predicted to focus more on the frequent changes in consumer preferences presented by the market. Established vendors are likely to scale up their investments in branding and expanding their collection of existing electric guitars, as well as acquiring new players.
Over the next five years, LPI(LP Information) projects that Electric Guitar will register a 3.5% CAGR in terms of revenue, reach US$ 560 million by 2023, from US$ 460 million in 2017.
This report presents a comprehensive overview, market shares, and growth opportunities of Electric Guitar market by product type, application, key manufacturers and key regions.
To calculate the market size, LP Information considers value and volume generated from the sales of the following segments:
Segmentation by product type:
Solid Body
Semi-Hollow Body
Hollow Body
Segmentation by application:
Professional Performance
Learning and Training
Individual Amateurs
This report also splits the market by region:
Americas
United States
Canada
Mexico
Brazil
APAC
China
Japan
Korea
Southeast Asia
India
Australia
Europe
Germany
France
UK
Italy
Russia
Spain
Middle East and Africa
Egypt
South Africa
Israel
Turkey
GCC Countries
The report also presents the market competition landscape and a corresponding detailed analysis of the major vendor/manufacturers in the market. The key manufacturers covered in this report:
Gibson
Fender
Yamaha
Ibanez
ESP
CORT
Epiphone
Squier
PRS
SCHECTER
Jackson
Peavey
Washburn
Taylor
Farida
Karl Höfner
In addition, this report discusses the key drivers influencing market growth, opportunities, the challenges and the risks faced by key manufacturers and the market as a whole. It also analyzes key emerging trends and their impact on present and future development.
Research objectives
To study and analyze the global Electric Guitar consumption (value and volume) by key regions/countries, product type and application, history data from 2013 to 2017, and forecast to 2023.
To understand the structure of Electric Guitar market by identifying its various subsegments.
Focuses on the key global Electric Guitar manufacturers, to define, describe and analyze the sales volume, value, market share, market competition landscape, SWOT analysis and development plans in next few years.
To analyze the Electric Guitar with respect to individual growth trends, future prospects, and their contribution to the total market.
To share detailed information about the key factors influencing the growth of the market (growth potential, opportunities, drivers, industry-specific challenges and risks).
To project the consumption of Electric Guitar submarkets, with respect to key regions (along with their respective key countries).
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market.
To strategically profile the key players and comprehensively analyze their growth strategies.
SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.
PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.
MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.
EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.
REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.
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