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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:
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 Furthermore, the COVID-19 pandemic and subsequent lockdown & stay-at-home guidelines across the majority of countries have led to children studying from home. Realization of extra spare time from the lack of commute to schools has reinvigorated interest in music. As online shopping mechanisms for musical instruments have solidified, people startedto make their guitar purchases on e-commerce platforms and started learning through online classes. As a result, the volume of product sales from online platforms grew by 23.6% from 2019 to 2020. Guitar Center, an American music retailer, reported nearly double the number of online purchases in 2020 compared to 2019. The sudden surge in product demand and factory shutdowns due to lockdown restrictions during the initial phases of the pandemic have led to an increase in backorders, thereby constricting supply. As quoted by Lee Anderton, co-owner of Andertons Music Co., during the second half of 2020, the demand for guitars was double their current supply. Companies are trying to establish their foothold across online retail platforms, as e-commerce outgrows traditional retail sales over the longterm. Inline with such efforts, companies, such as Gibson and Fender, have started retailing through their own e-stores. Concurrently, companies have also listed their offerings with major music instrument e-retailers, such as Guitar Center, Sweetwater, and Andertons Music Co. Grand View Research has segmented the global electric guitars market on the basis of product, type, distribution channel, and region:
List of Key Players of Electric Guitars Market
Check out more studies related to musical instrument and accessories, conducted by Grand View Research:
Browse through Grand View Research's coverage of the Global Clothing, Footwear & Accessories Industry Gain access to Grand View Compass, our BI enabled intuitive market research database of 10,000+ reports About Grand View Research Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead. Contact: Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
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