Guitars are mainly of three types: acoustic, electric and bass guitar. Among these three electric guitars, there are those in which the source of the sound is not primarily the strumming of the strings. Despite a strong output is produced by the movement of the strings which pick up and magnify the sound electronically. Using pedals, you can modify the sound produced by the electric guitar. Whereas in acoustic guitars the vibrations come directly from the strings and therefore their sound cannot be modulated.
The growth dynamics of the market is expected to accelerate throughout the forecast period owing to the constant increase in growth year over year.
Market Scope and Structure Analysis:
|Market size available for years||2020-2027|
|Reference year considered||2019|
|Forecast units||Value (US $)|
|Covered segments||Type, tailpiece system, neck shape, application, distribution channel and region|
|Regions covered||North America (United States and Canada), Europe (Germany, United Kingdom, France, Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia and rest of Asia-Pacific), LAMEA (Middle East, Brazil and rest of LAMEA)|
|Covered companies||Gibson, Yamaha, Fender, Ibanez, CF Martin & Co., Inc., Epiphone Guitar Corp., Jackson, ESP, CORT, Carvin Corporation, Dean guitars and Squier.|
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COVID-19 scenario analysis:
- The tentacles of the Corona virus have also captured the music industry.
- Sales of musical instruments have ceased due to the lockdown situation. This confinement has also resulted in the closure of manufacturing units.
- Many music events, such as live concerts, music festivals and concert tours have been canceled and postponed.
- Composers and musicians cannot go to their studios to compose new music.
- People who relied solely on music concerts found themselves unemployed.
- Many music albums could not be released because production was stopped.
- Social distancing has taken a heavy toll on the music and film industry around the world.
- The artists are in great financial loss.
Main impact factors: analysis of market scenarios, trends, drivers and impact analysis
Electric guitars are used in rock and metal music genres. The popularity of these genres is very high and therefore is one of the main drivers of the global electricity market. Lifestyle changes, increased disposable income and a high standard of living encourage consumers to spend more leisure activities. Thus, the increase in sales of musical instruments. Another reason behind the growth of the global electric guitar market is the increase in the number of musical groups across the world.
The major brake on the growth of the electric guitar is that it is too expensive for most hobbyists. In addition, relatively acoustic guitars are cheaper and require less maintenance.
A major challenge that the electric guitar market may face is that many virtual instrument applications are now available in mobile phones, which is attracting the attention of customers. With this, the cost of making an electric guitar is very high, while there is a shortage of highly skilled and trained manpower.
The biggest opportunities are the increase in music festivals and the continued growth of rock and metal music.
Sellers focus on changing consumer preferences so that market demand can be capitalized. Existing manufacturers are expanding their collection of existing guitars and also acquiring new players. Large electric guitar manufacturing companies are trying to expand their reach globally so they can add value and turn struggling markets into profitable markets.
Many educational institutions have made music a part of their curriculum. This will engage young people and improve their musical skills and knowledge. In addition, helping to increase the demand for musical instruments.
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Key segments covered:
Main advantages of the report:
- This study presents the analytical description of the global Electric Guitar industry along with current trends and future estimates to determine impending pockets of investment.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global Electric Guitar market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the growth scenario of the global Electric Guitar Market.
- Porter’s Five Forces Analysis illustrates the power of buyers and suppliers in the marketplace.
- The report provides a detailed analysis of the global electric guitars market based on the intensity of the competition and how the competition will shape in the coming years.
Questions Answered in the Electric Guitar Market Research Report:
- Who are the major market players active in the Electric Guitar market?
- What are the current trends that will influence the market in the coming years?
- What are the driving factors, constraints and opportunities in the market?
- What future projections would help to take new strategic actions?
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