Electric Guitars Market: Introduction
- Electric guitars are a type of guitars in which strumming the strings themselves is not the primary source of the sound. 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 hence, it can’t be modulated electronically. The market for electric guitars is projected to expand significantly during the forecast period.
Key Drivers and Opportunities of Global Electric Guitars Market
- Increasing interest in music across the globe is a major factor driving the global electric guitars market. Electric guitars are essential in popular genres of music such as rock and metal. The popularity of these genres is prompting several individuals to learn to play the guitar. This is also a key factor boosting the global electric guitars market.
- Increase in disposable income of individuals in developing economies is enabling them to indulge in hobbies such as music. This is a major driver of the global electric guitars market. Continued popularity of rock music is another factor propelling the global electric guitars market, as the two, i.e. guitars and music, are intricately connected in the eyes of the masses. Rise in number of rock bands also fuels the global electric guitars market.
- On the other hand, electrical guitars can be expensive for most amateurs. An important reason for this is that, unlike acoustic guitars, electric guitars need an amplifier. This is a major restraint of the global electric guitars market, particularly in developing countries.
- Increase in popularity of acoustic guitars has also hindered the electric guitars market, as acoustic guitars are much cheaper than electric guitars and require less maintenance. However, advanced guitar playing techniques are easier to perform on electric guitars, since they have no frets and possess softer strings as compared to acoustic guitars.
Europe to Hold Major Share of the Global Electric Guitars Market
- In terms of geography, the global electric guitars market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- The global electric guitars market is dominated by North America due to the high interest in rock music, high disposable income of the population, and the high number of rock bands in the region, which is expected to drive the demand for the electric guitars during the forecast period.
Key Players Operating in Global Electric Guitars Market
- Carvin Corporation
- Dean Guitars
- Epiphone Guitar Corp.
- Fender Musical Instruments Corporation
- Fender Musical Instruments Corporation
- Gibson Guitar Corporation
- Ibanez Guitars
- Martin & Co., Inc.
- Paul Reed Smith Guitars Ltd.
- Yamaha Corporation
Global Electric Guitars Market: Research Scope
Global Electric Guitars Market, by Type
- Electric Acoustic Guitar
- Seven String Guitar
- Solid Body Guitar
- Hollow Body Guitars
- Others (Twelve String Electric Guitar, etc.)
Global Electric Guitars Market, by End-user
- Individual Amateurs
Global Electric Guitars Market, by Price
Global Electric Guitars Market, by Distribution Channel
- E-commerce Websites
- Company Owned Websites
- Specialty Stores
- Other Retail Based Stores
Global Electric Guitars Market, by Region
- North America
- Rest of North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.