According to the research report titled, ‘Global Electric Guitars Market Size study, by Product (Hollow-body, Semi-hollow body, Solid-body), By Distribution Channel (Offline, Online), By Type (Lead/Rhythm, Bass), and Regional Forecasts 2021-2027’, available with MarketStudyReport, global electric guitar market was worth USD 3.62 billion in 2020 and is anticipated to register 7.30% CAGR during the study period, subsequently reaching USD 5.9 billion in valuation by 2027.
 

The factors that are driving the growth of global electric guitar market are increasing number of music enthusiasts and growing popularity of music festivals. With rising expenditure in conducting live concerts, the demand for electric guitars is also expected to rise, thereby fueling the overall market growth.
 

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For those unaware, electric guitars require external amplification or electrical signals to produce sound. The product is usually available in two varieties such as bass and lead/rhythm. 
 

Thus, growing number of music enthusiasts and rising music cognizance are stimulating the overall industry outlook. However, availability of alternate guitar substitutes can act as a major obstacle for the market growth over the period of 2021-2027.
 

The market has been fragmented based on product type, distribution channel, and type. By product variety, global electric guitars market is divided into solid body, hollow body, and semi-hollow body.
 

In terms of distribution channel, the market is classified into online and offline segments. As per type, the industry is bifurcated into bass and rhythm. 
 

From a regional frame of reference, the scope of the global electric guitars market is majorly defined by Asia Pacific (China, India, Japan, Australia, South Korea), North America (United States, Canada), Europe (United Kingdom, Germany, France, Italy, Spain), Latin America (Mexico, Brazil) and the rest of the world.
 

Among these, Asia Pacific is likely to account for a major market share by the year 2027, primarily due to a huge demand for music and growing awareness for music concerts as well as festivals.
 

On the other hand, North America is also expected to emerge as a key revenue generator for global electric guitar market participants, owing to mounting expenditure on music and live music concerts. 
 

Key players in operating in this market are Epiphone (Gibson Brands Inc.), Michael Kelly Guitar Company, ESP Company Limited, Yamaha Corporation, Ibanez, Karl Höfner GmbH & Co. KG, and Fender Musical Instruments Corp.