The global market for electric guitars is driven primarily by the increasing interest in music, complemented by the increasing disposable incomes of the global population.
North America Leads Global Electric Guitars Market
Due to it being the birthplace of rock and roll music, the U.S. has always been a major market for electric guitars. The North America market for electric guitars is the dominant regional segment of the global market at present and is likely to remain in the position in the coming years.
Due to the high number of bands active in North America, electric guitar sales are rising in the region. The high disposable income of the population has also allowed amateurs to indulge in their interests, such as music. North America also houses major electric guitar manufacturers such as Gibson Guitar Corporation and Fender Musical Instruments Corporation.
High Prices Restrict Electric Guitars Market in Developing Countries
Unlike acoustic guitars, playing an electric guitar requires an amplifier. This increases the price of electric guitars. Electric guitars also have to be machined more carefully than acoustic guitars, which also leads to an increase in the cost of the instrument. This has held the electric guitars market back in developing regions such as Asia Pacific and Latin America. However, the increasing interest in rock music in these regions and the increasing availability of cheaper electric guitars created by local manufacturers are expected to help the market overcome the obstacle of high prices in the coming years.