Guitars are mainly of three types—acoustic, electric, and bass guitar. Out of these three electric guitars are those in which source of sound is not primarily strumming of the strings. Despite loud output is produced by the movement of the strings which capture and magnify the sound electronically. With the help of pedals, one can modify the sound produced by electric guitar. While in acoustic guitars, vibrations come directly from the strings and thus their sound cannot be modulated.
The market’s growth momentum is expected to increase throughout the forecast period because of the steady increase in year-over-year growth.
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COVID-19 Scenario Analysis:
The tentacles of the Corona Virus has captured the music industry as well.
Sales of musical instruments have stopped due to the lockdown situation. This lockdown has also led to the shutdown of manufacturing units.
Numerous musical events, like live concerts, music fests, and concert tours have been canceled and postponed.
Composers and musicians are not able to go to their studios to compose new music.
People who were solely dependent on music gigs have become unemployed.
Many music albums could not be released as production is shut down.
Social distancing has given a massive blow to the music and film industry worldwide.
Artists are in great loss financially.
Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Electric guitars are used in rock and metal genres of music. The popularity of these genres is very high and hence it one of the major drivers of the global electric market. Changes in lifestyle, increase in disposable income, and a high standard of living encourages the consumers to spend more leisure activities. Thus, increasing the sales of musical instruments. Another reason that attributes toward the growth of the global electric guitar market is the increase in number of musical bands across the world.
The major restraint for the growth of electric guitar is that it is too expensive for most amateurs. Also, comparatively acoustic guitars are cheaper and require less maintenance.
A major challenge that the electric guitar market can face is that many virtual instrument applications are now available in mobile phones, which attracts customer attention. With this, the cost of manufacturing an electric guitar is very high, while there's a lack of highly skilled and trained labor.
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The greatest opportunities are increase in music fests and continued growth of rock and metal music.
Vendors are focusing on frequently 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 manufacturing companies of an electric guitar are trying to expand their reach globally so that they can add value and turn struggling markets into profitable ones.
Many educational institutes have made music a part of their curriculum. This will engage youngsters and enhance their music skills and knowledge. Further, contributing to the rise in demand for music instruments.
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