The increasing disposable income and growing interest of people in music are of the key drivers for the growth of the electric guitar market. The increasing number of musical bands is further expected to propel the electrical guitar market, during the forecast period. A highly skilled and trained labor is required for adjusting, carving, and assembling of electric guitars; which leads to high wages and capital requirements for the electric guitar manufacturing industries.
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The electric guitar market can be categorized on the basis of type, tailpiece, neck shapes, and region. On the basis of type, the electric guitar market can be categorized, as solid body guitar, hollow body guitars, electric acoustic guitar, the seven string guitar, semi-acoustic guitar, chambered bodies guitar, and the twelve string electric guitar. On the basis of tailpiece systems, the electric guitar market can be categorized, as vibrato arms, hard tail, string-through body, and floating tailpiece. The electric guitar market can also be categorized, on the basis of neck shapes, as folding neck, V necks, C necks, and U necks. Rock and other music bands use two types of electric guitars, namely rhythm guitar, and lead guitar. Rhythm guitar offers progression or chord sequence, and sets out the beat; whereas the lead guitar is used in melodic instrumental fill passages, melody lines, and guitar solos.
The electric guitar uses a pickup to translate the vibration of cords into electrical pulses, with the principle of direct electromagnetic induction. The signal is amplified before its transmission to loud speaker, as the signal produced is too weak to drive a loudspeaker. Since the output of the electric guitar is an electric signal, which could be altered easily by using an electronic circuit, and can also be modified by using several effects, such as distortion and reverb.
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Some of the competitors in the electric guitar market are Gibson Guitar Corporation, China Joy Guitar Co. Ltd., Paul Reed Smith Guitars Ltd., Fender Musical Instruments Corporation, and Guitar Center Inc.
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