Electrical Musical Instrument Market

The global market for electrical musical or keyboard instruments is expected to witness an upward consumption trend, with forecasted growth in both volume and value terms over the next eight years. The market performance is projected to expand with an anticipated CAGR of +0.4% for the period from 2022 to 2030, reaching a volume of 20M units and a value of $4.6B by the end of 2030. In 2022, the global market recorded growth in consumption, with the United States, China, and the Netherlands leading in both volume and value terms. Production of electrical musical instruments increased in 2022, with China being the largest exporter of these instruments. Import and export trends show fluctuations over the years, with prices varying by country of origin and destination. Overall, the market is expected to see gradual growth in the near future, with certain countries experiencing higher rates of consumption and production growth.

Market Forecast

Driven by increasing demand for electrical musical or keyboard instruments worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +0.4% for the period from 2022 to 2030, which is projected to bring the market volume to 20M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.1% for the period from 2022 to 2030, which is projected to bring the market value to $4.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Electrical Musical Or Keyboard Instruments

For the fifth consecutive year, the global market recorded growth in consumption of electrical musical or keyboard instruments, which increased by 9% to 20M units in 2022. In general, the total consumption indicated a measured increase from 2012 to 2022: its volume increased at an average annual rate of +3.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +67.7% against 2014 indices. Over the period under review, global consumption attained the peak volume in 2022 and is expected to retain growth in the near future.

The global electrical musical instrument market value skyrocketed to $3.9B in 2022, rising by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of +3.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +64.6% against 2014 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (4.1M units), China (4M units) and the Netherlands (1.6M units), with a combined 50% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for the Netherlands (with a CAGR of +26.7%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($642M), the Netherlands ($564M) and China ($466M) constituted the countries with the highest levels of market value in 2022, together accounting for 42% of the global market.

Among the main consuming countries, the Netherlands, with a CAGR of +25.0%, recorded the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of electrical musical instrument per capita consumption was registered in the Netherlands (93 units per 1000 persons), followed by the United States (12 units per 1000 persons), Canada (11 units per 1000 persons) and the UK (9.2 units per 1000 persons), while the world average per capita consumption of electrical musical instrument was estimated at 2.5 units per 1000 persons.

In the Netherlands, electrical musical instrument per capita consumption expanded at an average annual rate of +26.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+4.5% per year) and Canada (+2.2% per year).

Production

World Production of Electrical Musical Or Keyboard Instruments

In 2022, production of electrical musical or keyboard instruments increased by 2.6% to 24M units, rising for the fifth consecutive year after three years of decline. Over the period under review, production posted a perceptible increase. The most prominent rate of growth was recorded in 2018 when the production volume increased by 97%. Over the period under review, global production reached the peak volume in 2022 and is likely to see gradual growth in years to come.

In value terms, electrical musical instrument production dropped to $3.9B in 2022 estimated in export price. Overall, production enjoyed tangible growth. The pace of growth was the most pronounced in 2018 when the production volume increased by 44% against the previous year. Over the period under review, global production attained the maximum level at $4.1B in 2021, and then shrank in the following year.

Production By Country

China (14M units) constituted the country with the largest volume of electrical musical instrument production, comprising approx. 61% of total volume. Moreover, electrical musical instrument production in China exceeded the figures recorded by the second-largest producer, Indonesia (2.8M units), fivefold. The third position in this ranking was taken by the Netherlands (1.8M units), with a 7.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume in China totaled +3.6%. In the other countries, the average annual rates were as follows: Indonesia (+12.8% per year) and the Netherlands (+39.3% per year).

Imports

World Imports of Electrical Musical Or Keyboard Instruments

In 2022, after four years of growth, there was significant decline in supplies from abroad of electrical musical or keyboard instruments, when their volume decreased by -10.1% to 14M units. Overall, total imports indicated measured growth from 2012 to 2022: its volume increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +76.4% against 2014 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 22% against the previous year. As a result, imports reached the peak of 16M units, and then contracted in the following year.

In value terms, electrical musical instrument imports rose slightly to $3.4B in 2022. In general, total imports indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +77.5% against 2015 indices. The growth pace was the most rapid in 2021 with an increase of 23%. Over the period under review, global imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (4.8M units) represented the major importer of electrical musical or keyboard instruments, making up 34% of total imports. Germany (941K units) took the second position in the ranking, followed by the UK (702K units). All these countries together held approx. 12% share of total imports. India (626K units), the Netherlands (620K units), Japan (471K units), Canada (447K units), France (390K units), Brazil (327K units), Australia (295K units), Chile (274K units), Hong Kong SAR (266K units) and China (235K units) took a relatively small share of total imports.

Imports into the United States increased at an average annual rate of +4.3% from 2012 to 2022. At the same time, Chile (+16.4%), China (+13.0%), the Netherlands (+10.6%), Germany (+10.5%), India (+5.0%), the UK (+4.4%), Canada (+3.4%), Australia (+2.9%) and France (+1.8%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in the world, with a CAGR of +16.4% from 2012-2022. Hong Kong SAR experienced a relatively flat trend pattern. By contrast, Japan (-3.0%) and Brazil (-3.7%) illustrated a downward trend over the same period. The United States (+3.3 p.p.), Germany (+3.3 p.p.) and the Netherlands (+2.2 p.p.) significantly strengthened its position in terms of the global imports, while Brazil and Japan saw its share reduced by -2.3% and -2.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest electrical musical instrument importing markets worldwide were the United States ($779M), Germany ($398M) and the Netherlands ($217M), together comprising 41% of global imports. Japan, the UK, France, Canada, China, Australia, Hong Kong SAR, Brazil, India and Chile lagged somewhat behind, together accounting for a further 31%.

China, with a CAGR of +22.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Imports By Type

In 2022, non-keyboard electrical musical instruments (7.8M units), distantly followed by keyboard electrical musical instruments, other than accordions (6.3M units) represented the main types of electrical musical or keyboard instruments, together mixing up 100% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main imported products, was attained by non-keyboard electrical musical instruments (with a CAGR of +3.3%).

In value terms, the largest types of imported electrical musical or keyboard instruments were non-keyboard electrical musical instruments ($1.8B) and keyboard electrical musical instruments, other than accordions ($1.6B).

Among the main imported products, non-keyboard electrical musical instruments, with a CAGR of +5.8%, saw the highest growth rate of the value of imports, over the period under review.

Import Prices By Type

The average electrical musical instrument import price stood at $240 per unit in 2022, jumping by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. The most prominent rate of growth was recorded in 2014 when the average import price increased by 27% against the previous year. As a result, import price attained the peak level of $264 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Average prices varied noticeably amongst the major imported products. In 2022, the product with the highest price was keyboard electrical musical instruments, other than accordions ($258 per unit), while the price for non-keyboard electrical musical instruments totaled $228 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by non-keyboard electrical musical instruments (+2.4%).

Import Prices By Country

In 2022, the average electrical musical instrument import price amounted to $240 per unit, increasing by 15% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth was the most pronounced in 2014 when the average import price increased by 27%. As a result, import price reached the peak level of $264 per unit. From 2015 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was China ($519 per unit), while India ($50 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+8.8%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Electrical Musical Or Keyboard Instruments

After four years of growth, overseas shipments of electrical musical or keyboard instruments decreased by -12.4% to 18M units in 2022. Over the period under review, exports, however, saw perceptible growth. The pace of growth appeared the most rapid in 2018 when exports increased by 166% against the previous year. Over the period under review, the global exports hit record highs at 21M units in 2021, and then contracted in the following year.

In value terms, electrical musical instrument exports amounted to $3.3B in 2022. Overall, total exports indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +97.7% against 2015 indices. The growth pace was the most rapid in 2020 with an increase of 22% against the previous year. Over the period under review, the global exports hit record highs in 2022 and are likely to continue growth in years to come.

Exports By Country

In 2022, China (11M units) represented the major exporter of electrical musical or keyboard instruments, achieving 58% of total exports. It was distantly followed by Indonesia (2.4M units) and Belgium (1.2M units), together committing a 19% share of total exports. The following exporters - the Netherlands (817K units), the United States (701K units), Malaysia (601K units) and Germany (510K units) - together made up 14% of total exports.

Exports from China increased at an average annual rate of +2.9% from 2012 to 2022. At the same time, Belgium (+23.6%), Malaysia (+21.0%), the Netherlands (+19.3%), Indonesia (+17.9%) and Germany (+7.5%) displayed positive paces of growth. Moreover, Belgium emerged as the fastest-growing exporter exported in the world, with a CAGR of +23.6% from 2012-2022. The United States experienced a relatively flat trend pattern. While the share of Indonesia (+8.8 p.p.), Belgium (+5.2 p.p.), the Netherlands (+3.2 p.p.) and Malaysia (+2.5 p.p.) increased significantly in terms of the global exports from 2012-2022, the share of the United States (-2.6 p.p.) and China (-11.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($794M), China ($757M) and the United States ($342M) constituted the countries with the highest levels of exports in 2022, with a combined 57% share of global exports. Germany, the Netherlands, Malaysia and Belgium lagged somewhat behind, together comprising a further 27%.

Malaysia, with a CAGR of +22.2%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, keyboard electrical musical instruments, other than accordions (9.1M units), followed by non-keyboard electrical musical instruments (8.3M units) were the largest types of electrical musical or keyboard instruments, together mixing up 100% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exported products, was attained by non-keyboard electrical musical instruments (with a CAGR of +5.0%).

In value terms, the largest types of exported electrical musical or keyboard instruments were non-keyboard electrical musical instruments ($1.7B) and keyboard electrical musical instruments, other than accordions ($1.6B).

Non-keyboard electrical musical instruments, with a CAGR of +6.2%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exported products over the period under review.

Export Prices By Type

In 2022, the average electrical musical instrument export price amounted to $180 per unit, jumping by 26% against the previous year. Overall, the export price showed a mild increase. The most prominent rate of growth was recorded in 2015 when the average export price increased by 107% against the previous year. Over the period under review, the average export prices reached the maximum at $366 per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exported products. In 2022, the product with the highest price was non-keyboard electrical musical instruments ($207 per unit), while the average price for exports of keyboard electrical musical instruments, other than accordions stood at $176 per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by keyboard electrical musical instruments, other than accordions (+1.8%).

Export Prices By Country

The average electrical musical instrument export price stood at $180 per unit in 2022, with an increase of 26% against the previous year. Over the period under review, the export price saw a modest increase. The pace of growth appeared the most rapid in 2015 an increase of 107%. Over the period under review, the average export prices hit record highs at $366 per unit in 2017; however, from 2018 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($602 per unit), while China ($71 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform