Grand Piano Market

The article highlights the increasing demand for acoustic grand pianos worldwide, with forecasts indicating a positive trend in consumption and market value. Key findings include growth in consumption and production, fluctuations in import and export prices, and the top countries in terms of consumption, production, imports, and exports. Italy and the UK show notable growth rates in consumption, while Japan leads in market value. The analysis provides valuable insights for industry stakeholders and decision-makers.

Market Forecast

Driven by increasing demand for acoustic grand pianos 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 +1.1% for the period from 2022 to 2030, which is projected to bring the market volume to 85K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.9% for the period from 2022 to 2030, which is projected to bring the market value to $1.4B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acoustic Grand Pianos

In 2022, consumption of acoustic grand pianos increased by 19% to 78K units, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated tangible growth from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +62.1% against 2020 indices. Over the period under review, global consumption hit record highs in 2022 and is expected to retain growth in the near future.

The global grand piano market value rose notably to $961M in 2022, surging by 11% 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). In general, the total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +38.9% against 2020 indices. Over the period under review, the global market hit record highs in 2022 and is expected to retain growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the UK (13K units), Japan (13K units) and Italy (11K units), with a combined 47% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Italy (with a CAGR of +34.8%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($284M) led the market, alone. The second position in the ranking was held by the UK ($119M). It was followed by Italy.

In Japan, the grand piano market expanded at an average annual rate of +4.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the UK (+18.0% per year) and Italy (+34.8% per year).

The countries with the highest levels of grand piano per capita consumption in 2022 were the UK (197 units per million persons), Italy (181 units per million persons) and the Czech Republic (114 units per million persons).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Italy (with a CAGR of +34.9%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Acoustic Grand Pianos

In 2022, production of acoustic grand pianos increased by 37% to 41K units, rising for the second year in a row after two years of decline. In general, production continues to indicate a relatively flat trend pattern. As a result, production attained the peak volume and is likely to continue growth in the immediate term.

In value terms, grand piano production stood at $758M in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when the production volume increased by 24%. Over the period under review, global production reached the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Production By Country

The countries with the highest volumes of production in 2022 were Japan (16K units), Italy (11K units) and Indonesia (7.6K units), with a combined 83% share of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Italy (with a CAGR of +180.5%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Acoustic Grand Pianos

In 2022, approx. 62K units of acoustic grand pianos were imported worldwide; increasing by 5.7% against the previous year. In general, total imports indicated a tangible increase from 2012 to 2022: its volume 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 +70.6% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 61%. Global imports peaked in 2022 and are likely to see steady growth in the immediate term.

In value terms, grand piano imports stood at $453M in 2022. The total import value increased at an average annual rate of +3.2% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of 30% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, the UK (12K units), the United States (11K units) and China (9.3K units) represented the major importer of acoustic grand pianos in the world, comprising 53% of total import. It was distantly followed by Spain (3.7K units), making up a 6.1% share of total imports. Thailand (2.4K units), Germany (2.4K units), the Netherlands (2.2K units), Canada (2.1K units), France (1.9K units), Australia (1.7K units), Japan (1.3K units), Malaysia (1.2K units) and South Korea (1.1K units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Netherlands (with a CAGR of +31.7%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, China ($97M), the United States ($86M) and Canada ($30M) were the countries with the highest levels of imports in 2022, together accounting for 47% of global imports. Germany, the UK, Australia, France, Japan, South Korea, the Netherlands, Spain, Malaysia and Thailand lagged somewhat behind, together accounting for a further 30%.

The Netherlands, with a CAGR of +23.2%, recorded the highest growth rate of 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.

Import Prices By Country

The average grand piano import price stood at $7,350 per unit in 2022, waning by -3.3% against the previous year. Overall, the import price recorded a mild slump. The pace of growth appeared the most rapid in 2017 when the average import price increased by 14% against the previous year. As a result, import price attained the peak level of $9,820 per unit. From 2018 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($14,256 per unit), while Thailand ($1,215 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+5.7%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Acoustic Grand Pianos

In 2022, shipments abroad of acoustic grand pianos increased by 10% to 24K units, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, saw a pronounced shrinkage. The pace of growth appeared the most rapid in 2016 when exports increased by 28%. The global exports peaked at 30K units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, grand piano exports totaled $468M in 2022. The total export value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 27%. The global exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports By Country

China (5.9K units), Japan (4.3K units), Germany (3.4K units) and Indonesia (2.7K units) represented roughly 67% of total exports in 2022. It was distantly followed by the United States (1.2K units) and the Netherlands (1.1K units), together generating a 9.5% share of total exports. Malaysia (879 units), the Czech Republic (693 units), Poland (659 units), Italy (574 units), France (502 units), the UK (450 units) and Spain (403 units) held a relatively small share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by the Netherlands (with a CAGR of +48.3%), while the other global leaders experienced more modest paces of growth.

In value terms, Germany ($147M), Japan ($137M) and Indonesia ($45M) were the countries with the highest levels of exports in 2022, together accounting for 70% of global exports. China, the United States, Italy, the Czech Republic, Poland, the UK, the Netherlands, Malaysia, France and Spain lagged somewhat behind, together accounting for a further 25%.

The Netherlands, with a CAGR of +31.4%, recorded the highest rates of growth with regard to 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.

Export Prices By Country

The average grand piano export price stood at $19,247 per unit in 2022, falling by -8.5% against the previous year. In general, export price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, grand piano export price decreased by -11.0% against 2019 indices. The pace of growth was the most pronounced in 2015 when the average export price increased by 22%. The global export price peaked at $21,637 per unit in 2019; however, from 2020 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 ($43,088 per unit), while Malaysia ($5,275 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform