Keyboard Stringed Instrument Market

The global market for keyboard stringed instruments is expected to experience growth in both consumption and value over the period from 2022 to 2030. With a forecasted CAGR of +0.6% for market volume and +4.1% for market value, the market is projected to reach 41K units and $83M by the end of 2030, respectively. Consumption of keyboard stringed instruments has seen fluctuations over the years, with a peak in 2012 and a slight decline in recent years. Indonesia remains the largest producer and exporter of these instruments, while Thailand leads in consumption and imports. Prices have varied significantly among countries, with China having the highest export price and Thailand the lowest. Overall, the global market shows potential for growth in the coming years.

Market Forecast

Driven by rising demand for keyboard stringed instrument worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.6% for the period from 2022 to 2030, which is projected to bring the market volume to 41K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.1% for the period from 2022 to 2030, which is projected to bring the market value to $83M (in nominal prices) by the end of 2030.

Consumption

World Consumption of Keyboard Stringed Instruments

For the third consecutive year, the global market recorded growth in consumption of keyboard stringed instruments, which increased by 6.9% to 40K units in 2022. Overall, consumption, however, continues to indicate a mild descent. Global consumption peaked at 44K units in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

The global keyboard stringed instrument market revenue dropped to $60M in 2022, falling by -5.3% 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, consumption, however, recorded a abrupt decrease. Over the period under review, the global market reached the peak level at $158M in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were Thailand (13K units), Indonesia (10K units) and the Philippines (4.7K units), with a combined 72% share of global consumption.

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Thailand (with a CAGR of +39.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Indonesia ($24M) led the market, alone. The second position in the ranking was taken by Thailand ($6M). It was followed by the Philippines.

In Indonesia, the keyboard stringed instrument market plunged by an average annual rate of -5.8% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (+37.2% per year) and the Philippines (+22.7% per year).

In 2022, the highest levels of keyboard stringed instrument per capita consumption was registered in Thailand (192 units per million persons), followed by the United Arab Emirates (85 units per million persons), the Philippines (42 units per million persons) and Indonesia (37 units per million persons), while the world average per capita consumption of keyboard stringed instrument was estimated at 5 units per million persons.

From 2012 to 2022, the average annual rate of growth in terms of the keyboard stringed instrument per capita consumption in Thailand totaled +38.6%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: the United Arab Emirates (+1.2% per year) and the Philippines (+24.1% per year).

Production

World Production of Keyboard Stringed Instruments

Global keyboard stringed instrument production stood at 23K units in 2022, remaining constant against the previous year's figure. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 8.1%. Over the period under review, global production reached the maximum volume at 24K units in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

In value terms, keyboard stringed instrument production amounted to $65M in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 25%. As a result, production reached the peak level of $67M. From 2021 to 2022, global production growth remained at a lower figure.

Production By Country

Indonesia (17K units) remains the largest keyboard stringed instrument producing country worldwide, comprising approx. 75% of total volume. Moreover, keyboard stringed instrument production in Indonesia exceeded the figures recorded by the second-largest producer, the United States (1.4K units), more than tenfold. The United Arab Emirates (1K units) ranked third in terms of total production with a 4.5% share.

In Indonesia, keyboard stringed instrument production expanded at an average annual rate of +1.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (+24.2% per year) and the United Arab Emirates (+0.8% per year).

Imports

World Imports of Keyboard Stringed Instruments

In 2022, purchases abroad of keyboard stringed instruments increased by 11% to 30K units, rising for the fourth year in a row after two years of decline. In general, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 40%. Over the period under review, global imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

In value terms, keyboard stringed instrument imports dropped to $28M in 2022. Over the period under review, imports, however, showed a pronounced decline. The pace of growth appeared the most rapid in 2013 when imports increased by 30% against the previous year. As a result, imports attained the peak of $59M. From 2014 to 2022, the growth of global imports failed to regain momentum.

Imports By Country

In 2022, Thailand (14K units) was the key importer of keyboard stringed instruments, constituting 46% of total imports. It was distantly followed by the Philippines (5.2K units), creating an 18% share of total imports. The following importers - the UK (485 units), South Africa (483 units) and Singapore (461 units) - each amounted to a 4.8% share of total imports.

Thailand was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +39.4% from 2012 to 2022. At the same time, the Philippines (+27.3%) and Singapore (+5.1%) displayed positive paces of growth. By contrast, the UK (-4.1%) and South Africa (-12.0%) illustrated a downward trend over the same period. Thailand (+45 p.p.) and the Philippines (+16 p.p.) significantly strengthened its position in terms of the global imports, while South Africa saw its share reduced by -4.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest keyboard stringed instrument importing markets worldwide were Singapore ($2.3M), the Philippines ($2M) and South Africa ($1.2M), together accounting for 19% of global imports.

Among the main importing countries, the Philippines, with a CAGR of +22.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average keyboard stringed instrument import price stood at $949 per unit in 2022, declining by -20% against the previous year. Overall, the import price saw a noticeable slump. The pace of growth appeared the most rapid in 2013 when the average import price increased by 114% against the previous year. As a result, import price reached the peak level of $3,321 per unit. From 2014 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 Singapore ($5,035 per unit), while Thailand ($55 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Keyboard Stringed Instruments

In 2022, global exports of keyboard stringed instruments expanded to 13K units, growing by 2.8% on 2021. Overall, exports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2014 when exports increased by 68%. Over the period under review, the global exports hit record highs at 21K units in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

In value terms, keyboard stringed instrument exports soared to $44M in 2022. Over the period under review, total exports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +34.8% against 2017 indices. The pace of growth was the most pronounced in 2014 with an increase of 43%. The global exports peaked at $49M in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports By Country

Indonesia was the key exporter of keyboard stringed instruments in the world, with the volume of exports finishing at 7.1K units, which was near 53% of total exports in 2022. The United States (1.6K units) ranks second in terms of the total exports with a 12% share, followed by Italy (5.7%) and Taiwan (Chinese) (5.6%). The Philippines (522 units), Thailand (470 units), China (382 units) and the United Arab Emirates (370 units) followed a long way behind the leaders.

Exports from Indonesia increased at an average annual rate of +18.3% from 2012 to 2022. At the same time, the Philippines (+144.5%), Thailand (+61.1%), the United States (+23.5%), Italy (+13.6%), China (+13.5%) and the United Arab Emirates (+2.4%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in the world, with a CAGR of +144.5% from 2012-2022. By contrast, Taiwan (Chinese) (-12.3%) illustrated a downward trend over the same period. Indonesia (+36 p.p.), the United States (+9.3 p.p.), the Philippines (+3.9 p.p.), Thailand (+3.5 p.p.) and Italy (+3 p.p.) significantly strengthened its position in terms of the global exports, while Taiwan (Chinese) saw its share reduced by -29.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($16M) remains the largest keyboard stringed instrument supplier worldwide, comprising 36% of global exports. The second position in the ranking was taken by the Philippines ($6M), with a 13% share of global exports. It was followed by China, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia amounted to +18.5%. The remaining exporting countries recorded the following average annual rates of exports growth: the Philippines (+272.3% per year) and China (+15.4% per year).

Export Prices By Country

The average keyboard stringed instrument export price stood at $3,309 per unit in 2022, surging by 13% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 26%. As a result, the export price reached the peak level of $3,405 per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was China ($15,330 per unit), while Thailand ($319 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+52.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform