Piano Market

The article provides a detailed analysis of the global piano market, projecting a decrease in demand and market performance over the next eight years. It covers trends in consumption, production, imports, exports, and key markets such as China, the United States, and the UK. The data reveals a decline in both volume and value terms, with fluctuations in average prices and growth rates across different types of pianos. Despite some positive growth in certain countries and product categories, the overall outlook for the global piano market is one of contraction and challenges ahead.

Market Forecast

Depressed by shrinking demand for piano worldwide, the market is expected to continue its downward consumption trend over the next eight years. The performance of the market is forecast to contract with an anticipated CAGR of -1.1% for the period from 2022 to 2030, which is projected to depress the market volume to 444K units by the end of 2030.

In value terms, the market is forecast to contract with an anticipated CAGR of +1.5% for the period from 2022 to 2030, which is projected to bring the market value to $1.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Pianos And Other Keyboard Stringed Musical Instruments

Global piano consumption stood at 483K units in 2022, stabilizing at 2021. Over the period under review, consumption, however, recorded a slight decline. The most prominent rate of growth was recorded in 2021 when the consumption volume increased by 8.8% against the previous year. Global consumption peaked at 583K units in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global piano market value expanded significantly to $1.3B in 2022, surging by 7.9% 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, consumption, however, continues to indicate a slight downturn. Global consumption peaked at $1.5B in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Consumption By Country

China (120K units) constituted the country with the largest volume of piano consumption, accounting for 25% of total volume. Moreover, piano consumption in China exceeded the figures recorded by the second-largest consumer, the United States (45K units), threefold. The UK (28K units) ranked third in terms of total consumption with a 5.9% share.

In China, piano consumption decreased by an average annual rate of -2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: the United States (-1.3% per year) and the UK (+9.3% per year).

In value terms, the largest piano markets worldwide were the United States ($192M), China ($187M) and the UK ($83M), with a combined 36% share of the global market. Pakistan, Japan, Indonesia, Italy, Germany, Australia, Thailand, Nigeria and the Philippines lagged somewhat behind, together comprising a further 26%.

Thailand, with a CAGR of +11.7%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of piano per capita consumption in 2022 were the UK (420 units per million persons), Australia (308 units per million persons) and Thailand (270 units per million persons).

From 2012 to 2022, the biggest increases were recorded for Thailand (with a CAGR of +14.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Pianos And Other Keyboard Stringed Musical Instruments

In 2022, production of pianos and other keyboard stringed musical instruments was finally on the rise to reach 306K units after five years of decline. In general, production, however, saw a noticeable decrease. The most prominent rate of growth was recorded in 2016 with an increase of 18% against the previous year. As a result, production attained the peak volume of 504K units. From 2017 to 2022, global production growth failed to regain momentum.

In value terms, piano production amounted to $1.1B in 2022 estimated in export price. Over the period under review, production, however, saw a noticeable slump. Over the period under review, global production reached the maximum level at $1.6B in 2012; however, from 2013 to 2022, production remained at a lower figure.

Production By Country

The countries with the highest volumes of production in 2022 were Indonesia (75K units), Japan (55K units) and Pakistan (25K units), with a combined 50% share of global production. Nigeria, the United States, Italy, the UK, Egypt, Germany, the Czech Republic and Saudi Arabia lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +13.3%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Pianos And Other Keyboard Stringed Musical Instruments

In 2022, the amount of pianos and other keyboard stringed musical instruments imported worldwide fell to 354K units, dropping by -8.6% on 2021 figures. Overall, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by 44% against the previous year. Global imports peaked at 387K units in 2021, and then fell in the following year.

In value terms, piano imports fell slightly to $914M in 2022. The total import value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth was the most pronounced in 2021 with an increase of 27%. As a result, imports reached the peak of $931M, and then reduced slightly in the following year.

Imports By Country

China was the key importer of pianos and other keyboard stringed musical instruments in the world, with the volume of imports accounting for 143K units, which was approx. 40% of total imports in 2022. The United States (33K units) held a 9.3% share (based on physical terms) of total imports, which put it in second place, followed by the UK (5.7%) and Thailand (5.5%). Germany (15K units), the Netherlands (9.9K units), the Philippines (8.7K units), Malaysia (8.3K units), Australia (8.2K units), France (7.9K units), Spain (7.5K units), Canada (7.1K units) and Japan (5.8K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to piano imports into China stood at +2.9%. At the same time, Thailand (+15.2%), the Philippines (+13.2%), the Netherlands (+11.5%), the UK (+10.6%), Spain (+6.9%) and Australia (+1.4%) displayed positive paces of growth. Moreover, Thailand emerged as the fastest-growing importer imported in the world, with a CAGR of +15.2% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Canada (-1.3%), France (-3.4%), Germany (-3.4%), Malaysia (-3.9%) and Japan (-4.3%) illustrated a downward trend over the same period. While the share of China (+7.8 p.p.), Thailand (+4.1 p.p.), the UK (+3.4 p.p.), the Netherlands (+1.8 p.p.) and the Philippines (+1.7 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of Germany (-2.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest piano importing markets worldwide were China ($224M), the United States ($142M) and Germany ($66M), together accounting for 47% of global imports. Canada, Australia, the UK, France, Japan, the Netherlands, Malaysia, Spain, Thailand and the Philippines lagged somewhat behind, together comprising a further 27%.

The Philippines, with a CAGR of +16.2%, recorded the highest growth rate of the value of imports, among 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

Acoustic new upright pianos was the largest type of pianos and other keyboard stringed musical instruments in the world, with the volume of imports reaching 262K units, which was near 74% of total imports in 2022. Acoustic grand pianos (62K units) ranks second in terms of the total imports with a 17% share, followed by keyboard stringed instruments (8.5%).

Acoustic new upright pianos experienced a relatively flat trend pattern with regard to volume of imports. At the same time, acoustic grand pianos (+4.6%) displayed positive paces of growth. Moreover, acoustic grand pianos emerged as the fastest-growing type imported in the world, with a CAGR of +4.6% from 2012-2022. Keyboard stringed instruments experienced a relatively flat trend pattern. While the share of acoustic grand pianos (+5.4 p.p.) increased significantly in terms of the global imports from 2012-2022, the share of acoustic new upright pianos (-5 p.p.) displayed negative dynamics. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of imported pianos and other keyboard stringed musical instruments were acoustic grand pianos ($453M), acoustic new upright pianos ($433M) and keyboard stringed instruments ($28M).

Acoustic grand pianos, with a CAGR of +3.2%, saw the highest growth rate of the value of imports, among the main imported products over the period under review, while purchases for the other products experienced mixed trends in the imports figures.

Import Prices By Type

In 2022, the average piano import price amounted to $2,585 per unit, growing by 7.4% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average import price increased by 22% against the previous year. Over the period under review, average import prices hit record highs at $3,154 per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

Prices varied noticeably by the product type; the product with the highest price was acoustic grand pianos ($7,350 per unit), while the price for keyboard stringed instruments ($949 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by upright piano (+0.7%), while the other products experienced a decline in the import price figures.

Import Prices By Country

In 2022, the average piano import price amounted to $2,585 per unit, surging by 7.4% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the average import price increased by 22%. Over the period under review, average import prices reached the peak figure at $3,154 per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($6,240 per unit), while Thailand ($368 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+4.6%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Pianos And Other Keyboard Stringed Musical Instruments

Global piano exports fell to 176K units in 2022, with a decrease of -8.4% compared with the year before. In general, exports saw a mild reduction. The most prominent rate of growth was recorded in 2016 when exports increased by 51%. As a result, the exports reached the peak of 263K units. From 2017 to 2022, the growth of the global exports failed to regain momentum.

In value terms, piano exports shrank to $987M in 2022. The total export value increased at an average annual rate of +2.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by 27%. As a result, the exports reached the peak of $1B, and then fell slightly in the following year.

Exports By Country

Indonesia (58K units) and Japan (39K units) represented the key exporters of pianos and other keyboard stringed musical instruments in 2022, reaching near 33% and 22% of total exports, respectively. China (24K units) took the next position in the ranking, distantly followed by Germany (11K units). All these countries together took near 20% share of total exports. The following exporters - the Netherlands (5.8K units), the United States (5.3K units), Malaysia (5K units), the Czech Republic (3.8K units) and Hong Kong SAR (3.8K units) - together made up 13% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by the Netherlands (with a CAGR of +27.0%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest piano supplying countries worldwide were Japan ($334M), Germany ($199M) and Indonesia ($178M), with a combined 72% share of global exports. China, the United States, the Czech Republic, the Netherlands, Malaysia and Hong Kong SAR lagged somewhat behind, together comprising a further 17%.

In terms of the main exporting countries, the Netherlands, with a CAGR of +24.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Exports By Type

In 2022, acoustic new upright pianos (139K units) was the key type of pianos and other keyboard stringed musical instruments, making up 79% of total exports. It was distantly followed by acoustic grand pianos (24K units) and keyboard stringed instruments (13K units), together generating a 21% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to acoustic new upright pianos exports of stood at -1.6%. At the same time, keyboard stringed instruments (+5.4%) displayed positive paces of growth. Moreover, keyboard stringed instruments emerged as the fastest-growing type exported in the world, with a CAGR of +5.4% from 2012-2022. By contrast, acoustic grand pianos (-2.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of keyboard stringed instruments increased by +3.7 percentage points. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, the largest types of exported pianos and other keyboard stringed musical instruments were acoustic new upright pianos ($475M), acoustic grand pianos ($468M) and keyboard stringed instruments ($44M).

Keyboard stringed instruments, with a CAGR of +5.4%, saw the highest growth rate of the value of exports, among the main exported products over the period under review, while shipments for the other products experienced more modest paces of growth.

Export Prices By Type

The average piano export price stood at $5,599 per unit in 2022, with an increase of 4.6% against the previous year. Overall, export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, piano export price increased by +30.8% against 2020 indices. The growth pace was the most rapid in 2017 an increase of 59%. Over the period under review, the average export prices hit record highs in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exported products. In 2022, the product with the highest price was acoustic grand pianos ($19,247 per unit), while the average price for exports of keyboard stringed instruments ($3,309 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by grand piano (+5.0%), while the other products experienced mixed trends in the export price figures.

Export Prices By Country

The average piano export price stood at $5,599 per unit in 2022, with an increase of 4.6% against the previous year. Over the period under review, export price indicated a pronounced expansion from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, piano export price increased by +30.8% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 59% against the previous year. The global export price peaked in 2022 and is expected to retain growth in years to come.

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 Germany ($17,843 per unit), while Hong Kong SAR ($1,851 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.8%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform