ASEAN: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in ASEAN

The ASEAN electrical musical instrument market skyrocketed to $X in 2023, picking up by X% against the previous year. Over the period under review, consumption, however, recorded a slight reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Electrical Musical Instrument Production in ASEAN

In value terms, electrical musical instrument production rose slightly to $X in 2023 estimated in export price. The total production indicated a prominent increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The level of production peaked at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Electrical Musical Instrument Exports

Exports in ASEAN

In 2023, after five years of growth, there was significant decline in shipments abroad of electrical musical or keyboard instruments, when their volume decreased by X% to X units. Over the period under review, exports, however, enjoyed a prominent expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. The volume of export peaked at X units in 2022, and then dropped remarkably in the following year.

In value terms, electrical musical instrument exports fell significantly to $X in 2023. Overall, exports, however, continue to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then reduced dramatically in the following year.

Exports by Country

Indonesia represented the major exporting country with an export of about X units, which accounted for X% of total exports. It was distantly followed by Malaysia (X units), creating a X% share of total exports. Vietnam (X units) followed a long way behind the leaders.

Exports from Indonesia increased at an average annual rate of X% from 2012 to 2023. At the same time, Malaysia (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Indonesia and Malaysia increased by X and X percentage points, respectively.

In value terms, Indonesia ($X) remains the largest electrical musical instrument supplier in ASEAN, comprising X% of total exports. The second position in the ranking was held by Malaysia ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Indonesia amounted to X%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (X% per year) and Vietnam (X% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2023, falling by X% against the previous year. Overall, the export price continues to indicate a noticeable decrease. The pace of growth was the most pronounced in 2022 an increase of X%. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the other leaders experienced mixed trends in the export price figures.

Electrical Musical Instrument Imports

Imports in ASEAN

In 2023, approx. X units of electrical musical or keyboard instruments were imported in ASEAN; picking up by X% against the previous year's figure. Overall, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at X units in 2018; however, from 2019 to 2023, imports remained at a lower figure.

In value terms, electrical musical instrument imports shrank modestly to $X in 2023. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then fell slightly in the following year.

Imports by Country

The purchases of the four major importers of electrical musical or keyboard instruments, namely Malaysia, the Philippines, Singapore and Thailand, represented more than two-thirds of total import. It was distantly followed by Indonesia (X units), generating a X% share of total imports. Vietnam (X units) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for the Philippines (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical musical instrument importing markets in ASEAN were Malaysia ($X), Singapore ($X) and Thailand ($X), together comprising X% of total imports. Indonesia, the Philippines and Vietnam lagged somewhat behind, together accounting for a further X%.

Indonesia, with a CAGR of X%, 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 leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ASEAN amounted to $X per unit, waning by X% against the previous year. Import price indicated mild growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, electrical musical instrument import price decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 an increase of X%. The level of import peaked at $X per unit in 2022, and then contracted in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform