Asia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Asia

For the third year in a row, the Asian electrical musical instrument market recorded growth in sales value, which increased by X% to $X in 2023. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2023 and is expected to retain growth in the near future.

Electrical Musical Instrument Production in Asia

In value terms, electrical musical instrument production reached $X in 2023 estimated in export price. Overall, production continues to indicate notable growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, production hit record highs at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.

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Electrical Musical Instrument Exports

Exports in Asia

In 2023, shipments abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the second consecutive year after four years of growth. Over the period under review, exports, however, continue to indicate noticeable growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

In value terms, electrical musical instrument exports declined to $X in 2023. Total exports indicated moderate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The level of export peaked at $X in 2022, and then dropped in the following year.

Exports by Country

China was the key exporting country with an export of about X units, which finished at X% of total exports. It was distantly followed by Indonesia (X units), mixing up a X% share of total exports. Malaysia (X units) and India (X units) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to electrical musical instrument exports from China stood at X%. At the same time, India (X%), Malaysia (X%) and Indonesia (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in Asia, with a CAGR of X% from 2012-2023. Indonesia (X p.p.), Malaysia (X p.p.) and India (X p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, the largest electrical musical instrument supplying countries in Asia were China ($X), Indonesia ($X) and Malaysia ($X), with a combined X% share of total exports. These countries were followed by India, which accounted for a further X%.

Among the main exporting countries, India, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Asia amounted to $X per unit, with a decrease of X% against the previous year. Over the period under review, the export price, however, saw a slight increase. The growth pace was the most rapid in 2015 when the export price increased by X%. The level of export peaked at $X per unit in 2017; however, from 2018 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while China ($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 a decline in the export price figures.

Electrical Musical Instrument Imports

Imports in Asia

In 2023, the amount of electrical musical or keyboard instruments imported in Asia declined to X units, dropping by X% on 2022. In general, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by X%. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, electrical musical instrument imports contracted to $X in 2023. Total imports indicated measured growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then reduced in the following year.

Imports by Country

In 2023, India (X units) and Japan (X units) were the largest importers of electrical musical or keyboard instruments in Asia, together resulting at approx. X% of total imports. China (X units) ranks next in terms of the total imports with an X% share, followed by the United Arab Emirates (X%), Malaysia (X%), Turkey (X%), South Korea (X%), the Philippines (X%) and Singapore (X%). Hong Kong SAR (X units) took a relatively small share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by China (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical musical instrument importing markets in Asia were Japan ($X), China ($X) and South Korea ($X), together accounting for X% of total imports.

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

Import Prices by Country

In 2023, the import price in Asia amounted to $X per unit, surging by X% against the previous year. Over the last eleven years, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is likely to see gradual growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was China ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform