Asia: Piano Market 2024

Piano Market Size in Asia

The Asian piano market contracted to $X in 2022, which is down by X% against the previous year. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Piano Production in Asia

In value terms, piano production fell modestly to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Piano Exports

Exports in Asia

In 2022, overseas shipments of pianos and other keyboard stringed musical instruments increased by X% to X units, rising for the second year in a row after four years of decline. Overall, exports, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, piano exports contracted to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then reduced in the following year.

Exports by Country

In 2022, Japan (X units), distantly followed by Indonesia (X units), China (X units), the United Arab Emirates (X units) and the Philippines (X units) were the key exporters of pianos and other keyboard stringed musical instruments, together achieving X% of total exports. The following exporters - Hong Kong SAR (X units) and Malaysia (X units) - each reached a X% 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 Philippines (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the largest piano supplier in Asia, comprising X% of total exports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total exports. It was followed by China, with an X% share.

From 2012 to 2022, the average annual growth rate of value in Japan amounted to X%. In the other countries, the average annual rates were as follows: Indonesia (X% per year) and China (X% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, shrinking by X% against the previous year. In general, the export price, however, showed a strong expansion. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The level of export peaked at $X per unit in 2021, and then dropped in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the Philippines ($X 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 (X%), while the other leaders experienced more modest paces of growth.

Piano Imports

Imports in Asia

In 2022, imports of pianos and other keyboard stringed musical instruments in Asia shrank significantly to X units, waning by X% compared with the previous year. The total import volume increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by X%. The volume of import peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, piano imports fell modestly to $X in 2022. The total import value increased at an average annual rate of X% 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 X% against the previous year. As a result, imports reached the peak of $X, and then shrank modestly in the following year.

Imports by Country

China dominates imports structure, finishing at X units, which was near X% of total imports in 2022. It was distantly followed by the United Arab Emirates (X units), achieving a X% share of total imports. The Philippines (X units), Thailand (X units), Malaysia (X units), Japan (X units), Hong Kong SAR (X units), Vietnam (X units) and South Korea (X units) took a minor share of total imports.

Imports into China increased at an average annual rate of X% from 2012 to 2022. At the same time, the United Arab Emirates (X%), the Philippines (X%), Thailand (X%) and Vietnam (X%) displayed positive paces of growth. Moreover, the United Arab Emirates emerged as the fastest-growing importer imported in Asia, with a CAGR of X% from 2012-2022. By contrast, Japan (X%), Hong Kong SAR (X%), Malaysia (X%) and South Korea (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, the United Arab Emirates and the Philippines increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Asia, comprising X% of total imports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in China amounted to X%. In the other countries, the average annual rates were as follows: the United Arab Emirates (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, rising by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

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

Source: IndexBox Platform

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