Eastern Asia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Eastern Asia

For the third year in a row, the East Asian electrical musical instrument market recorded growth in sales value, which increased by X% to $X in 2023. The total consumption indicated a noticeable increase 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, consumption increased by X% against 2018 indices. Over the period under review, the market attained the maximum level in 2023 and is likely to continue growth in years to come.

Electrical Musical Instrument Production in Eastern Asia

In value terms, electrical musical instrument production amounted to $X in 2023 estimated in export price. Over the period under review, production saw a notable expansion. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2021; afterwards, it flattened through to 2023.

Electrical Musical Instrument Exports

Exports in Eastern Asia

In 2023, overseas shipments of electrical musical or keyboard instruments decreased by X% to X units, falling for the second year in a row after four years of growth. Over the period under review, exports, however, recorded a slight increase. The pace of growth was the most pronounced in 2018 when exports increased by X%. The volume of export peaked at X units in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, electrical musical instrument exports declined to $X in 2023. Overall, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2022 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The biggest shipments were from China (X units), together amounting to X% of total export.

China was also the fastest-growing in terms of the electrical musical or keyboard instruments exports, with a CAGR of X% from 2012 to 2023. While the share of China (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) also remains the largest electrical musical instrument supplier in Eastern Asia.

From 2012 to 2023, the average annual growth rate of value in China stood at X%.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2023, falling by X% against the previous year. Over the period under review, the export price showed a mild reduction. The growth pace was the most rapid in 2015 when the export price increased by X%. Over the period under review, the export prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2023, the export prices failed to regain momentum.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2023, the rate of growth in terms of prices for China amounted to X% per year.

Electrical Musical Instrument Imports

Imports in Eastern Asia

In 2023, imports of electrical musical or keyboard instruments in Eastern Asia fell sharply to X units, shrinking by X% against the year before. In general, imports recorded a slight contraction. The growth pace was the most rapid in 2021 when imports increased by X%. As a result, imports attained the peak of X units. From 2022 to 2023, the growth of imports failed to regain momentum.

In value terms, electrical musical instrument imports fell to $X in 2023. Total imports indicated a temperate 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, imports increased by X% against 2015 indices. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then contracted in the following year.

Imports by Country

In 2023, Japan (X units) was the key importer of electrical musical or keyboard instruments, generating X% of total imports. China (X units) held a X% share (based on physical terms) of total imports, which put it in second place, followed by South Korea (X%) and Hong Kong SAR (X%). Taiwan (Chinese) (X units) held a relatively small share of total imports.

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

In value terms, Japan ($X), China ($X) and South Korea ($X) constituted the countries with the highest levels of imports in 2023, together comprising X% of total imports.

Among the main importing countries, China, with a CAGR of X%, recorded the highest growth rate of the value of imports, 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 Eastern Asia amounted to $X per unit, growing by X% against the previous year. Import price indicated a noticeable expansion 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 increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2022 an increase of X%. Over the period under review, import prices attained the maximum in 2023 and is expected to retain 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 ($X per unit), while Hong Kong SAR ($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