Eastern Asia: Piano Market 2024

Piano Market Size in Eastern Asia

The East Asian piano market dropped to $X in 2022, with a decrease of X% against the previous year. Over the period under review, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X, and then reduced in the following year.

Piano Production in Eastern Asia

In value terms, piano production fell to $X in 2022 estimated in export price. Overall, production faced a deep slump. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Piano Exports

Exports in Eastern Asia

In 2022, approx. X units of pianos and other keyboard stringed musical instruments were exported in Eastern Asia; shrinking by X% on the previous year's figure. In general, exports showed a abrupt decline. The most prominent rate of growth was recorded in 2016 with an increase of X%. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, piano exports dropped to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Japan represented the key exporter of pianos and other keyboard stringed musical instruments in Eastern Asia, with the volume of exports amounting to X units, which was near X% of total exports in 2022. China (X units) held the second position in the ranking, distantly followed by Hong Kong SAR (X units). All these countries together held near X% share of total exports. South Korea (X units) held a little 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 Hong Kong SAR (with a CAGR of X%), while the other leaders experienced a decline in the exports figures.

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

In Japan, piano exports expanded at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (X% per year) and South Korea (X% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, rising by X% against the previous year. Over the period under review, the export price continues to indicate resilient growth. The pace of growth was the most pronounced in 2017 when the export price increased by X%. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Japan ($X per unit), while Hong Kong SAR ($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.

Piano Imports

Imports in Eastern Asia

In 2022, the amount of pianos and other keyboard stringed musical instruments imported in Eastern Asia shrank sharply to X units, reducing by X% compared with 2021 figures. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was 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 failed to regain momentum.

In value terms, piano imports contracted to $X in 2022. Total imports indicated a moderate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

China prevails in imports structure, amounting to X units, which was approx. X% of total imports in 2022. Japan (X units), Hong Kong SAR (X units) and South Korea (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of X% from 2012 to 2022. Japan (X%), Hong Kong SAR (X%) and South Korea (X%) illustrated a downward trend over the same period. China (X p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR, Japan and South Korea saw its share reduced by X%, X% and X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual rate of growth in terms of value in China totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, with an increase of 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.

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 Hong Kong SAR ($X per unit), while China ($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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