GCC: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in GCC

The GCC electrical musical instrument market dropped to $X in 2023, which is down by X% against the previous year. In general, consumption, however, showed a notable increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Electrical Musical Instrument Production in GCC

In value terms, electrical musical instrument production totaled $X in 2023 estimated in export price. In general, production, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

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Electrical Musical Instrument Exports

Exports in GCC

In 2023, overseas shipments of electrical musical or keyboard instruments decreased by X% to X units for the first time since 2020, thus ending a two-year rising trend. Overall, exports showed a noticeable descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at X units in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, electrical musical instrument exports dropped to $X in 2023. Over the period under review, exports recorded a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of X%. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, accounting for X units, which was near X% of total exports in 2023. Oman (X units) took a little share of total exports.

The United Arab Emirates was also the fastest-growing in terms of the electrical musical or keyboard instruments exports, with a CAGR of X% from 2012 to 2023. Oman (X%) illustrated a downward trend over the same period. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while Oman saw its share reduced by X% from 2012 to 2023, respectively.

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

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates totaled X%.

Export Prices by Country

In 2023, the export price in GCC amounted to $X per unit, waning by X% against the previous year. Over the period under review, the export price saw a noticeable decrease. The most prominent rate of growth was recorded in 2014 when the export price increased by X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per unit), while the United Arab Emirates stood at $X per unit.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Oman (X%).

Electrical Musical Instrument Imports

Imports in GCC

In 2023, approx. X units of electrical musical or keyboard instruments were imported in GCC; approximately equating the previous year's figure. Over the period under review, imports, however, recorded a perceptible increase. The growth pace was the most rapid in 2018 with an increase of X%. The volume of import peaked at X units in 2021; however, from 2022 to 2023, imports failed to regain momentum.

In value terms, electrical musical instrument imports declined to $X in 2023. The total import 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. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then contracted slightly in the following year.

Imports by Country

The United Arab Emirates prevails in imports structure, resulting at X units, which was approx. X% of total imports in 2023. The following importers - Oman (X units), Kuwait (X units) and Bahrain (X units) - together made up X% of total imports.

Imports into the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Oman (X%), Bahrain (X%) and Kuwait (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Oman increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported electrical musical or keyboard instruments in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with a X% share of total imports. It was followed by Kuwait, with a X% share.

In the United Arab Emirates, electrical musical instrument imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and Kuwait (X% per year).

Import Prices by Country

In 2023, the import price in GCC amounted to $X per unit, dropping by X% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2016; however, from 2017 to 2023, import prices failed to regain momentum.

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

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

Source: IndexBox Platform