Latin America and the Caribbean: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Latin America and the Caribbean

After three years of growth, the Latin American electrical musical instrument market decreased by X% to $X in 2023. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2023, the growth of the market failed to regain momentum.

Electrical Musical Instrument Production in Latin America and the Caribbean

In value terms, electrical musical instrument production fell to $X in 2023 estimated in export price. Over the period under review, production showed a perceptible reduction. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

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Electrical Musical Instrument Exports

Exports in Latin America and the Caribbean

Electrical musical instrument exports skyrocketed to X units in 2023, with an increase of X% on 2022. Overall, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. The volume of export peaked at X units in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, electrical musical instrument exports soared to $X in 2023. Over the period under review, exports, however, recorded a abrupt descent. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Mexico (X units) was the major exporter of electrical musical or keyboard instruments, generating X% of total exports. Chile (X units) held the second position in the ranking, distantly followed by Panama (X units) and Argentina (X units). All these countries together held approx. X% share of total exports. Peru (X units), Guatemala (X units) and Brazil (X units) followed a long way behind the leaders.

Exports from Mexico decreased at an average annual rate of X% from 2012 to 2023. At the same time, Argentina (X%), Peru (X%), Guatemala (X%) and Brazil (X%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. By contrast, Panama (X%) and Chile (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Chile, Panama, Argentina, Peru, Guatemala and Brazil increased by X, X, X, X, X and X percentage points, respectively.

In value terms, Chile ($X), Mexico ($X) and Panama ($X) constituted the countries with the highest levels of exports in 2023, with a combined X% share of total exports. Guatemala, Brazil, Argentina and Peru lagged somewhat behind, together accounting for a further X%.

Brazil, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries 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 Latin America and the Caribbean amounted to $X per unit, declining by X% against the previous year. In general, the export price, however, saw a mild expansion. The pace of growth was the most pronounced in 2022 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per unit in 2018; however, from 2019 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 Brazil ($X per unit), while Peru ($X per unit) was amongst the lowest.

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

Electrical Musical Instrument Imports

Imports in Latin America and the Caribbean

After three years of growth, overseas purchases of electrical musical or keyboard instruments decreased by X% to X units in 2023. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X units in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports fell to $X in 2023. Over the period under review, imports continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports remained at a lower figure.

Imports by Country

In 2023, Brazil (X units), Mexico (X units) and Chile (X units) was the key importer of electrical musical or keyboard instruments in Latin America and the Caribbean, committing X% of total import. Peru (X units) took the next position in the ranking, followed by Argentina (X units) and Colombia (X units). All these countries together held near X% share of total imports. Ecuador (X units) held a little 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 Chile (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 Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Chile ($X), together comprising X% of total imports. Peru, Argentina, Colombia and Ecuador lagged somewhat behind, together comprising a further X%.

Peru, with a CAGR of X%, recorded the highest growth rate of the value of imports, among 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 Latin America and the Caribbean amounted to $X per unit, declining by X% against the previous year. Overall, the import price continues to indicate a slight shrinkage. The pace of growth appeared the most rapid in 2017 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

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 Colombia ($X per unit), while Mexico ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform