Norway: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Norway

In 2023, the Norwegian electrical musical instrument market decreased by X% to $X, falling for the second consecutive year after five years of growth. Overall, consumption recorded a mild descent. Over the period under review, the market attained the peak level at $X in 2021; however, from 2022 to 2023, consumption stood at a somewhat lower figure.

Electrical Musical Instrument Exports

Exports from Norway

In 2023, overseas shipments of electrical musical or keyboard instruments increased by X% to X units, rising for the second year in a row after two years of decline. Overall, exports saw a prominent increase. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports attained the peak of X units. From 2015 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, electrical musical instrument exports soared to $X in 2023. In general, exports showed a resilient expansion. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, the exports hit record highs in 2023 and are likely to see gradual growth in the near future.

Exports by Country

Sweden (X units) was the main destination for electrical musical instrument exports from Norway, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to Sweden exceeded the volume sent to the second major destination, Germany (X units), twofold. The third position in this ranking was taken by Denmark (X units), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Sweden amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Denmark (X% per year).

In value terms, Sweden ($X) emerged as the key foreign market for electrical musical or keyboard instruments exports from Norway, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by the United States, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value to Sweden totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and the United States (X% per year).

Export Prices by Country

The average electrical musical instrument export price stood at $X per unit in 2023, declining by X% against the previous year. Over the period under review, the export price, however, enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2022, and then contracted markedly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2023, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Norway

In 2023, overseas purchases 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. Overall, imports saw a mild descent. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, imports attained the maximum 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. In general, imports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Imports peaked at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

Imports by Country

In 2023, China (X units) constituted the largest supplier of electrical musical instrument to Norway, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fourfold. The third position in this ranking was held by the United States (X units), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and the United States (X% per year).

In value terms, China ($X), Indonesia ($X) and the United States ($X) were the largest electrical musical instrument suppliers to Norway, with a combined X% share of total imports. Malaysia, Mexico, Japan, Sweden, Germany and the UK lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Malaysia, with a CAGR of X%, saw 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

The average electrical musical instrument import price stood at $X per unit in 2023, approximately mirroring the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform