Republic of Korea: Grand Piano Market 2024

Grand Piano Market Size in Republic of Korea

The South Korean grand piano market surged to $X in 2022, picking up by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value 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. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Grand Piano Exports

Exports from Republic of Korea

In 2022, overseas shipments of acoustic grand pianos decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports faced a abrupt curtailment. The growth pace was the most rapid in 2020 when exports increased by X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, grand piano exports plummeted to $X in 2022. Overall, exports showed a deep setback. The growth pace was the most rapid in 2020 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Chile (X units) and the Philippines (X units) were the main destinations of grand piano exports from South Korea, together comprising X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Chile (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for grand piano exported from South Korea were the United States ($X), Chile ($X) and Hong Kong SAR ($X), together accounting for X% of total exports.

Among the main countries of destination, Chile, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average grand piano export price stood at $X per unit in 2022, shrinking by X% against the previous year. Over the period under review, the export price, however, saw a buoyant increase. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Liberia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Chile (X%), while the prices for the other major destinations experienced more modest paces of growth.

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Grand Piano Imports

Imports into Republic of Korea

In 2022, approx. X units of acoustic grand pianos were imported into South Korea; growing by X% on 2021. Over the period under review, total imports indicated a notable increase from 2012 to 2022: its volume 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. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, grand piano imports soared to $X in 2022. The total import value 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 throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X units), Germany (X units) and Indonesia (X units) were the main suppliers of grand piano imports to South Korea, together comprising X% of total imports. China and the United States lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, 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, the largest grand piano suppliers to South Korea were Japan ($X), Germany ($X) and Indonesia ($X), with a combined X% share of total imports. China and the United States lagged somewhat behind, together accounting for a further X%.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average grand piano import price amounted to $X per unit, reducing by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2021, and then reduced in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were China ($X per unit) and Germany ($X per unit), while the price for the United States ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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