Slovakia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Slovakia

In 2023, the Slovak electrical musical instrument market increased by X% to $X, rising for the seventh year in a row after two years of decline. In general, the total consumption indicated temperate growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2016 indices. Electrical musical instrument consumption peaked in 2023 and is likely to continue growth in the immediate term.

Electrical Musical Instrument Production in Slovakia

In value terms, electrical musical instrument production dropped to $X in 2023 estimated in export price. Over the period under review, production saw a perceptible contraction. The most prominent rate of growth was recorded in 2015 with an increase of X%. Electrical musical instrument production peaked at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Electrical Musical Instrument Exports

Exports from Slovakia

In 2023, the amount of electrical musical or keyboard instruments exported from Slovakia soared to X units, with an increase of X% on 2022. Overall, exports saw a significant expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2021; however, from 2022 to 2023, the exports remained at a lower figure.

In value terms, electrical musical instrument exports skyrocketed to $X in 2023. Over the period under review, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

The Czech Republic (X units) was the main destination for electrical musical instrument exports from Slovakia, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to the Czech Republic exceeded the volume sent to the second major destination, Hungary (X units), sevenfold. Poland (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2023, the average annual growth rate of volume to the Czech Republic stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hungary (X% per year) and Poland (X% per year).

In value terms, the Czech Republic ($X) remains the key foreign market for electrical musical or keyboard instruments exports from Slovakia, comprising X% of total exports. The second position in the ranking was held by Poland ($X), with a X% share of total exports. It was followed by Hungary, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the Czech Republic stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Poland (X% per year) and Hungary (X% per year).

Export Prices by Country

In 2023, the average electrical musical instrument export price amounted to $X per unit, increasing by X% against the previous year. Overall, the export price showed tangible growth. The most prominent rate of growth was recorded in 2022 when the average export price increased by X%. Over the period under review, the average export prices hit record highs in 2023 and is expected to retain growth in the near future.

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 France ($X per unit), while the average price for exports to Romania ($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 Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Slovakia

In 2023, the amount of electrical musical or keyboard instruments imported into Slovakia soared to X units, rising by X% against 2022 figures. Overall, imports recorded a strong expansion. The growth pace was the most rapid in 2014 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports skyrocketed to $X in 2023. In general, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2021; however, from 2022 to 2023, imports remained at a lower figure.

Imports by Country

The Netherlands (X units), Germany (X units) and the Czech Republic (X units) were the main suppliers of electrical musical instrument imports to Slovakia, with a combined X% share of total imports.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Netherlands (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Germany ($X) and the Czech Republic ($X) were the largest electrical musical instrument suppliers to Slovakia, together comprising X% of total imports.

In terms of the main suppliers, the Netherlands, 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, increasing by X% against the previous year. Overall, the import price, however, recorded a noticeable contraction. The pace of growth was the most pronounced in 2014 an increase of X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2023, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform