Southern Asia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Southern Asia

The South Asian electrical musical instrument market declined to $X in 2023, with a decrease of X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2023, the growth of the market remained at a somewhat lower figure.

Electrical Musical Instrument Production in Southern Asia

In value terms, electrical musical instrument production declined to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of X%. As a result, production attained the peak level of $X. From 2020 to 2023, production growth remained at a lower figure.

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Electrical Musical Instrument Exports

Exports in Southern Asia

In 2023, electrical musical instrument exports in Southern Asia soared to X units, increasing by X% against the year before. Overall, exports enjoyed significant growth. The growth pace was the most rapid in 2019 with an increase of X%. The volume of export peaked in 2023 and is likely to see steady growth in the near future.

In value terms, electrical musical instrument exports reached $X in 2023. Over the period under review, exports continue to indicate buoyant growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. The level of export peaked in 2023 and is expected to retain growth in the near future.

Exports by Country

In 2023, India (X units) represented the main exporter of electrical musical or keyboard instruments, comprising X% of total exports. It was distantly followed by Pakistan (X units), mixing up a X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to electrical musical instrument exports from India stood at X%. At the same time, Pakistan (X%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of X% from 2012-2023. While the share of Pakistan (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of India (X p.p.) displayed negative dynamics.

In value terms, India ($X) remains the largest electrical musical instrument supplier in Southern Asia, comprising X% of total exports. The second position in the ranking was held by Pakistan ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in India amounted to X%.

Export Prices by Country

In 2023, the export price in Southern Asia amounted to $X per unit, dropping by X% against the previous year. Over the period under review, the export price saw a slight descent. The most prominent rate of growth was recorded in 2017 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2018 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 India ($X per unit), while Pakistan amounted to $X per unit.

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

Electrical Musical Instrument Imports

Imports in Southern Asia

In 2023, the amount of electrical musical or keyboard instruments imported in Southern Asia dropped to X units, waning by X% on the previous year's figure. Over the period under review, imports, however, posted perceptible growth. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of imports remained at a lower figure.

In value terms, electrical musical instrument imports expanded rapidly to $X in 2023. Total imports indicated a tangible expansion 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, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked in 2023 and is expected to retain growth in the near future.

Imports by Country

India dominates imports structure, recording X units, which was near X% of total imports in 2023. The following importers - Nepal (X units) and Sri Lanka (X units) - each reached a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to electrical musical instrument imports into India stood at X%. At the same time, Nepal (X%) displayed positive paces of growth. Moreover, Nepal emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of X% from 2012-2023. By contrast, Sri Lanka (X%) illustrated a downward trend over the same period. Nepal (X p.p.) significantly strengthened its position in terms of the total imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported electrical musical or keyboard instruments in Southern Asia, comprising X% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a X% share of total imports.

From 2012 to 2023, the average annual growth rate of value in India totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Sri Lanka (X% per year) and Nepal (X% per year).

Import Prices by Country

In 2023, the import price in Southern Asia amounted to $X per unit, surging by X% against the previous year. Import price indicated slight growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, electrical musical instrument import price increased by X% against 2021 indices. The pace of growth appeared the most rapid in 2022 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2023, import prices stood at a somewhat 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 Sri Lanka ($X per unit), while Nepal ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform