Vietnam: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Vietnam

The Vietnamese electrical musical instrument market skyrocketed to $X in 2023, with an increase of X% against the previous year. In general, consumption, however, continues to indicate a abrupt curtailment. Electrical musical instrument consumption peaked at $X in 2012; however, from 2013 to 2023, consumption failed to regain momentum.

Electrical Musical Instrument Production in Vietnam

In value terms, electrical musical instrument production reached $X in 2023 estimated in export price. Overall, production, however, continues to indicate a deep setback. The pace of growth appeared the most rapid in 2021 when the production volume increased by X% against the previous year. Electrical musical instrument production peaked at $X in 2012; however, from 2013 to 2023, production failed to regain momentum.

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Electrical Musical Instrument Exports

Exports from Vietnam

After three years of growth, shipments abroad of electrical musical or keyboard instruments decreased by X% to X units in 2023. Over the period under review, exports, however, continue to indicate a buoyant increase. The pace of growth appeared the most rapid in 2014 when exports increased by X%. Over the period under review, the exports attained the maximum at X units in 2022, and then fell in the following year.

In value terms, electrical musical instrument exports fell to $X in 2023. Overall, exports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X units), Germany (X units) and the UK (X units) were the main destinations of electrical musical instrument exports from Vietnam, with a combined X% share of total exports. Italy, Sweden, Thailand, South Korea, Japan and Poland lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the biggest increases were recorded for Thailand (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical musical instrument exported from Vietnam were the United States ($X), Germany ($X) and the UK ($X), with a combined X% share of total exports. Italy, Sweden, Thailand, South Korea, Japan and Poland lagged somewhat behind, together accounting for a further X%.

Thailand, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average electrical musical instrument export price amounted to $X per unit, surging by X% against the previous year. Over the period under review, export price indicated a slight expansion from 2012 to 2023: its price 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, electrical musical instrument export price decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2023, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was Poland ($X per unit), while the average price for exports to Thailand ($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 Poland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Vietnam

In 2023, the amount of electrical musical or keyboard instruments imported into Vietnam soared to X units, growing by X% on the previous year's figure. Over the period under review, imports, however, showed a abrupt slump. The pace of growth was the most pronounced in 2015 when imports increased by X% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2023, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports rose remarkably to $X in 2023. In general, imports, however, continue to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2016 to 2023, the growth of imports failed to regain momentum.

Imports by Country

China (X units), Indonesia (X units) and Malaysia (X units) were the main suppliers of electrical musical instrument imports to Vietnam, with a combined X% share of total imports. Japan and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

From 2012 to 2023, the biggest increases were recorded for Japan (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Indonesia ($X) and Malaysia ($X) were the largest electrical musical instrument suppliers to Vietnam, together accounting for X% of total imports. Japan and Hong Kong SAR lagged somewhat behind, together accounting for a further X%.

In terms of the main suppliers, Japan, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2023, which is down by X% against the previous year. Over the period under review, import price indicated prominent 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 2019 indices. The most prominent rate of growth was recorded in 2013 when the average import price increased by X%. As a result, import price reached the peak level of $X per unit. From 2014 to 2023, the average 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 China ($X per unit), while the price for Hong Kong SAR ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform