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China - Pianos And Other Keyboard Stringed Musical Instruments - Market Analysis, Forecast, Size, Trends and Insights
Report Update: Nov 1, 2024

China - Pianos And Other Keyboard Stringed Musical Instruments - Market Analysis, Forecast, Size, Trends and Insights

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Jun 3, 2023

Piano Price in China Plummets 15% to $1,415 per Unit After Three Consecutive Months of Decline

China Piano Import Price in April 2023

In April 2023, the piano price amounted to $1,415 per unit (CIF, China), shrinking by -15.3% against the previous month. In general, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in January 2023 when the average import price increased by 34% month-to-month. As a result, import price attained the peak level of $2.5M per thousand units. From February 2023 to April 2023, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In April 2023, the country with the highest price was Indonesia ($2,957 per unit), while the price for South Korea ($173 per unit) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was attained by Indonesia (+0.7%), while the prices for the other major suppliers experienced a decline.

COUNTRYImport Price of Piano in China (USD per unit)
Apr 2022May 2022Jun 2022Jul 2022Aug 2022Sep 2022Oct 2022Nov 2022Dec 2022Jan 2023Feb 2023Mar 2023Apr 2023
Indonesia2,7223,1983,2212,8143,1913,9723,2293,5543,1873,4233,4123,2052,957
Japan1,6961,3261,3941,2191,6231,7321,5471,7951,7701,9851,9111,8931,636
South Korea229195232212205182160202175233157212173
Average1,3701,6761,6631,5131,5741,5931,5991,9971,8742,5081,7671,6711,415

China Piano Import Prices by Type

Prices varied noticeably by the product type; the product with the highest price was acoustic grand pianos ($9,758 per unit), while the price for acoustic new upright pianos ($868 per unit) was amongst the lowest.

From April 2022 to April 2023, the most notable rate of growth in terms of prices was attained by keyboard stringed instrument (+6.2%), while the prices for the other products experienced more modest paces of growth.

China Piano Imports

In April 2023, supplies from abroad of pianos and other keyboard stringed musical instruments decreased by -18.6% to 11K units for the first time since January 2023, thus ending a two-month rising trend. Overall, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in March 2023 when imports increased by 64% month-to-month. Imports peaked at 16K units in July 2022; however, from August 2022 to April 2023, imports remained at a lower figure.

In value terms, piano imports contracted significantly to $15M (IndexBox estimates) in April 2023. In general, total imports indicated a modest expansion from April 2022 to April 2023: its value increased at an average monthly rate of +1.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on April 2023 figures, imports increased by +10.8% against January 2023 indices. The most prominent rate of growth was recorded in March 2023 when imports increased by 55% against the previous month. Over the period under review, imports reached the maximum at 24M units in July 2022; however, from August 2022 to April 2023, imports remained at a lower figure.

China Piano Imports by Type

In April 2023, acoustic new upright pianos (9.9K units) was the main type of piano supplied to China, with a 94% share of total imports. Moreover, acoustic new upright pianos exceeded the figures recorded for the second-largest type, acoustic grand pianos (647 units), more than tenfold.

From April 2022 to April 2023, the average monthly growth rate of the volume of import of acoustic new upright pianos was relatively modest. With regard to the other supplied products, the following average monthly rates of growth were recorded: acoustic grand pianos (+0.6% per month) and keyboard stringed instruments (-4.7% per month).

In value terms, acoustic new upright pianos ($8.6M), acoustic grand pianos ($6.3M) and keyboard stringed instruments ($60K) appeared to be the most imported types of pianos and other keyboard stringed musical instruments in China, together accounting for 99.9% of total imports. Keyboard stringed instruments lagged somewhat behind, accounting for a further 0%.

China Piano Imports by Country

South Korea (4.8K units), Japan (4.7K units) and Indonesia (940 units) were the main suppliers of piano imports to China, together comprising 98% of total imports.

From April 2022 to April 2023, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Japan (with a CAGR of +2.3%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Japan ($7.7M) constituted the largest supplier of piano to China, comprising 51% of total imports. The second position in the ranking was taken by Indonesia ($2.8M), with a 19% share of total imports.

From April 2022 to April 2023, the average monthly growth rate of value from Japan stood at +2.0%. The remaining supplying countries recorded the following average monthly rates of imports growth: Indonesia (-0.8% per month) and South Korea (-2.2% per month).

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the piano market in China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

  • Prodcom 32201110 - Acoustic new upright pianos (including automatic pianos)
  • Prodcom 32201130 - Acoustic grand pianos (including automatic pianos)
  • Prodcom 32201150 - Keyboard stringed instruments (including harpsichords, s pinets and clavichords)

Country coverage:

Data coverage:

  • Market volume and value
  • Per Capita consumption
  • Forecast of the market dynamics in the medium term
  • Trade (exports and imports) in China
  • Export and import prices
  • Market trends, drivers and restraints
  • Key market players and their profiles

Reasons to buy this report:

  • Take advantage of the latest data
  • Find deeper insights into current market developments
  • Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

  1. How to diversify your business and benefit from new market opportunities
  2. How to load your idle production capacity
  3. How to boost your sales on overseas markets
  4. How to increase your profit margins
  5. How to make your supply chain more sustainable
  6. How to reduce your production and supply chain costs
  7. How to outsource production to other countries
  8. How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2023
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2023
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2023
    2. Market Volume, In Physical Terms, 2012–2023
    3. Market Value, 2012–2023
    4. Per Capita Consumption In 2012-2023
    5. Imports, In Physical Terms, By Country, 2012–2023
    6. Imports, In Value Terms, By Country, 2012–2023
    7. Import Prices, By Country Of Origin, 2012–2023
    8. Exports, In Physical Terms, By Country, 2012–2023
    9. Exports, In Value Terms, By Country, 2012–2023
    10. Export Prices, By Country Of Destination, 2012–2023

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2023
    2. Market Value, 2012–2023
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
    5. Trade Balance, In Physical Terms, 2012-2023
    6. Trade Balance, In Value Terms, 2012-2023
    7. Per Capita Consumption, 2012-2023
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2023
    22. Production, In Value Terms, 2012–2023
    23. Imports, In Physical Terms, 2012–2023
    24. Imports, In Value Terms, 2012–2023
    25. Imports, In Physical Terms, By Country, 2023
    26. Imports, In Physical Terms, By Country, 2012–2023
    27. Imports, In Value Terms, By Country, 2012–2023
    28. Import Prices, By Country Of Origin, 2012–2023
    29. Exports, In Physical Terms, 2012–2023
    30. Exports, In Value Terms, 2012–2023
    31. Exports, In Physical Terms, By Country, 2023
    32. Exports, In Physical Terms, By Country, 2012–2023
    33. Exports, In Value Terms, By Country, 2012–2023
    34. Export Prices, By Country Of Destination, 2012–2023

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