United Kingdom: Piano Market 2024

Piano Market Size in the UK

In 2021, after three years of decline, there was significant growth in the UK piano market, when its value increased by 61% to $X. In general, consumption, however, showed a pronounced downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Piano Production in the UK

In value terms, piano production contracted modestly to $X in 2021 estimated in export price. In general, production continues to indicate a drastic downturn. The growth pace was the most rapid in 2018 when the production volume increased by 11% against the previous year. Piano production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Piano Exports

Exports from the UK

Piano exports from the UK declined rapidly to X tons in 2021, waning by -32.3% compared with the previous year. Overall, exports showed a slight setback. The growth pace was the most rapid in 2020 when exports increased by 43% against the previous year. As a result, the exports reached the peak of X tons, and then shrank sharply in the following year.

In value terms, piano exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Ireland (X tons), China (X tons) and Taiwan (Chinese) (X tons) were the main destinations of piano exports from the UK, together accounting for 58% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Taiwan (Chinese) (with a CAGR of +89.4%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for piano exported from the UK were Ireland ($X), China ($X) and Germany ($X), with a combined 42% share of total exports. France, the United States, Japan, Switzerland and Taiwan (Chinese) lagged somewhat behind, together comprising a further 21%.

Taiwan (Chinese), with a CAGR of +57.2%, saw the highest growth rate of 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 2021, the average piano export price amounted to $X per ton, increasing by 125% against the previous year. Overall, export price indicated strong growth from 2012 to 2021: its price increased at an average annual rate of +6.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into the UK

In 2021, after two years of decline, there was significant growth in supplies from abroad of pianos and other keyboard stringed musical instruments, when their volume increased by 28% to X tons. Over the period under review, imports, however, showed a mild downturn. Over the period under review, imports hit record highs at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, piano imports surged to $X in 2021. The total import value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X tons), Indonesia (X tons) and China (X tons) were the main suppliers of piano imports to the UK, together accounting for 76% of total imports. These countries were followed by Germany, Hong Kong SAR and Vietnam, which together accounted for a further 21%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +36.9%), while imports for the other leaders experienced mixed trend patterns.

In value terms, the largest piano suppliers to the UK were Germany ($X), Japan ($X) and Indonesia ($X), together accounting for 88% of total imports. These countries were followed by China, Hong Kong SAR and Vietnam, which together accounted for a further 8.7%.

Among the main suppliers, Vietnam, with a CAGR of +27.2%, 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

In 2021, the average piano import price amounted to $X per ton, growing by 15% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.3%. The pace of growth was the most pronounced in 2017 when the average import price increased by 28% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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