ASEAN: Upright Piano Market 2024

Upright Piano Market Size in ASEAN

In 2022, the ASEAN upright piano market increased by 32% to $X, rising for the fifth year in a row after two years of decline. The total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.5% against 2017 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in ASEAN

In value terms, upright piano production dropped to $X in 2022 estimated in export price. In general, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the production volume increased by 38%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Upright Piano Exports

Exports in ASEAN

In 2022, exports of acoustic new upright pianos in ASEAN shrank markedly to X units, which is down by -30.7% on 2021 figures. Over the period under review, exports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when exports increased by 57% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, upright piano exports expanded to $X in 2022. The total export value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2021 when exports increased by 37% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Indonesia was the largest exporting country with an export of around X units, which finished at 65% of total exports. Malaysia (X units) ranks second in terms of the total exports with a 20% share, followed by Vietnam (11%). Singapore (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from Indonesia stood at -10.0%. At the same time, Vietnam (+1.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in ASEAN, with a CAGR of +1.9% from 2012-2022. By contrast, Malaysia (-4.0%) and Singapore (-11.4%) illustrated a downward trend over the same period. Malaysia (+7.4 p.p.) and Vietnam (+7.1 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -14% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest upright piano supplier in ASEAN, comprising 91% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 4.9% share of total exports. It was followed by Vietnam, with a 2.9% share.

In Indonesia, upright piano exports expanded at an average annual rate of +1.9% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.3% per year) and Vietnam (+3.0% per year).

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, surging by 50% against the previous year. Overall, the export price enjoyed a prominent expansion. The pace of growth appeared the most rapid in 2017 an increase of 72% against the previous year. The level of export peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+13.2%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in ASEAN

In 2022, supplies from abroad of acoustic new upright pianos increased by 1.4% to X units, rising for the second consecutive year after three years of decline. In general, imports, however, continue to indicate a noticeable contraction. The pace of growth was the most pronounced in 2015 when imports increased by 30%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, upright piano imports rose remarkably to $X in 2022. Overall, imports, however, saw a perceptible reduction. The pace of growth appeared the most rapid in 2015 when imports increased by 12% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Malaysia (X units), distantly followed by the Philippines (X units), Thailand (X units), Vietnam (X units) and Singapore (X units) represented the major importers of acoustic new upright pianos, together achieving 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by the Philippines (with a CAGR of +5.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Vietnam ($X), Malaysia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, together comprising 80% of total imports.

Vietnam, with a CAGR of +5.9%, saw the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in ASEAN stood at $X per unit in 2022, surging by 3.8% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the import price increased by 12%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform