ASEAN: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in ASEAN

In 2022, the ASEAN electrical musical instrument market decreased by X% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption continues to indicate a perceptible contraction. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Electrical Musical Instrument Production in ASEAN

In value terms, electrical musical instrument production amounted to $X in 2022 estimated in export price. Over the period under review, production continues to indicate tangible growth. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Electrical Musical Instrument Exports

Exports in ASEAN

In 2022, electrical musical instrument exports in ASEAN surged to X units, growing by X% on the previous year's figure. In general, exports recorded a prominent expansion. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. The volume of export peaked in 2022 and is expected to retain growth in the near future.

In value terms, electrical musical instrument exports rose notably to $X in 2022. Overall, exports posted resilient growth. The most prominent rate of growth was recorded in 2021 when exports increased by X%. The level of export peaked in 2022 and is expected to retain growth in the immediate term.

Exports by Country

Indonesia represented the main exporter of electrical musical or keyboard instruments in ASEAN, with the volume of exports resulting at X units, which was approx. X% of total exports in 2022. It was distantly followed by Malaysia (X units), committing a X% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Malaysia (with a CAGR of X%).

In value terms, Indonesia ($X) and Malaysia ($X) constituted the countries with the highest levels of exports in 2022.

Malaysia, with a CAGR of X%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, which is down by X% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit, and then contracted in the following year.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Malaysia stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%).

Electrical Musical Instrument Imports

Imports in ASEAN

Electrical musical instrument imports contracted to X units in 2022, declining by X% on the year before. Total imports indicated slight growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X units in 2021, and then contracted slightly in the following year.

In value terms, electrical musical instrument imports expanded sharply to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, Malaysia (X units) represented the key importer of electrical musical or keyboard instruments, generating X% of total imports. It was distantly followed by Singapore (X units), the Philippines (X units) and Thailand (X units), together committing a X% share of total imports. Indonesia (X units) and Vietnam (X units) followed a long way behind the leaders.

Malaysia was also the fastest-growing in terms of the electrical musical or keyboard instruments imports, with a CAGR of X% from 2012 to 2022. At the same time, Indonesia (X%), the Philippines (X%) and Singapore (X%) displayed positive paces of growth. By contrast, Vietnam (X%) and Thailand (X%) illustrated a downward trend over the same period. Malaysia (X p.p.), the Philippines (X p.p.) and Singapore (X p.p.) significantly strengthened its position in terms of the total imports, while Thailand saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Malaysia ($X), Singapore ($X) and Thailand ($X) were the countries with the highest levels of imports in 2022, with a combined X% share of total imports. Indonesia, Vietnam and the Philippines lagged somewhat behind, together accounting for a further X%.

Indonesia, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per unit, picking up by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of X% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 Indonesia ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform