ASEAN: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in ASEAN

After two years of decline, the ASEAN keyboard stringed instrument market increased by 2.9% to $X in 2022. In general, consumption posted a remarkable increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Keyboard Stringed Instrument Production in ASEAN

In value terms, keyboard stringed instrument production fell slightly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the production volume increased by 3.5%. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports in ASEAN

In 2022, overseas shipments of keyboard stringed instruments increased by 22% to X units, rising for the fourth year in a row after four years of decline. Over the period under review, exports, however, saw a precipitous slump. The most prominent rate of growth was recorded in 2021 when exports increased by 108%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports surged to $X in 2022. In general, exports, however, saw a drastic downturn. The pace of growth appeared the most rapid in 2019 when exports increased by 210% against the previous year. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Philippines (X units) and Thailand (X units) represented the major exporters of keyboard stringed instruments in 2022, resulting at near 35% and 32% of total exports, respectively. Singapore (X units) ranks next in terms of the total exports with a 10% share, followed by Vietnam (9.1%) and Malaysia (6.5%). Indonesia (X units) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Philippines (with a CAGR of +162.3%), while the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the largest keyboard stringed instrument supplier in ASEAN, comprising 71% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 19% share of total exports. It was followed by Singapore, with a 4.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the Philippines amounted to +272.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Vietnam (+67.4% per year) and Singapore (-12.3% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per unit, rising by 38% against the previous year. Overall, the export price continues to indicate strong growth. The most prominent rate of growth was recorded in 2020 when the export price increased by 66%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.8%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in ASEAN

In 2022, imports of keyboard stringed instruments in ASEAN rose significantly to X units, with an increase of 12% compared with 2021. In general, imports, however, recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 with an increase of 83%. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument imports shrank to $X in 2022. Overall, imports saw temperate growth. The most prominent rate of growth was recorded in 2021 with an increase of 85%. As a result, imports reached the peak of $X, and then contracted in the following year.

Imports by Country

In 2022, Thailand (X units) was the major importer of keyboard stringed instruments, achieving 44% of total imports. Vietnam (X units) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (16%), Singapore (7%) and Malaysia (5.3%). Indonesia (X units) and Myanmar (X units) held a little share of total imports.

Imports into Thailand increased at an average annual rate of +34.6% from 2012 to 2022. At the same time, Myanmar (+43.3%), Vietnam (+23.8%) and Malaysia (+7.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in ASEAN, with a CAGR of +43.3% from 2012-2022. By contrast, the Philippines (-1.0%), Singapore (-12.3%) and Indonesia (-31.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Vietnam, the Philippines, Malaysia and Myanmar increased by +43, +19, +8.1, +4.1 and +2.8 percentage points, respectively.

In value terms, the largest keyboard stringed instrument importing markets in ASEAN were Singapore ($X), the Philippines ($X) and Thailand ($X), together comprising 82% of total imports. These countries were followed by Vietnam, Malaysia, Myanmar and Indonesia, which together accounted for a further 17%.

Myanmar, with a CAGR of +48.2%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in ASEAN stood at $X per unit in 2022, falling by -17.9% against the previous year. Over the period under review, the import price, however, continues to indicate prominent growth. The most prominent rate of growth was recorded in 2018 when the import price increased by 116% against the previous year. Over the period under review, import prices reached the maximum at $X per unit in 2021, and then dropped dramatically in the following year.

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 Singapore ($X per unit), while Indonesia ($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 (+35.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform