ASEAN: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in ASEAN

After two years of growth, the ASEAN percussion musical instrument market decreased by -1.5% to $X in 2022. Overall, consumption recorded a drastic downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Percussion Musical Instrument Production in ASEAN

In value terms, percussion musical instrument production expanded to $X in 2022 estimated in export price. In general, production, however, showed a abrupt decline. The pace of growth appeared the most rapid in 2020 when the production volume increased by 18%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports in ASEAN

In 2022, overseas shipments of percussion musical instruments increased by 8% to X units, rising for the second year in a row after four years of decline. Overall, exports, however, recorded a perceptible shrinkage. The growth pace was the most rapid in 2016 when exports increased by 12%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, percussion musical instrument exports expanded notably to $X in 2022. In general, exports, however, recorded a perceptible slump. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Thailand dominates exports structure, finishing at X units, which was near 89% of total exports in 2022. It was distantly followed by Indonesia (X units), generating a 9.8% share of total exports.

Thailand was also the fastest-growing in terms of the percussion musical instruments exports, with a CAGR of -1.6% from 2012 to 2022. Indonesia (-5.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand increased by +9.2 percentage points.

In value terms, Thailand ($X) remains the largest percussion musical instrument supplier in ASEAN, comprising 66% of total exports. The second position in the ranking was held by Indonesia ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Thailand amounted to -2.2%.

Export Prices by Country

The export price in ASEAN stood at $X per unit in 2022, rising by 3.8% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the export price increased by 12% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+3.2%).

Percussion Musical Instrument Imports

Imports in ASEAN

Percussion musical instrument imports dropped markedly to X units in 2022, waning by -24.7% compared with the previous year. Overall, imports saw a abrupt curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 127%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, percussion musical instrument imports reduced to $X in 2022. Over the period under review, imports saw a perceptible shrinkage. The growth pace was the most rapid in 2021 with an increase of 58%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia was the key importing country with an import of around X units, which reached 48% of total imports. It was distantly followed by Thailand (X units), Singapore (X units), the Philippines (X units) and Indonesia (X units), together committing a 48% share of total imports. Vietnam (X units) took a little share of total imports.

Malaysia was also the fastest-growing in terms of the percussion musical instruments imports, with a CAGR of +3.3% from 2012 to 2022. At the same time, Vietnam (+1.7%) displayed positive paces of growth. By contrast, the Philippines (-1.4%), Thailand (-8.3%), Indonesia (-9.8%) and Singapore (-16.2%) illustrated a downward trend over the same period. While the share of Malaysia (+29 p.p.), the Philippines (+4.3 p.p.) and Vietnam (+1.9 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Indonesia (-3.3 p.p.), Thailand (-5.4 p.p.) and Singapore (-26.7 p.p.) displayed negative dynamics.

In value terms, Malaysia ($X), Thailand ($X) and Indonesia ($X) were the countries with the highest levels of imports in 2022, with a combined 66% share of total imports. Singapore, the Philippines and Vietnam lagged somewhat behind, together comprising a further 33%.

In terms of the main importing countries, Vietnam, with a CAGR of +1.9%, saw the highest rates of growth with regard to 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 2022, the import price in ASEAN amounted to $X per unit, increasing by 17% against the previous year. Import price indicated slight growth from 2012 to 2022: its price increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, percussion musical instrument import price decreased by -21.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 when the import price increased by 22% against the previous year. The level of import peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Indonesia ($X per unit), while Malaysia ($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 (+8.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform