Asia: Grand Piano Market 2024

Grand Piano Market Size in Asia

In 2021, after six years of growth, there was decline in the Asian grand piano market, when its value decreased by -0.4% to $X. The market value increased at an average annual rate of +2.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market reached the maximum level at $X in 2020, and then declined in the following year.

Grand Piano Production in Asia

In value terms, grand piano production declined modestly to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 4.2% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Grand Piano Exports

Exports in Asia

Grand piano exports soared to X tons in 2021, picking up by 28% on 2020 figures. The total export volume increased at an average annual rate of +1.5% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, grand piano exports soared to $X in 2021. The total export value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan was the largest exporting country with an export of around X tons, which recorded 60% of total exports. Indonesia (X tons) held the second position in the ranking, distantly followed by China (X tons). All these countries together took approx. 39% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to grand piano exports from Japan stood at +1.9%. At the same time, China (+8.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Asia, with a CAGR of +8.5% from 2012-2021. Indonesia experienced a relatively flat trend pattern. From 2012 to 2021, the share of China and Japan increased by +4.8 and +2.1 percentage points, respectively.

In value terms, Japan ($X) remains the largest grand piano supplier in Asia, comprising 67% of total exports. The second position in the ranking was held by Indonesia ($X), with an 18% share of total exports.

In Japan, grand piano exports increased at an average annual rate of +2.3% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-0.5% per year) and China (+0.5% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, almost unchanged from the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the export price increased by 5.4% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was China ($X per ton), while Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.3%), while the other leaders experienced mixed trends in the export price figures.

Grand Piano Imports

Imports in Asia

In 2021, approx. X tons of acoustic grand pianos were imported in Asia; rising by 26% compared with 2020. Total imports indicated strong growth from 2012 to 2021: its volume increased at an average annual rate of +6.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +88.7% against 2013 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, grand piano imports skyrocketed to $X in 2021. Total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China prevails in imports structure, accounting for X tons, which was approx. 62% of total imports in 2021. It was distantly followed by South Korea (X tons) and Malaysia (X tons), together making up an 11% share of total imports. The United Arab Emirates (X tons), Vietnam (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Singapore (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the acoustic grand pianos imports, with a CAGR of +14.0% from 2012 to 2021. At the same time, the United Arab Emirates (+12.8%), Vietnam (+8.6%), Singapore (+2.9%), Hong Kong SAR (+1.7%) and South Korea (+1.4%) displayed positive paces of growth. Malaysia experienced a relatively flat trend pattern. By contrast, Taiwan (Chinese) (-1.2%) and Japan (-2.9%) illustrated a downward trend over the same period. While the share of China (+28 p.p.) and the United Arab Emirates (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of South Korea (-3.5 p.p.), Taiwan (Chinese) (-3.7 p.p.), Malaysia (-4.3 p.p.) and Japan (-5.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acoustic grand pianos in Asia, comprising 57% of total imports. The second position in the ranking was held by Japan ($X), with a 7.6% share of total imports. It was followed by the United Arab Emirates, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value in China totaled +11.6%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.2% per year) and the United Arab Emirates (+14.6% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, increasing by 7.7% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 12% against the previous year. Over the period under review, import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Singapore (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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