Asia: Upright Piano Market 2024

Upright Piano Market Size in Asia

In 2022, after two years of decline, there was significant growth in the Asian upright piano market, when its value increased by 73% to $X. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Asia

In value terms, upright piano production fell modestly to $X in 2022 estimated in export price. The total production indicated a mild increase from 2012 to 2022: its value 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, production decreased by -4.4% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by 52%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Upright Piano Exports

Exports in Asia

In 2022, the amount of acoustic new upright pianos exported in Asia contracted sharply to X units, declining by -21% against the previous year. Overall, exports saw a pronounced downturn. The most prominent rate of growth was recorded in 2021 with an increase of 53% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports declined to $X in 2022. The total export value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when exports increased by 29% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Japan represented the largest exporting country with an export of about X units, which reached 63% of total exports. China (X units) ranks second in terms of the total exports with a 16% share, followed by Indonesia (8.9%). Hong Kong SAR (X units), Malaysia (X units) and Vietnam (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 Japan stood at +3.0%. At the same time, Hong Kong SAR (+17.2%) and Vietnam (+1.9%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Asia, with a CAGR of +17.2% from 2012-2022. By contrast, Malaysia (-4.0%), China (-8.5%) and Indonesia (-10.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan and Hong Kong SAR increased by +25 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest upright piano supplying countries in Asia were Japan ($X), Indonesia ($X) and China ($X), together accounting for 93% of total exports. Malaysia, Hong Kong SAR and Vietnam lagged somewhat behind, together comprising a further 3.8%.

Hong Kong SAR, with a CAGR of +14.5%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, growing by 13% against the previous year. Export price indicated perceptible growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, upright piano export price decreased by -13.0% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the export price increased by 65% against the previous year. Over the period under review, the export prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Hong Kong SAR ($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 Asia

Upright piano imports fell dramatically to X units in 2022, dropping by -20.7% compared with the previous year. Over the period under review, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 18%. The volume of import peaked at X units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, upright piano imports shrank significantly to $X in 2022. Overall, imports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 24%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

China prevails in imports structure, finishing at X units, which was approx. 80% of total imports in 2022. The following importers - Malaysia (X units), Japan (X units), Hong Kong SAR (X units), the Philippines (X units) and Thailand (X units) - together made up 11% of total imports.

From 2012 to 2022, average annual rates of growth with regard to upright piano imports into China stood at +2.7%. At the same time, the Philippines (+5.1%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia, with a CAGR of +5.1% from 2012-2022. By contrast, Thailand (-2.2%), Hong Kong SAR (-5.4%), Japan (-5.7%) and Malaysia (-7.5%) illustrated a downward trend over the same period. China (+16 p.p.) significantly strengthened its position in terms of the total imports, while Hong Kong SAR, Japan and Malaysia saw its share reduced by -1.8%, -2.2% and -3.8% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acoustic new upright pianos in Asia, comprising 65% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 6.4% share of total imports. It was followed by Japan, with a 5.8% share.

In China, upright piano imports expanded at an average annual rate of +4.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Hong Kong SAR (-2.9% per year) and Japan (-4.0% per year).

Import Prices by Country

In 2022, the import price in Asia amounted to $X per unit, growing by 3.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 10% against the previous year. The level of import peaked in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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