Asia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Asia

The Asian keyboard stringed instrument market expanded slightly to $X in 2022, increasing by 1.8% against the previous year. In general, consumption, however, saw a strong expansion. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Keyboard Stringed Instrument Production in Asia

In value terms, keyboard stringed instrument production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.2% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2020 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in Asia

After two years of growth, overseas shipments of keyboard stringed instruments decreased by -3.7% to X units in 2022. In general, exports saw a abrupt slump. The pace of growth was the most pronounced in 2020 with an increase of 102% against the previous year. The volume of export peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument exports skyrocketed to $X in 2022. Over the period under review, exports saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 when exports increased by 59% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

China represented the main exporter of keyboard stringed instruments in Asia, with the volume of exports finishing at X units, which was near 51% of total exports in 2022. The United Arab Emirates (X units) held an 11% share (based on physical terms) of total exports, which put it in second place, followed by the Philippines (8.7%), Thailand (8%) and South Korea (6.3%). Oman (X units) and Singapore (X units) followed a long way behind the leaders.

Exports from China increased at an average annual rate of +35.2% from 2012 to 2022. At the same time, the Philippines (+162.3%), Oman (+62.8%), Thailand (+47.8%) and the United Arab Emirates (+2.5%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia, with a CAGR of +162.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, South Korea (-7.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, the Philippines, the United Arab Emirates, Thailand, Oman, South Korea and Singapore increased by +51, +8.7, +8, +7.9, +3.5, +2 and +1.8 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Philippines ($X), China ($X) and the United Arab Emirates ($X) constituted the countries with the highest levels of exports in 2022, with a combined 77% share of total exports.

In terms of the main exporting countries, the Philippines, with a CAGR of +272.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Asia amounted to $X per unit, with an increase of 61% against the previous year. In general, the export price showed a prominent increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+15.6%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in Asia

In 2022, keyboard stringed instrument imports in Asia dropped to X units, shrinking by -8.8% against the previous year's figure. Overall, imports saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when imports increased by 55% against the previous year. The volume of import peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, keyboard stringed instrument imports declined to $X in 2022. Total imports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of +3.9% 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 +81.8% against 2015 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 48%. The level of import peaked at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, Iran (X units) was the main importer of keyboard stringed instruments, mixing up 40% of total imports. Thailand (X units) ranks second in terms of the total imports with a 14% share, followed by Vietnam (6.6%), the Philippines (5.4%), Qatar (5.2%) and China (4.9%). The following importers - Singapore (X units), Kuwait (X units), Oman (X units) and Malaysia (X units) - each accounted for an 8.5% share of total imports.

Imports into Iran increased at an average annual rate of +74.6% from 2012 to 2022. At the same time, Qatar (+219.0%), Thailand (+34.6%), Vietnam (+23.8%), Kuwait (+23.7%), Oman (+11.9%), China (+7.9%) and Malaysia (+7.2%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in Asia, with a CAGR of +219.0% from 2012-2022. By contrast, the Philippines (-1.0%) and Singapore (-12.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iran, Thailand, Vietnam, Qatar, China, Kuwait and Oman increased by +40, +14, +5.9, +5.2, +2.7, +2 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest keyboard stringed instrument importing markets in Asia were Iran ($X), Singapore ($X) and the Philippines ($X), with a combined 61% share of total imports.

Iran, with a CAGR of +47.2%, recorded 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 Asia stood at $X per unit in 2022, declining by -1.6% against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument import price decreased by +0.3% against 2020 indices. The growth pace was the most rapid in 2018 an increase of 113%. As a result, import price reached the peak level of $X per unit. From 2019 to 2022, the import prices remained at a somewhat lower figure.

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 ($X per unit), while Thailand ($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

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