Asia-Pacific: Grand Piano Market 2024

Grand Piano Market Size in Asia-Pacific

After six years of growth, the Asia-Pacific grand piano market decreased by -1.4% to $X in 2021. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020, and then dropped slightly in the following year.

Grand Piano Production in Asia-Pacific

In value terms, grand piano production contracted to $X in 2021 estimated in export price. In general, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 4.2% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Grand Piano Exports

Exports in Asia-Pacific

Grand piano exports soared to X tons in 2021, with an increase of 28% compared with 2020. 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 somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, grand piano exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Japan (X tons) represented the major exporter of acoustic grand pianos, committing 60% of total exports. Indonesia (X tons) held a 28% share (based on physical terms) of total exports, which put it in second place, followed by China (11%).

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-Pacific, with a CAGR of +8.5% from 2012-2021. Indonesia experienced a relatively flat trend pattern. China (+4.8 p.p.) and Japan (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Indonesia saw its share reduced by -6.2% from 2012 to 2021, respectively.

In value terms, Japan ($X) remains the largest grand piano supplier in Asia-Pacific, comprising 67% of total exports. The second position in the ranking was held by Indonesia ($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. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-0.5% per year) and China (+0.5% per year).

Export Prices by Country

In 2021, the export price in Asia-Pacific amounted to $X per ton, remaining stable against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the export price increased by 5.5% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: 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-Pacific

Grand piano imports surged to X tons in 2021, picking up by 25% compared with the year before. Total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +75.6% against 2013 indices. As a result, imports reached 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 +6.6% over the last nine-year period. 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, resulting at X tons, which was approx. 61% of total imports in 2021. Australia (X tons) held the second position in the ranking, followed by South Korea (X tons) and Malaysia (X tons). All these countries together held near 19% share of total imports. The following importers - Vietnam (X tons), Japan (X tons), Taiwan (Chinese) (X tons), Hong Kong SAR (X tons) and Singapore (X tons) - together made up 16% of total imports.

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, 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%), Australia (-1.8%) and Japan (-2.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +29 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acoustic grand pianos in Asia-Pacific, comprising 56% of total imports. The second position in the ranking was taken by Australia ($X), with an 8.5% share of total imports. It was followed by Japan, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China amounted to +11.6%. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+4.3% per year) and Japan (-1.2% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per ton in 2021, with an increase of 5.9% against the previous year. In general, the import price saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 20%. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

Prices varied noticeably country of destination: 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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