Asia-Pacific: Upright Piano Market 2024

Upright Piano Market Size in Asia-Pacific

In 2022, after two years of decline, there was significant growth in the Asia-Pacific upright piano market, when its value increased by 72% to $X. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Asia-Pacific

In value terms, upright piano production contracted to $X in 2022 estimated in export price. The total production indicated mild growth 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 pace of growth was the most pronounced in 2016 when the production volume increased by 53% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Upright Piano Exports

Exports in Asia-Pacific

In 2022, exports of acoustic new upright pianos in Asia-Pacific declined significantly to X units, shrinking by -21.1% on the year before. Over the period under review, exports continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2021 when exports increased by 54%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports dropped to $X in 2022. The total export value increased at an average annual rate of +1.1% over the period 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%. As a result, the exports reached the peak of $X, and then dropped in the following year.

Exports by Country

Japan represented the major exporter of acoustic new upright pianos in Asia-Pacific, with the volume of exports resulting at X units, which was near 63% of total exports in 2022. China (X units) held a 16% share (based on physical terms) of total exports, which put it in second place, followed by Indonesia (8.9%). Hong Kong SAR (X units), Malaysia (X units) and Vietnam (X units) took a relatively small share of total exports.

Exports from Japan increased at an average annual rate of +3.0% from 2012 to 2022. 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-Pacific, 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 +2.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), Indonesia ($X) and China ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 93% share 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%, saw the highest growth rate of the value of exports, in terms of 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-Pacific stood at $X per unit in 2022, surging by 13% against the previous year. Export price indicated a noticeable increase 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 -12.9% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 65% against the previous year. The level of export peaked 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-Pacific

In 2022, approx. X units of acoustic new upright pianos were imported in Asia-Pacific; which is down by -20.7% on 2021 figures. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, upright piano imports reduced markedly to $X in 2022. The total import value increased at an average annual rate of +1.2% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 when imports increased by 24% against the previous year. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China prevails in imports structure, reaching X units, which was approx. 79% of total imports in 2022. The following importers - Australia (X units), Malaysia (X units), Japan (X units), Hong Kong SAR (X units), the Philippines (X units) and Thailand (X units) - together made up 15% 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%) and Australia (+1.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing importer imported in Asia-Pacific, 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. From 2012 to 2022, the share of China increased by +14 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acoustic new upright pianos in Asia-Pacific, comprising 61% of total imports. The second position in the ranking was held by Australia ($X), with a 9.3% share of total imports. It was followed by Hong Kong SAR, with a 6.1% 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: Australia (+5.1% per year) and Hong Kong SAR (-2.9% per year).

Import Prices by Country

The import price in Asia-Pacific stood at $X per unit in 2022, picking up by 4.2% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 10% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is expected to retain 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 Australia (+3.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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