Asia-Pacific: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Asia-Pacific

In 2022, the Asia-Pacific keyboard stringed instrument market was finally on the rise to reach $X after two years of decline. In general, consumption recorded a measured increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in Asia-Pacific

In value terms, keyboard stringed instrument production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.1% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2020 when the production volume increased by 31% 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-Pacific

In 2022, shipments abroad of keyboard stringed instruments increased by 0.9% to X units, rising for the fourth year in a row after four years of decline. Over the period under review, exports, however, showed a abrupt curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 78% 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 soared to $X in 2022. Overall, exports, however, continue to indicate a noticeable shrinkage. Over the period under review, the exports attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X units) represented the major exporter of keyboard stringed instruments, achieving 60% of total exports. The Philippines (X units) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Thailand (9.3%) and South Korea (7.4%). The following exporters - Singapore (X units), Vietnam (X units) and Malaysia (X units) - together made up 7.5% of total exports.

Exports from China increased at an average annual rate of +35.2% from 2012 to 2022. At the same time, the Philippines (+162.3%), Vietnam (+55.7%) and Thailand (+47.8%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +162.3% from 2012-2022. Singapore experienced a relatively flat trend pattern. By contrast, South Korea (-7.0%) and Malaysia (-24.6%) illustrated a downward trend over the same period. While the share of China (+59 p.p.), the Philippines (+10 p.p.), Thailand (+9.2 p.p.), South Korea (+2.9 p.p.), Vietnam (+2.6 p.p.) and Singapore (+2.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Malaysia (-7.3 p.p.) displayed negative dynamics.

In value terms, the largest keyboard stringed instrument supplying countries in Asia-Pacific were the Philippines ($X), China ($X) and Vietnam ($X), together comprising 86% of total exports.

The Philippines, with a CAGR of +272.3%, recorded the highest rates of growth with regard to 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

In 2022, the export price in Asia-Pacific amounted to $X per unit, rising by 62% against the previous year. Over the period under review, the export price saw buoyant growth. The growth pace was the most rapid in 2018 when the export price increased by 97% against the previous year. The level of export peaked in 2022 and is expected to retain growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.8%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in Asia-Pacific

In 2022, the amount of keyboard stringed instruments imported in Asia-Pacific rose remarkably to X units, with an increase of 8.4% against 2021 figures. Over the period under review, imports, however, showed a abrupt decline. The most prominent rate of growth was recorded in 2021 when imports increased by 45%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports shrank to $X in 2022. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 55%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

Thailand was the major importing country with an import of about X units, which reached 29% of total imports. Vietnam (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by the Philippines (11%), China (9.9%), Fiji (7.9%) and Singapore (4.6%). Malaysia (X units), India (X units), Indonesia (X units), Australia (X units), South Korea (X units), Japan (X units) and New Zealand (X units) followed a long way behind the leaders.

Thailand was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +34.6% from 2012 to 2022. At the same time, Vietnam (+23.8%), Japan (+13.7%), China (+7.9%), Malaysia (+7.2%), Fiji (+6.5%), South Korea (+5.3%) and New Zealand (+3.5%) displayed positive paces of growth. By contrast, the Philippines (-1.0%), India (-11.5%), Singapore (-12.3%), Australia (-18.0%) and Indonesia (-31.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Thailand, Vietnam, China, Fiji, the Philippines, Malaysia, Japan and South Korea increased by +28, +13, +7.7, +6, +5.3, +2.7, +2 and +1.7 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-Pacific were Singapore ($X), the Philippines ($X) and Thailand ($X), with a combined 57% share of total imports.

In terms of the main importing countries, the Philippines, with a CAGR of +22.8%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Asia-Pacific amounted to $X per unit, shrinking by -16.2% against the previous year. In general, the import price, however, showed a resilient increase. The growth pace was the most rapid in 2018 when the import price increased by 73%. Over the period under review, import prices reached the peak figure at $X per unit in 2021, and then shrank rapidly in the following year.

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 ($X per unit), while Fiji ($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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