Asia-Pacific: Piano Market 2024

Piano Market Size in Asia-Pacific

The Asia-Pacific piano market was finally on the rise to reach $X in 2021, after two years of decline. Overall, consumption, however, continues to indicate a mild curtailment. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Asia-Pacific

In value terms, piano production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep setback. The level of production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Piano Exports

Exports in Asia-Pacific

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were exported in Asia-Pacific; jumping by 23% against 2020. The total export volume increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, piano exports soared to $X in 2021. The total export value increased at an average annual rate of +2.1% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan was the key exporter of pianos and other keyboard stringed musical instruments in Asia-Pacific, with the volume of exports resulting at X tons, which was near 55% of total exports in 2021. Indonesia (X tons) held the second position in the ranking, distantly followed by South Korea (X tons) and China (X tons). All these countries together took near 44% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to piano exports from Japan stood at +1.6%. At the same time, South Korea (+26.7%) and China (+3.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Asia-Pacific, with a CAGR of +26.7% from 2012-2021. Indonesia experienced a relatively flat trend pattern. While the share of South Korea (+9.2 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Japan (-3.5 p.p.) and Indonesia (-7.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest piano supplier in Asia-Pacific, comprising 61% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by China, with a 10% share.

In Japan, piano exports expanded at an average annual rate of +3.8% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (-0.2% per year) and China (-3.3% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2021, picking up by 3.1% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the export price increased by 4.4%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while South Korea ($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 (+2.1%), while the other leaders experienced mixed trends in the export price figures.

Piano Imports

Imports in Asia-Pacific

In 2021, the amount of pianos and other keyboard stringed musical instruments imported in Asia-Pacific soared to X tons, increasing by 73% against the year before. In general, imports saw a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, piano imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +4.3% over the period from 2012 to 2021; however, the trend pattern 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, amounting to X tons, which was near 80% of total imports in 2021. Australia (X tons), Malaysia (X tons), Hong Kong SAR (X tons), Japan (X tons) and South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of +18.2% from 2012 to 2021. At the same time, Australia (+1.8%) displayed positive paces of growth. By contrast, Malaysia (-2.3%), Hong Kong SAR (-3.2%), Japan (-7.0%) and South Korea (-7.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +44 percentage points.

In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Asia-Pacific, comprising 61% of total imports. The second position in the ranking was taken by Australia ($X), with a 7.8% share of total imports. It was followed by Japan, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +9.4%. The remaining importing countries recorded the following average annual rates of imports growth: Australia (+4.1% per year) and Japan (-3.6% per year).

Import Prices by Country

In 2021, the import price in Asia-Pacific amounted to $X per ton, reducing by -26.6% against the previous year. Over the period under review, the import price saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2018 when the import price increased by 9%. 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 Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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