Asia: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Asia

The Asian percussion musical instrument market rose slightly to $X in 2022, increasing by 4% against the previous year. Overall, consumption showed a abrupt downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Percussion Musical Instrument Production in Asia

In value terms, percussion musical instrument production rose slightly to $X in 2022 estimated in export price. Overall, production, however, recorded a noticeable decrease. The pace of growth appeared the most rapid in 2020 with an increase of 5.9% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Percussion Musical Instrument Exports

Exports in Asia

In 2022, exports of percussion musical instruments in Asia amounted to X units, picking up by 8.5% against the year before. Over the period under review, exports, however, saw a pronounced contraction. The growth pace was the most rapid in 2021 with an increase of 23%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, percussion musical instrument exports expanded remarkably to $X in 2022. The total export value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The most prominent rate of growth was recorded in 2021 when exports increased by 26% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China prevails in exports structure, amounting to X units, which was near 75% of total exports in 2022. Taiwan (Chinese) (X units) ranks second in terms of the total exports with a 7.5% share, followed by Thailand (6.4%). India (X units), Armenia (X units) and Nepal (X units) took a minor share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of percussion musical instruments. At the same time, Armenia (+236.6%) and Nepal (+16.3%) displayed positive paces of growth. Moreover, Armenia emerged as the fastest-growing exporter exported in Asia, with a CAGR of +236.6% from 2012-2022. India experienced a relatively flat trend pattern. By contrast, Thailand (-1.6%) and Taiwan (Chinese) (-14.4%) illustrated a downward trend over the same period. China (+16 p.p.) and Armenia (+1.6 p.p.) significantly strengthened its position in terms of the total exports, while Taiwan (Chinese) saw its share reduced by -19.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest percussion musical instrument supplier in Asia, comprising 66% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 12% share of total exports. It was followed by Thailand, with a 5.6% share.

In China, percussion musical instrument exports expanded at an average annual rate of +3.2% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Taiwan (Chinese) (-2.6% per year) and Thailand (-2.2% per year).

Export Prices by Country

The export price in Asia stood at $X per unit in 2022, rising by 3% against the previous year. Over the last decade, it increased at an average annual rate of +3.9%. The growth pace was the most rapid in 2013 when the export price increased by 15%. The level of export peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.8%), while the other leaders experienced mixed trends in the export price figures.

Percussion Musical Instrument Imports

Imports in Asia

In 2022, approx. X units of percussion musical instruments were imported in Asia; with a decrease of -17.4% on 2021. In general, imports continue to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2021 with an increase of 84% against the previous year. Over the period under review, imports reached the peak figure at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports dropped to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China was the key importer of percussion musical instruments in Asia, with the volume of imports amounting to X units, which was near 40% of total imports in 2022. Japan (X units) ranks second in terms of the total imports with a 19% share, followed by South Korea (7.3%), Malaysia (7.3%) and Taiwan (Chinese) (6.9%). The following importers - Israel (X units), Thailand (X units), the United Arab Emirates (X units), India (X units), Hong Kong SAR (X units), Singapore (X units) and the Philippines (X units) - together made up 16% of total imports.

China was also the fastest-growing in terms of the percussion musical instruments imports, with a CAGR of +12.6% from 2012 to 2022. At the same time, Taiwan (Chinese) (+4.2%) and Malaysia (+3.3%) displayed positive paces of growth. The United Arab Emirates, India and South Korea experienced a relatively flat trend pattern. By contrast, the Philippines (-1.4%), Israel (-7.0%), Thailand (-8.3%), Japan (-10.0%), Singapore (-16.2%) and Hong Kong SAR (-17.1%) illustrated a downward trend over the same period. While the share of China (+31 p.p.), Taiwan (Chinese) (+3.4 p.p.) and Malaysia (+3.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Israel (-1.7 p.p.), Thailand (-2.2 p.p.), Singapore (-6.4 p.p.), Hong Kong SAR (-7.4 p.p.) and Japan (-21.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), South Korea ($X) and China ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 57% share of total imports.

China, with a CAGR of +7.8%, recorded the highest growth rate of the value of imports, in terms of 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, with an increase of 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The pace of growth appeared the most rapid in 2020 an increase of 19%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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