Asia: Piano Market 2024

Piano Market Size in Asia

The Asian piano market soared to $X in 2021, with an increase of 33% against the previous year. In general, consumption, however, continues to indicate a slight reduction. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Asia

In value terms, piano production skyrocketed to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep downturn. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Piano Exports

Exports in Asia

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were exported in Asia; picking up by 23% on the previous year's figure. 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 being observed in certain years. As a result, the exports reached 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% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations 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

Japan represented the main exporter of pianos and other keyboard stringed musical instruments in Asia, with the volume of exports resulting at X tons, which was near 54% of total exports in 2021. Indonesia (X tons) ranks second in terms of the total exports with a 24% share, followed by South Korea (11%) and China (9%).

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, 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 ($X) remains the largest piano supplier in Asia, comprising 60% of total exports. The second position in the ranking was taken by Indonesia ($X), with a 22% share of total exports. It was followed by China, with a 10% share.

In Japan, piano exports increased at an average annual rate of +3.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Indonesia (-0.2% per year) and China (-3.3% per year).

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, picking up by 3.1% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 an increase of 4.5% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, 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

Piano imports soared to X tons in 2021, increasing by 74% against 2020. In general, imports saw buoyant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, piano imports soared to $X in 2021. The total import value increased at an average annual rate of +3.9% 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 attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, reaching X tons, which was approx. 81% of total imports in 2021. The following importers - Malaysia (X tons), Hong Kong SAR (X tons), Japan (X tons), South Korea (X tons) and the United Arab Emirates (X tons) - together made up 10% of total imports.

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, the United Arab Emirates (+15.5%) 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. While the share of China (+45 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Malaysia (-4.1 p.p.), Hong Kong SAR (-4.5 p.p.), South Korea (-4.8 p.p.) and Japan (-5.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Asia, comprising 63% of total imports. The second position in the ranking was held by Japan ($X), with a 5.4% share of total imports. It was followed by Hong Kong SAR, with a 4.6% share.

In China, piano imports increased at an average annual rate of +9.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-3.6% per year) and Hong Kong SAR (-0.9% per year).

Import Prices by Country

The import price in Asia stood at $X per ton in 2021, falling by -25.9% against the previous year. Overall, the import price showed a perceptible descent. The pace of growth appeared the most rapid in 2018 when the import price increased by 8% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, 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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