Australia and Oceania: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Australia and Oceania

In 2022, the keyboard stringed instrument market in Australia and Oceania increased by 3.8% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption, however, continues to indicate a deep contraction. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a somewhat lower figure.

Keyboard Stringed Instrument Production in Australia and Oceania

In value terms, keyboard stringed instrument production dropped to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a strong increase. The pace of growth was the most pronounced in 2014 when the production volume increased by 40% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Keyboard Stringed Instrument Exports

Exports in Australia and Oceania

Keyboard stringed instrument exports fell remarkably to X units in 2022, which is down by -21.6% on the previous year's figure. Overall, exports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of 227%. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

In value terms, keyboard stringed instrument exports surged to $X in 2022. Over the period under review, exports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2013 with an increase of 344% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Australia prevails in exports structure, reaching X units, which was near 93% of total exports in 2022. It was distantly followed by New Zealand (X units), committing a 6.9% share of total exports.

Australia was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +11.6% from 2012 to 2022. At the same time, New Zealand (+7.2%) displayed positive paces of growth. Australia (+11 p.p.) significantly strengthened its position in terms of the total exports, while New Zealand saw its share reduced by -2.2% from 2012 to 2022, respectively.

In value terms, Australia ($X) remains the largest keyboard stringed instrument supplier in Australia and Oceania, comprising 92% of total exports. The second position in the ranking was held by New Zealand ($X), with an 8.2% share of total exports.

In Australia, keyboard stringed instrument exports increased at an average annual rate of +8.1% over the period from 2012-2022.

Export Prices by Country

The export price in Australia and Oceania stood at $X per unit in 2022, growing by 80% against the previous year. In general, the export price, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2018 when the export price increased by 91%. Over the period under review, the export prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was New Zealand ($X per unit), while Australia stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+2.2%).

Keyboard Stringed Instrument Imports

Imports in Australia and Oceania

In 2022, overseas purchases of keyboard stringed instruments increased by 1% to X units, rising for the second year in a row after three years of decline. Overall, imports, however, continue to indicate a deep setback. The most prominent rate of growth was recorded in 2013 when imports increased by 101% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, keyboard stringed instrument imports fell to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt descent. The pace of growth appeared the most rapid in 2013 with an increase of 118%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Fiji was the major importing country with an import of around X units, which recorded 62% of total imports. Australia (X units) took a 19% share (based on physical terms) of total imports, which put it in second place, followed by New Zealand (14%). French Polynesia (X units) and Samoa (X units) took a little share of total imports.

Fiji was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +6.5% from 2012 to 2022. At the same time, New Zealand (+3.5%) displayed positive paces of growth. By contrast, French Polynesia (-1.4%), Australia (-18.0%) and Samoa (-22.6%) illustrated a downward trend over the same period. While the share of Fiji (+47 p.p.) and New Zealand (+9.7 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Samoa (-8.7 p.p.) and Australia (-44.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, New Zealand ($X) constitutes the largest market for imported keyboard stringed instruments in Australia and Oceania, comprising 64% of total imports. The second position in the ranking was held by Australia ($X), with a 21% share of total imports. It was followed by Fiji, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value in New Zealand amounted to +16.1%. The remaining importing countries recorded the following average annual rates of imports growth: Australia (-19.0% per year) and Fiji (+3.7% per year).

Import Prices by Country

The import price in Australia and Oceania stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by 58% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

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 New Zealand ($X per unit), while Fiji ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Samoa (+19.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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