Azerbaijan: Upright Piano Market 2024

Upright Piano Market Size in Azerbaijan

In 2022, the Azerbaijani upright piano market increased by 58% to $X, rising for the second consecutive year after two years of decline. Overall, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +93.0% against 2020 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Azerbaijan

In value terms, upright piano production shrank modestly to $X in 2022 estimated in export price. Overall, production, however, showed a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of 22%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Upright Piano Exports

Exports from Azerbaijan

In 2022, approx. X units of acoustic new upright pianos were exported from Azerbaijan; declining by -28.6% on the previous year. In general, exports saw a sharp setback. The most prominent rate of growth was recorded in 2020 with an increase of 1,213%. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, upright piano exports shrank dramatically to $X in 2022. Overall, exports saw a dramatic shrinkage. The pace of growth appeared the most rapid in 2020 when exports increased by 1,184% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Turkey (X units), Qatar (X units) and Russia (X units) were the main destinations of upright piano exports from Azerbaijan, with a combined 60% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +11.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Qatar ($X), Turkey ($X) and Russia ($X) constituted the largest markets for upright piano exported from Azerbaijan worldwide, with a combined 71% share of total exports. Poland, Malaysia, Singapore and Australia lagged somewhat behind, together accounting for a further 29%.

Poland, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, reducing by -24.9% against the previous year. Overall, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average export price increased by 262%. The export price peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Russia ($X per unit), while the average price for exports to Australia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the UK (+36.9%), while the prices for the other major destinations experienced a decline.

Upright Piano Imports

Imports into Azerbaijan

In 2022, upright piano imports into Azerbaijan surged to X units, picking up by 239% on the previous year's figure. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 416% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, upright piano imports skyrocketed to $X in 2022. Over the period under review, imports enjoyed a buoyant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main upright piano supplier to Azerbaijan, accounting for a 98% share of total imports. It was followed by Germany (X units), with a 1.1% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +33.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+10.3% per year) and Turkey (-20.6% per year).

In value terms, China ($X) constituted the largest supplier of acoustic new upright pianos to Azerbaijan, comprising 88% of total imports. The second position in the ranking was taken by Germany ($X), with a 0.5% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +22.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+2.0% per year) and Turkey (-25.8% per year).

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, declining by -23.2% against the previous year. Over the period under review, the import price saw a abrupt contraction. The most prominent rate of growth was recorded in 2016 when the average import price increased by 106% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Turkey ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (-6.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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