Azerbaijan: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Azerbaijan

The Azerbaijani electrical musical instrument market contracted slightly to $X in 2022, falling by X% against the previous year. In general, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Electrical Musical Instrument Production in Azerbaijan

In value terms, electrical musical instrument production fell modestly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Electrical Musical Instrument Exports

Exports from Azerbaijan

In 2022, after two years of growth, there was significant decline in overseas shipments of electrical musical or keyboard instruments, when their volume decreased by X% to X units. In general, exports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, electrical musical instrument exports shrank remarkably to $X in 2022. Over the period under review, exports, however, enjoyed a significant increase. The growth pace was the most rapid in 2015 when exports increased by X% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Georgia (X units) and the UK (X units) were the main destinations of electrical musical instrument exports from Azerbaijan, together accounting for X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Georgia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Georgia ($X) and the UK ($X) were the largest markets for electrical musical instrument exported from Azerbaijan worldwide, with a combined X% share of total exports.

In terms of the main countries of destination, Georgia, with a CAGR of X.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, growing by X% against the previous year. Overall, the export price saw a buoyant expansion. The pace of growth was the most pronounced in 2015 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Oman ($X per unit), while the average price for exports to Kazakhstan ($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 Georgia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Azerbaijan

In 2022, approx. X units of electrical musical or keyboard instruments were imported into Azerbaijan; which is down by X% against the year before. In general, imports, however, continue to indicate a significant expansion. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2021, and then fell remarkably in the following year.

In value terms, electrical musical instrument imports contracted dramatically to $X in 2022. Over the period under review, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell notably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electrical musical instrument to Azerbaijan, accounting for a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), sixfold. The third position in this ranking was taken by India (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and India (X% per year).

In value terms, China ($X) constituted the largest supplier of electrical musical or keyboard instruments to Azerbaijan, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports. It was followed by South Korea, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and South Korea (X% per year).

Import Prices by Country

In 2022, the average electrical musical instrument import price amounted to $X per unit, jumping by X% against the previous year. Overall, the import price posted prominent growth. The growth pace was the most rapid in 2019 when the average import price increased by X%. Over the period under review, average import prices reached the peak figure in 2022 and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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