Belgium: Upright Piano Market 2024

Upright Piano Market Size in Belgium

After five years of growth, the Belgian upright piano market decreased by -57.7% to $X in 2022. In general, consumption saw a drastic downturn. Over the period under review, the market attained the maximum level at $X in 2021, and then declined dramatically in the following year.

Upright Piano Production in Belgium

In value terms, upright piano production declined dramatically to $X in 2022 estimated in export price. Overall, production recorded a dramatic contraction. The most prominent rate of growth was recorded in 2019 with an increase of 119%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth failed to regain momentum.

Upright Piano Exports

Exports from Belgium

In 2022, overseas shipments of acoustic new upright pianos decreased by -43.9% to X units, falling for the second year in a row after two years of growth. In general, exports continue to indicate a pronounced slump. The most prominent rate of growth was recorded in 2013 when exports increased by 28% against the previous year. Over the period under review, the exports hit record highs at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports fell markedly to $X in 2022. Over the period under review, exports recorded a pronounced slump. The most prominent rate of growth was recorded in 2020 when exports increased by 40%. Over the period under review, the exports attained the maximum at $X in 2021, and then shrank significantly in the following year.

Exports by Country

The Netherlands (X units), France (X units) and Vietnam (X units) were the main destinations of upright piano exports from Belgium, with a combined 62% share 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 Vietnam (with a CAGR of +29.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for upright piano exported from Belgium were France ($X), the Netherlands ($X) and Germany ($X), with a combined 74% share of total exports. Italy, Spain, Vietnam, Rwanda and the UK lagged somewhat behind, together comprising a further 22%.

Italy, with a CAGR of +20.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 upright piano export price amounted to $X per unit, shrinking by -12% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 9.9%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Vietnam ($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 France (+2.5%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Belgium

In 2022, purchases abroad of acoustic new upright pianos decreased by -49.4% to X units, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a pronounced shrinkage. The pace of growth appeared the most rapid in 2020 with an increase of 32% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, upright piano imports shrank dramatically to $X in 2022. In general, imports recorded a deep reduction. The most prominent rate of growth was recorded in 2020 when imports increased by 36%. Imports peaked at $X in 2021, and then dropped notably in the following year.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of upright piano to Belgium, with a 55% share of total imports. Moreover, upright piano imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Germany (X units), with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan totaled -4.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.3% per year) and Germany (-5.5% per year).

In value terms, Japan ($X) constituted the largest supplier of acoustic new upright pianos to Belgium, comprising 47% of total imports. The second position in the ranking was held by Germany ($X), with a 21% share of total imports. It was followed by the Netherlands, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at -5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-5.4% per year) and the Netherlands (-3.8% per year).

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, reducing by -5.2% 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 2021 an increase of 21% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+8.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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