Belgium: Piano Market 2024

Piano Market Size in Belgium

In 2021, the Belgian piano market increased by 8.3% to $X, rising for the second consecutive year after two years of decline. Overall, consumption saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the market value increased by 9.2%. Over the period under review, the market attained the maximum level in 2021 and is expected to retain growth in the immediate term.

Piano Production in Belgium

In value terms, piano production rose significantly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a slight contraction. The growth pace was the most rapid in 2016 with an increase of 78% against the previous year. Over the period under review, production reached the maximum level at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports from Belgium

After two years of growth, shipments abroad of pianos and other keyboard stringed musical instruments decreased by -9.2% to X tons in 2021. Overall, exports, however, saw strong growth. The growth pace was the most rapid in 2017 with an increase of 52% against the previous year. The exports peaked at X tons in 2020, and then reduced in the following year.

In value terms, piano exports stood at $X in 2021. The total export value increased at an average annual rate of +3.7% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when exports increased by 24%. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

Exports by Country

France (X tons) was the main destination for piano exports from Belgium, with a 58% share of total exports. Moreover, piano exports to France exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. Germany (X tons) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to France stood at +5.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+29.4% per year) and Germany (+9.3% per year).

In value terms, France ($X) remains the key foreign market for pianos and other keyboard stringed musical instruments exports from Belgium, comprising 51% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 14% share of total exports. It was followed by Germany, with a 14% share.

From 2012 to 2021, the average annual growth rate of value to France was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+17.1% per year) and Germany (+9.0% per year).

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, surging by 20% against the previous year. Over the period under review, the export price, however, recorded a noticeable slump. The growth pace was the most rapid in 2015 when the average export price increased by 21%. As a result, the export price reached the peak level of $X per ton. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+2.8%), while the prices for the other major destinations experienced a decline.

Piano Imports

Imports into Belgium

After two years of growth, purchases abroad of pianos and other keyboard stringed musical instruments decreased by -1.5% to X tons in 2021. The total import volume increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 28%. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports failed to regain momentum.

In value terms, piano imports reached $X in 2021. Overall, total imports indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +78.3% against 2017 indices. The growth pace was the most rapid in 2020 with an increase of 39%. Imports peaked in 2021 and are expected to retain growth in years to come.

Imports by Country

Japan (X tons), China (X tons) and Vietnam (X tons) were the main suppliers of piano imports to Belgium, with a combined 73% share of total imports. These countries were followed by Germany, Indonesia, the Netherlands and South Korea, which together accounted for a further 25%.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +22.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and China ($X) appeared to be the largest piano suppliers to Belgium, together comprising 70% of total imports. These countries were followed by Indonesia, the Netherlands, Vietnam and South Korea, which together accounted for a further 28%.

In terms of the main suppliers, Indonesia, with a CAGR of +22.5%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average piano import price stood at $X per ton in 2021, increasing by 2.8% against the previous year. Over the period under review, the import price showed a slight increase. The pace of growth appeared the most rapid in 2018 when the average import price increased by 33% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+7.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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