Benelux: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Benelux

The Benelux keyboard stringed instrument market contracted rapidly to $X in 2022, waning by -19.7% against the previous year. In general, consumption saw a mild contraction. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in Benelux

In value terms, keyboard stringed instrument production declined slightly to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 with an increase of 8.3% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in Benelux

Keyboard stringed instrument exports soared to X units in 2022, increasing by 60% compared with 2021 figures. In general, exports recorded a strong increase. The growth pace was the most rapid in 2020 with an increase of 720% against the previous year. As a result, the exports attained the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports soared to $X in 2022. Over the period under review, exports recorded a buoyant increase. The pace of growth was the most pronounced in 2013 with an increase of 143% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The Netherlands was the key exporter of keyboard stringed instruments in Benelux, with the volume of exports recording X units, which was near 78% of total exports in 2022. It was distantly followed by Belgium (X units), achieving a 22% share of total exports.

The Netherlands was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +28.5% from 2012 to 2022. Belgium (-7.8%) illustrated a downward trend over the same period. The Netherlands (+67 p.p.) significantly strengthened its position in terms of the total exports, while Belgium saw its share reduced by -66.8% from 2012 to 2022, respectively.

In value terms, Belgium ($X) and the Netherlands ($X) constituted the countries with the highest levels of exports in 2022.

Belgium, with a CAGR of +15.1%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review.

Export Prices by Country

In 2022, the export price in Benelux amounted to $X per unit, with a decrease of -5.7% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the export price increased by 129%. Over the period under review, the export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the Netherlands stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Belgium (+24.9%).

Keyboard Stringed Instrument Imports

Imports in Benelux

In 2022, after three years of growth, there was significant decline in supplies from abroad of keyboard stringed instruments, when their volume decreased by -84.9% to X units. In general, imports faced a abrupt slump. The most prominent rate of growth was recorded in 2016 with an increase of 198% against the previous year. The volume of import peaked at X units in 2021, and then reduced sharply in the following year.

In value terms, keyboard stringed instrument imports fell sharply to $X in 2022. Overall, imports saw a deep reduction. The pace of growth was the most pronounced in 2020 when imports increased by 567% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then declined remarkably in the following year.

Imports by Country

The Netherlands represented the main importer of keyboard stringed instruments in Benelux, with the volume of imports recording X units, which was approx. 72% of total imports in 2022. Belgium (X units) held a 16% share (based on physical terms) of total imports, which put it in second place, followed by Luxembourg (13%).

The Netherlands was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +1.4% from 2012 to 2022. Luxembourg experienced a relatively flat trend pattern. Belgium (-24.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the Netherlands and Luxembourg increased by +54 and +8.9 percentage points, respectively.

In value terms, the Netherlands ($X) constitutes the largest market for imported keyboard stringed instruments in Benelux, comprising 76% of total imports. The second position in the ranking was held by Belgium ($X), with a 21% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the Netherlands stood at +14.0%. In the other countries, the average annual rates were as follows: Belgium (-21.1% per year) and Luxembourg (-13.0% per year).

Import Prices by Country

In 2022, the import price in Benelux amounted to $X per unit, falling by -28.6% against the previous year. Overall, the import price, however, continues to indicate a noticeable increase. The most prominent rate of growth was recorded in 2020 an increase of 141% against the previous year. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the 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 Belgium ($X per unit), while Luxembourg ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+12.3%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform