Bulgaria: Upright Piano Market 2024

Upright Piano Market Size in Bulgaria

For the fourth consecutive year, the Bulgarian upright piano market recorded growth in sales value, which increased by 12% to $X in 2022. Over the period under review, the total consumption indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +4.4% 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 +75.8% against 2014 indices. Upright piano consumption peaked in 2022 and is likely to continue growth in years to come.

Upright Piano Production in Bulgaria

In value terms, upright piano production expanded modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2016 when the production volume increased by 24% against the previous year. Upright piano production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Upright Piano Exports

Exports from Bulgaria

In 2022, shipments abroad of acoustic new upright pianos decreased by -70.5% to X units, falling for the second consecutive year after two years of growth. Overall, exports continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2016 with an increase of 606% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, upright piano exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Austria (X units) was the main destination for upright piano exports from Bulgaria, with a 69% share of total exports. Moreover, upright piano exports to Austria exceeded the volume sent to the second major destination, Albania (X units), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume to Austria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-21.3% per year) and Turkey (0.0% per year).

In value terms, Austria ($X) emerged as the key foreign market for acoustic new upright pianos exports from Bulgaria, comprising 98% of total exports. The second position in the ranking was taken by Albania ($X), with a 0.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Austria was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Albania (-21.4% per year) and Turkey (-19.2% per year).

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, rising by 8,516% against the previous year. Over the period under review, the export price recorded a significant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Austria ($X per unit), while the average price for exports to Albania ($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 North Macedonia (+33.0%), while the prices for the other major destinations experienced mixed trend patterns.

Upright Piano Imports

Imports into Bulgaria

For the fifth year in a row, Bulgaria recorded growth in purchases abroad of acoustic new upright pianos, which increased by 25% to X units in 2022. In general, imports posted a significant increase. The pace of growth appeared the most rapid in 2015 when imports increased by 457%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, upright piano imports soared to $X in 2022. Overall, imports posted significant growth. The pace of growth was the most pronounced in 2015 with an increase of 260% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, South Korea (X units) constituted the largest supplier of upright piano to Bulgaria, with a 75% share of total imports. Moreover, upright piano imports from South Korea exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from South Korea amounted to +63.2%.

In value terms, Germany ($X) constituted the largest supplier of acoustic new upright pianos to Bulgaria, comprising 88% of total imports. The second position in the ranking was taken by South Korea ($X), with a 12% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany stood at +19.5%.

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, with an increase of 32% against the previous year. Overall, the import price, however, recorded a deep reduction. The pace of growth appeared the most rapid in 2014 when the average import price increased by 105%. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, import prices remained at a lower figure.

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 Germany ($X per unit), while the price for South Korea amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+24.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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