China: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in China

The Chinese keyboard stringed instrument market totaled $X in 2022, with an increase of 4.2% against the previous year. In general, consumption, however, saw a drastic downturn. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in China

In value terms, keyboard stringed instrument production soared to $X in 2022 estimated in export price. Overall, production recorded a deep slump. Keyboard stringed instrument production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Keyboard Stringed Instrument Exports

Exports from China

After six years of growth, overseas shipments of keyboard stringed instruments decreased by -0.6% to X units in 2022. Over the period under review, exports, however, continue to indicate a significant increase. The most prominent rate of growth was recorded in 2020 when exports increased by 537%. The exports peaked at X units in 2021, and then dropped in the following year.

In value terms, keyboard stringed instrument exports surged to $X in 2022. Overall, exports, however, saw a strong expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United Arab Emirates (X units), the United States (X units) and France (X units) were the main destinations of keyboard stringed instrument exports from China, with a combined 54% share of total exports. These countries were followed by Uzbekistan, Slovenia, Thailand, Colombia, Belgium, Malaysia, Australia and Singapore, which together accounted for a further 13%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovenia (with a CAGR of +77.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for keyboard stringed instruments exports from China, comprising 21% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 8.6% share of total exports. It was followed by Australia, with a 3.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+23.7% per year) and Australia (+45.0% per year).

Export Prices by Country

The average keyboard stringed instrument export price stood at $X per unit in 2022, picking up by 91% against the previous year. Over the period under review, the export price, however, saw a deep setback. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Uzbekistan ($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 the United Arab Emirates (-10.4%), while the prices for the other major destinations experienced a decline.

Keyboard Stringed Instrument Imports

Imports into China

In 2022, overseas purchases of keyboard stringed instruments increased by 7.8% to X units, rising for the second consecutive year after three years of decline. In general, imports continue to indicate a resilient expansion. The pace of growth appeared the most rapid in 2014 when imports increased by 100%. Over the period under review, imports attained the maximum at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports shrank markedly to $X in 2022. Overall, imports, however, showed a slight downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 83% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of keyboard stringed instrument to China, accounting for a 81% share of total imports. Moreover, keyboard stringed instrument imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X units), more than tenfold. The third position in this ranking was taken by the United States (X units), with a 4.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +13.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.4% per year) and the United States (-3.1% per year).

In value terms, Japan ($X) constituted the largest supplier of keyboard stringed instruments to China, comprising 58% of total imports. The second position in the ranking was held by Germany ($X), with an 18% share of total imports. It was followed by Italy, with a 6.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+14.0% per year) and Italy (+3.8% per year).

Import Prices by Country

The average keyboard stringed instrument import price stood at $X per unit in 2022, reducing by -23.1% against the previous year. Over the period under review, the import price saw a deep slump. The growth pace was the most rapid in 2020 when the average import price increased by 32%. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+26.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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