Colombia: Upright Piano Market 2024

Upright Piano Market Size in Colombia

The Colombian upright piano market dropped modestly to $X in 2022, which is down by -3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a abrupt descent. Upright piano consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Upright Piano Exports

Exports from Colombia

In 2022, the amount of acoustic new upright pianos exported from Colombia reduced notably to X units, waning by -66.7% compared with the year before. Overall, exports, however, enjoyed a tangible increase. The most prominent rate of growth was recorded in 2021 when exports increased by 800% against the previous year. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports shrank markedly to $X in 2022. In general, exports, however, showed significant growth. The growth pace was the most rapid in 2013 with an increase of 4,835% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Guatemala (X units), Panama (X units) and Costa Rica (X units) were the main destinations of upright piano exports from Colombia.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Costa Rica ($X), Panama ($X) and Guatemala ($X) were the largest markets for upright piano exported from Colombia worldwide.

Among the main countries of destination, Costa Rica, with a CAGR of +27.3%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, growing by 56% against the previous year. Overall, the export price posted a significant expansion. The pace of growth appeared the most rapid in 2013 an increase of 3,190% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2014 to 2022, the average export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Costa Rica ($X per unit), while the average price for exports to Guatemala ($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 El Salvador (+1,081.7%).

Upright Piano Imports

Imports into Colombia

In 2022, approx. X units of acoustic new upright pianos were imported into Colombia; which is down by -13.5% against 2021 figures. Over the period under review, imports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2017 when imports increased by 131%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, upright piano imports contracted to $X in 2022. Overall, imports continue to indicate a deep downturn. The most prominent rate of growth was recorded in 2017 when imports increased by 178% against the previous year. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Indonesia (X units), Malaysia (X units) and China (X units) were the main suppliers of upright piano imports to Colombia, with a combined 49% share of total imports. Hong Kong SAR, Germany, the United States, Guatemala, Japan, Costa Rica, France and South Korea lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +11.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X) constituted the largest supplier of acoustic new upright pianos to Colombia, comprising 36% of total imports. The second position in the ranking was taken by China ($X), with a 13% share of total imports. It was followed by Malaysia, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Indonesia stood at -15.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-24.0% per year) and Malaysia (-19.4% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, stabilizing at the previous year. Over the period under review, import price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, upright piano import price increased by +1.6% against 2020 indices. The most prominent rate of growth was recorded in 2013 an increase of 44% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 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 Japan ($X per unit), while the price for South Korea ($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 United States (+6.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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