Eastern Asia: Accordion Market 2024

Accordion Market Size in Eastern Asia

For the third year in a row, the East Asian accordion market recorded decline in sales value, which decreased by -2.8% to $X in 2021. Over the period under review, consumption saw a slight curtailment. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Accordion Production in Eastern Asia

In value terms, accordion production rose sharply to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Accordion Exports

Exports in Eastern Asia

In 2021, exports of accordions and mouth organs in Eastern Asia surged to X units, increasing by 33% against the previous year. Total exports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +94.9% against 2014 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, accordion exports rose rapidly to $X in 2021. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 7.9% against the previous year. Over the period under review, the exports reached the maximum at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, China (X units) was the major exporter of accordions and mouth organs, creating 76% of total exports. Japan (X units) held a 15% share (based on physical terms) of total exports, which put it in second place, followed by Taiwan (Chinese) (5.5%). South Korea (X units) followed a long way behind the leaders.

China was also the fastest-growing in terms of the accordions and mouth organs exports, with a CAGR of +10.7% from 2012 to 2021. Japan experienced a relatively flat trend pattern. Taiwan (Chinese) (-2.6%) and South Korea (-11.2%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +27 percentage points.

In value terms, China ($X), Japan ($X) and Taiwan (Chinese) ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 99% of total exports.

Japan, with a CAGR of +0.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, waning by -19.9% against the previous year. In general, the export price recorded a drastic downturn. The most prominent rate of growth was recorded in 2014 an increase of 22% against the previous year. The level of export peaked at $X per unit in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+6.7%), while the other leaders experienced mixed trends in the export price figures.

Accordion Imports

Imports in Eastern Asia

In 2021, accordion imports in Eastern Asia expanded sharply to X units, picking up by 14% compared with 2020 figures. Over the period under review, imports, however, saw a slight slump. The most prominent rate of growth was recorded in 2018 with an increase of 15% against the previous year. Over the period under review, imports attained the peak figure at X units in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, accordion imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

Japan was the largest importer of accordions and mouth organs in Eastern Asia, with the volume of imports finishing at X units, which was near 60% of total imports in 2021. South Korea (X units) ranks second in terms of the total imports with a 15% share, followed by China (14%), Hong Kong SAR (6.1%) and Taiwan (Chinese) (4.8%).

From 2012 to 2021, average annual rates of growth with regard to accordion imports into Japan stood at -1.1%. At the same time, China (+12.4%) and Hong Kong SAR (+4.6%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +12.4% from 2012-2021. By contrast, Taiwan (Chinese) (-3.9%) and South Korea (-7.6%) illustrated a downward trend over the same period. China (+9.9 p.p.) and Hong Kong SAR (+2.5 p.p.) significantly strengthened its position in terms of the total imports, while South Korea saw its share reduced by -11.9% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest accordion importing markets in Eastern Asia were Japan ($X), South Korea ($X) and China ($X), with a combined 84% share of total imports.

China, with a CAGR of +17.9%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, picking up by 6.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.7%. The pace of growth appeared the most rapid in 2016 an increase of 8.9% against the previous year. Over the period under review, import prices attained the maximum in 2021 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+9.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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