Eastern Asia: Grand Piano Market 2024

Grand Piano Market Size in Eastern Asia

In 2021, the East Asian grand piano market decreased by -3.6% to $X, falling for the second consecutive year after five years of growth. The total consumption indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -8.1% against 2019 indices. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Grand Piano Production in Eastern Asia

In value terms, grand piano production reached $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 4.9%. The level of production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Grand Piano Exports

Exports in Eastern Asia

In 2021, after two years of decline, there was significant growth in shipments abroad of acoustic grand pianos, when their volume increased by 24% to X tons. The total export volume increased at an average annual rate of +2.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, grand piano exports surged to $X in 2021. The total export value increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan represented the main exporter of acoustic grand pianos in Eastern Asia, with the volume of exports reaching X tons, which was near 85% of total exports in 2021. It was distantly followed by China (X tons), achieving a 15% share of total exports.

Exports from Japan increased at an average annual rate of +1.9% from 2012 to 2021. At the same time, China (+8.5%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +8.5% from 2012-2021. From 2012 to 2021, the share of China increased by +5.9 percentage points.

In value terms, Japan ($X) remains the largest grand piano supplier in Eastern Asia, comprising 83% of total exports. The second position in the ranking was taken by China ($X), with a 16% share of total exports.

From 2012 to 2021, the average annual growth rate of value in Japan totaled +2.3%.

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per ton, increasing by 1.8% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 6.2% against the previous year. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was China ($X per ton), while Japan totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+0.3%).

Grand Piano Imports

Imports in Eastern Asia

In 2021, the amount of acoustic grand pianos imported in Eastern Asia surged to X tons, growing by 25% against 2020. Overall, imports posted a buoyant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, grand piano imports surged to $X in 2021. Total imports indicated a strong increase from 2012 to 2021: its value increased at an average annual rate of +7.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +96.0% against 2013 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China dominates imports structure, resulting at X tons, which was approx. 78% of total imports in 2021. South Korea (X tons) ranks second in terms of the total imports with a 7.7% share, followed by Japan (4.9%) and Taiwan (Chinese) (4.8%). Hong Kong SAR (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the acoustic grand pianos imports, with a CAGR of +14.0% from 2012 to 2021. At the same time, Hong Kong SAR (+1.7%) and South Korea (+1.4%) displayed positive paces of growth. By contrast, Taiwan (Chinese) (-1.2%) and Japan (-2.9%) illustrated a downward trend over the same period. While the share of China (+26 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Hong Kong SAR (-3.1 p.p.), Taiwan (Chinese) (-6.9 p.p.), South Korea (-7.2 p.p.) and Japan (-9.1 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported acoustic grand pianos in Eastern Asia, comprising 73% of total imports. The second position in the ranking was taken by Japan ($X), with a 9.9% share of total imports. It was followed by South Korea, with a 6.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China totaled +11.6%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (-1.2% per year) and South Korea (+1.1% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, approximately mirroring the previous year. In general, the import price, however, continues to indicate a slight curtailment. The pace of growth appeared the most rapid in 2018 when the import price increased by 15% against the previous year. The level of import peaked at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.1%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :