Eastern Asia: Upright Piano Market 2024

Upright Piano Market Size in Eastern Asia

The East Asian upright piano market was finally on the rise to reach $X in 2022, after two years of decline. In general, consumption continues to indicate a resilient expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Eastern Asia

In value terms, upright piano production reached $X in 2022 estimated in export price. The total production indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -1.6% against 2020 indices. The pace of growth was the most pronounced in 2016 when the production volume increased by 66%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Upright Piano Exports

Exports in Eastern Asia

Upright piano exports dropped markedly to X units in 2022, waning by -19.3% compared with 2021 figures. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 66% against the previous year. Over the period under review, the exports attained the maximum at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, upright piano exports contracted dramatically to $X in 2022. Overall, exports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 27% against the previous year. As a result, the exports reached the peak of $X, and then shrank sharply in the following year.

Exports by Country

Japan was the key exporter of acoustic new upright pianos in Eastern Asia, with the volume of exports reaching X units, which was approx. 74% of total exports in 2022. It was distantly followed by China (X units), committing a 19% share of total exports. Hong Kong SAR (X units) and South Korea (X units) took a little share of total exports.

Exports from Japan increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Hong Kong SAR (+17.2%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +17.2% from 2012-2022. By contrast, South Korea (-2.7%) and China (-8.5%) illustrated a downward trend over the same period. Japan (+21 p.p.) and Hong Kong SAR (+3.2 p.p.) significantly strengthened its position in terms of the total exports, while China saw its share reduced by -25.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest upright piano supplier in Eastern Asia, comprising 82% of total exports. The second position in the ranking was taken by China ($X), with a 12% share of total exports. It was followed by South Korea, with a 3.2% share.

In Japan, upright piano exports expanded at an average annual rate of +2.5% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: China (-6.6% per year) and South Korea (+4.2% per year).

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, picking up by 3.6% against the previous year. Export price indicated a slight increase from 2012 to 2022: its price increased at an average annual rate of +1.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, upright piano export price decreased by -28.3% against 2019 indices. The growth pace was the most rapid in 2017 an increase of 62% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was South Korea ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+7.1%), while the other leaders experienced mixed trends in the export price figures.

Upright Piano Imports

Imports in Eastern Asia

In 2022, imports of acoustic new upright pianos in Eastern Asia declined markedly to X units, with a decrease of -23.1% on the previous year. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, upright piano imports shrank sharply to $X in 2022. Total imports indicated modest growth from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.9% against 2019 indices. The growth pace was the most rapid in 2021 with an increase of 25% against the previous year. Over the period under review, imports attained the maximum at $X in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China dominates imports structure, resulting at X units, which was approx. 92% of total imports in 2022. Japan (X units) and Hong Kong SAR (X units) took a minor share of total imports.

China was also the fastest-growing in terms of the acoustic new upright pianos imports, with a CAGR of +2.7% from 2012 to 2022. Hong Kong SAR (-5.4%) and Japan (-5.7%) illustrated a downward trend over the same period. While the share of China (+11 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-2.5 p.p.) and Japan (-3.2 p.p.) displayed negative dynamics.

In value terms, China ($X) constitutes the largest market for imported acoustic new upright pianos in Eastern Asia, comprising 79% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a 7.9% share of total imports.

From 2012 to 2022, the average annual growth rate of value in China amounted to +4.4%. The remaining importing countries recorded the following average annual rates of imports growth: Hong Kong SAR (-2.9% per year) and Japan (-4.0% per year).

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per unit, increasing by 2.2% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 13%. Over the period under review, import prices attained the maximum in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Hong Kong SAR ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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