Eastern Asia: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Eastern Asia

The East Asian percussion musical instrument market declined modestly to $X in 2022, reducing by -4.1% against the previous year. Over the period under review, consumption showed a abrupt slump. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Percussion Musical Instrument Production in Eastern Asia

In value terms, percussion musical instrument production declined modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible curtailment. The most prominent rate of growth was recorded in 2021 when the production volume increased by 1.8%. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Percussion Musical Instrument Exports

Exports in Eastern Asia

In 2022, approx. X units of percussion musical instruments were exported in Eastern Asia; increasing by 8.4% compared with the year before. Overall, exports, however, showed a noticeable contraction. The most prominent rate of growth was recorded in 2021 with an increase of 23%. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, percussion musical instrument exports expanded rapidly to $X in 2022. The total export value increased at an average annual rate of +1.6% 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 with an increase of 29% against the previous year. Over the period under review, the exports reached the maximum in 2022 and are expected to retain growth in the immediate term.

Exports by Country

China prevails in exports structure, reaching X units, which was approx. 89% of total exports in 2022. It was distantly followed by Taiwan (Chinese) (X units), making up an 8.9% share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of percussion musical instruments. Taiwan (Chinese) (-14.4%) illustrated a downward trend over the same period. While the share of China (+22 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Taiwan (Chinese) (-22 p.p.) displayed negative dynamics.

In value terms, China ($X) remains the largest percussion musical instrument supplier in Eastern Asia, comprising 79% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value in China stood at +3.2%.

Export Prices by Country

In 2022, the export price in Eastern Asia amounted to $X per unit, picking up by 3.7% against the previous year. Over the last decade, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2013 an increase of 20%. Over the period under review, the export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.8%).

Percussion Musical Instrument Imports

Imports in Eastern Asia

In 2022, approx. X units of percussion musical instruments were imported in Eastern Asia; with a decrease of -18.7% on the previous year's figure. In general, imports showed a mild reduction. The most prominent rate of growth was recorded in 2021 when imports increased by 87% against the previous year. As a result, imports reached the peak of X units, and then contracted notably in the following year.

In value terms, percussion musical instrument imports declined to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 25% against the previous year. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

China was the major importing country with an import of around X units, which amounted to 54% of total imports. It was distantly followed by Japan (X units), South Korea (X units) and Taiwan (Chinese) (X units), together committing a 44% share of total imports. Hong Kong SAR (X units) held a little share of total imports.

China was also the fastest-growing in terms of the percussion musical instruments imports, with a CAGR of +12.6% from 2012 to 2022. At the same time, Taiwan (Chinese) (+4.2%) displayed positive paces of growth. South Korea experienced a relatively flat trend pattern. By contrast, Japan (-10.0%) and Hong Kong SAR (-17.1%) illustrated a downward trend over the same period. While the share of China (+40 p.p.) and Taiwan (Chinese) (+4.2 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Hong Kong SAR (-11 p.p.) and Japan (-34.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), South Korea ($X) and China ($X) were the countries with the highest levels of imports in 2022, together accounting for 82% of total imports.

China, with a CAGR of +7.8%, saw the highest growth rate of the value of imports, among 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 2022, growing by 15% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2020 when the import price increased by 26% against the previous year. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per unit), while China ($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 (+15.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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