Eastern Asia: Piano Market 2024

Piano Market Size in Eastern Asia

In 2021, the East Asian piano market increased by 63% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate a mild downturn. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Piano Production in Eastern Asia

In value terms, piano production skyrocketed to $X in 2021 estimated in export price. In general, production, however, faced a abrupt decline. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Piano Exports

Exports in Eastern Asia

Piano exports surged to X tons in 2021, growing by 20% compared with the previous year. The total export volume increased at an average annual rate of +3.5% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, piano exports skyrocketed to $X in 2021. The total export value increased at an average annual rate of +2.8% from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan represented the main exporting country with an export of about X tons, which accounted for 72% of total exports. South Korea (X tons) took the second position in the ranking, followed by China (X tons). All these countries together held approx. 26% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to piano exports from Japan stood at +1.6%. At the same time, South Korea (+26.7%) and China (+3.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +26.7% from 2012-2021. South Korea (+12 p.p.) significantly strengthened its position in terms of the total exports, while Japan saw its share reduced by -13% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest piano supplier in Eastern Asia, comprising 80% of total exports. The second position in the ranking was held by China ($X), with a 13% share of total exports.

In Japan, piano exports expanded at an average annual rate of +3.8% over the period from 2012-2021. In the other countries, the average annual rates were as follows: China (-3.3% per year) and South Korea (+10.6% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, picking up by 4.8% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 5.9%. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+2.1%), while the other leaders experienced a decline in the export price figures.

Piano Imports

Imports in Eastern Asia

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were imported in Eastern Asia; rising by 89% against the year before. Over the period under review, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, piano imports skyrocketed to $X in 2021. Total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China prevails in imports structure, recording X tons, which was approx. 91% of total imports in 2021. Hong Kong SAR (X tons), Japan (X tons) and South Korea (X tons) followed a long way behind the leaders.

China was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of +18.2% from 2012 to 2021. Hong Kong SAR (-3.2%), Japan (-7.0%) and South Korea (-7.6%) illustrated a downward trend over the same period. From 2012 to 2021, the share of China increased by +34 percentage points.

In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Eastern Asia, comprising 79% of total imports. The second position in the ranking was held by Japan ($X), with a 6.8% share of total imports. It was followed by Hong Kong SAR, with a 5.8% share.

In China, piano imports increased at an average annual rate of +9.4% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (-3.6% per year) and Hong Kong SAR (-0.9% per year).

Import Prices by Country

The import price in Eastern Asia stood at $X per ton in 2021, reducing by -33.7% against the previous year. Over the period under review, the import price recorded a abrupt downturn. The pace of growth appeared the most rapid in 2015 an increase of 8.8% against the previous year. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+5.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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