Eastern Europe: Upright Piano Market 2024

Upright Piano Market Size in Eastern Europe

The East European upright piano market surged to $X in 2022, rising by 48% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Eastern Europe

In value terms, upright piano production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 11% against the previous year. Over the period under review, production reached the peak level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Upright Piano Exports

Exports in Eastern Europe

In 2022, approx. X units of acoustic new upright pianos were exported in Eastern Europe; which is down by -14.1% on 2021. In general, exports showed a mild shrinkage. The pace of growth appeared the most rapid in 2017 when exports increased by 26% against the previous year. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports dropped to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when exports increased by 26% against the previous year. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

In 2022, the Czech Republic (X units) was the key exporter of acoustic new upright pianos, mixing up 76% of total exports. Poland (X units) ranks second in terms of the total exports with a 16% share, followed by Belarus (5.4%). Lithuania (X units) followed a long way behind the leaders.

Exports from the Czech Republic decreased at an average annual rate of -2.1% from 2012 to 2022. At the same time, Belarus (+60.1%) and Lithuania (+13.1%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +60.1% from 2012-2022. Poland experienced a relatively flat trend pattern. From 2012 to 2022, the share of Belarus and Lithuania increased by +5.3 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Czech Republic ($X) remains the largest upright piano supplier in Eastern Europe, comprising 80% of total exports. The second position in the ranking was taken by Poland ($X), with a 15% share of total exports. It was followed by Belarus, with a 1.5% share.

From 2012 to 2022, the average annual growth rate of value in the Czech Republic was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Poland (-0.1% per year) and Belarus (+58.5% per year).

Export Prices by Country

The export price in Eastern Europe stood at $X per unit in 2022, therefore, remained relatively stable against the previous year. Export price indicated a tangible expansion from 2012 to 2022: its price increased at an average annual rate of +2.2% 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 increased by +71.4% against 2017 indices. The most prominent rate of growth was recorded in 2018 an increase of 47%. The level of export peaked at $X per unit in 2021, and then contracted modestly in the following year.

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 the Czech Republic ($X per unit), while Belarus ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (+2.7%), while the other leaders experienced mixed trends in the export price figures.

Upright Piano Imports

Imports in Eastern Europe

In 2022, after two years of decline, there was significant growth in purchases abroad of acoustic new upright pianos, when their volume increased by 55% to X units. In general, imports showed a strong increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, upright piano imports rose sharply to $X in 2022. Total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +99.1% against 2016 indices. The most prominent rate of growth was recorded in 2018 with an increase of 40%. Over the period under review, imports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

The purchases of the three major importers of acoustic new upright pianos, namely Russia, Poland and the Czech Republic, represented more than two-thirds of total import. The following importers - Lithuania (X units), Bulgaria (X units) and Romania (X units) - together made up 8.9% of total imports.

From 2012 to 2022, the biggest increases were recorded for Bulgaria (with a CAGR of +30.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), Poland ($X) and the Czech Republic ($X) were the countries with the highest levels of imports in 2022, together comprising 86% of total imports.

In terms of the main importing countries, the Czech Republic, with a CAGR of +21.2%, recorded the highest rates of growth with regard to the value of imports, 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 Europe stood at $X per unit in 2022, falling by -28.2% against the previous year. Overall, the import price showed a pronounced downturn. The pace of growth was the most pronounced in 2021 when the import price increased by 38%. As a result, import price attained the peak level of $X per unit, and then plummeted in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+8.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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