Eastern Europe: Piano Market 2024

Piano Market Size in Eastern Europe

The East European piano market amounted to $X in 2021, remaining stable against the previous year. Over the period under review, consumption, however, continues to indicate a pronounced descent. The pace of growth appeared the most rapid in 2019 with an increase of 6.6% against the previous year. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Eastern Europe

In value terms, piano production rose markedly to $X in 2021 estimated in export price. Overall, production, however, recorded a perceptible downturn. The level of production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports in Eastern Europe

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments increased by 14% to X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, saw a relatively flat trend pattern. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, piano exports surged to $X in 2021. The total export value increased at an average annual rate of +2.2% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The Czech Republic was the key exporting country with an export of around X tons, which accounted for 69% of total exports. It was distantly followed by Poland (X tons), achieving a 22% share of total exports. Estonia (X tons), Belarus (X tons) and Russia (X tons) followed a long way behind the leaders.

The Czech Republic experienced a relatively flat trend pattern with regard to volume of exports of pianos and other keyboard stringed musical instruments. At the same time, Belarus (+47.4%) and Poland (+2.0%) displayed positive paces of growth. Moreover, Belarus emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +47.4% from 2012-2021. By contrast, Estonia (-2.0%) and Russia (-5.8%) illustrated a downward trend over the same period. While the share of Poland (+3.6 p.p.) and Belarus (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the Czech Republic (-3.8 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the Czech Republic ($X), Poland ($X) and Estonia ($X) were the countries with the highest levels of exports in 2021, together accounting for 96% of total exports. These countries were followed by Russia and Belarus, which together accounted for a further 1.9%.

Belarus, with a CAGR of +39.4%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Eastern Europe amounted to $X per ton, growing by 8.6% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2014 an increase of 8.7%. Over the period under review, the export prices hit record highs in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Poland ($X per ton), while Belarus ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+2.5%), while the other leaders experienced more modest paces of growth.

Piano Imports

Imports in Eastern Europe

After four years of growth, supplies from abroad of pianos and other keyboard stringed musical instruments decreased by -12.2% to X tons in 2021. Total imports indicated a perceptible increase from 2012 to 2021: its volume increased at an average annual rate of +2.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 when imports increased by 26%. The volume of import peaked at X tons in 2020, and then reduced in the following year.

In value terms, piano imports expanded sharply to $X in 2021. Total imports indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +3.0% 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 decreased by -2.0% against 2019 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 32%. The level of import peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Russia (X tons) and Poland (X tons) represented the main importers of pianos and other keyboard stringed musical instruments in Eastern Europe, together finishing at approx. 73% of total imports. It was distantly followed by the Czech Republic (X tons), achieving a 16% share of total imports. The following importers - Hungary (X tons) and Romania (X tons) - each reached a 3.7% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Hungary (with a CAGR of +16.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest piano importing markets in Eastern Europe were Poland ($X), Russia ($X) and the Czech Republic ($X), with a combined 87% share of total imports. These countries were followed by Romania and Hungary, which together accounted for a further 4.4%.

In terms of the main importing countries, Hungary, with a CAGR of +27.7%, 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

In 2021, the import price in Eastern Europe amounted to $X per ton, increasing by 20% against the previous year. Overall, the import price saw a relatively flat trend pattern. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+9.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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