ECOWAS: Upright Piano Market 2024

Upright Piano Market Size in ECOWAS

After two years of decline, the ECOWAS upright piano market increased by 4.9% to $X in 2022. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -7.0% against 2019 indices. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Upright Piano Production in ECOWAS

In value terms, upright piano production reached $X in 2022 estimated in export price. In general, production posted a resilient increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 85%. As a result, production reached the peak level of $X; afterwards, it flattened through to 2022.

Upright Piano Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant growth in overseas shipments of acoustic new upright pianos, when their volume increased by 67% to X units. In general, exports, however, saw a deep reduction. The most prominent rate of growth was recorded in 2014 with an increase of 213%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports dropped slightly to $X in 2022. Overall, exports, however, continue to indicate a pronounced slump. The growth pace was the most rapid in 2015 when exports increased by 144% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X units) was the major exporter of acoustic new upright pianos, making up 55% of total exports. Cote d'Ivoire (X units) ranks second in terms of the total exports with a 25% share, followed by Ghana (15%) and Senegal (5%).

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from Nigeria stood at -24.1%. At the same time, Ghana (+11.6%) and Cote d'Ivoire (+5.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +11.6% from 2012-2022. By contrast, Senegal (-6.7%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+23 p.p.), Ghana (+14 p.p.) and Senegal (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-41.7 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest upright piano supplier in ECOWAS, comprising 67% of total exports. The second position in the ranking was taken by Ghana ($X), with a 31% share of total exports. It was followed by Nigeria, with a 1.7% share.

In Cote d'Ivoire, upright piano exports expanded at an average annual rate of +39.7% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (+21.9% per year) and Nigeria (-34.7% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, falling by -40.6% against the previous year. Over the period under review, the export price, however, continues to indicate significant growth. The pace of growth was the most pronounced in 2013 when the export price increased by 602%. The level of export peaked at $X per unit in 2021, and then dropped notably 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 Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+32.7%), while the other leaders experienced mixed trends in the export price figures.

Upright Piano Imports

Imports in ECOWAS

After two years of decline, purchases abroad of acoustic new upright pianos increased by 47% to X units in 2022. Overall, imports, however, showed a perceptible contraction. The growth pace was the most rapid in 2019 with an increase of 141% against the previous year. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, upright piano imports soared to $X in 2022. In general, imports, however, continue to indicate a noticeable curtailment. The growth pace was the most rapid in 2019 with an increase of 250%. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

Nigeria represented the major importer of acoustic new upright pianos in ECOWAS, with the volume of imports recording X units, which was approx. 64% of total imports in 2022. Ghana (X units) held the second position in the ranking, followed by Cote d'Ivoire (X units) and Cabo Verde (X units). All these countries together took approx. 22% share of total imports. Burkina Faso (X units), Guinea (X units) and Senegal (X units) took a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of -4.3% from 2012 to 2022. At the same time, Guinea (+11.6%) and Burkina Faso (+3.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +11.6% from 2012-2022. Cote d'Ivoire, Ghana and Cabo Verde experienced a relatively flat trend pattern. By contrast, Senegal (-5.9%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Ghana, Guinea, Cote d'Ivoire and Burkina Faso increased by +2.9, +2.3, +2.1 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported acoustic new upright pianos in ECOWAS, comprising 86% of total imports. The second position in the ranking was taken by Guinea ($X), with a 4.5% share of total imports. It was followed by Ghana, with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled -3.6%. In the other countries, the average annual rates were as follows: Guinea (+24.8% per year) and Ghana (-1.8% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, jumping by 31% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 45% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform