EU: Upright Piano Market 2024

Upright Piano Market Size in the EU

The EU upright piano market rose markedly to $X in 2022, surging by 14% against the previous year. The market value increased at an average annual rate of +2.7% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level in 2022 and is likely to continue growth in the immediate term.

Upright Piano Production in the EU

In value terms, upright piano production rose markedly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.5% over the period 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 2020 when the production volume increased by 14% against the previous year. Over the period under review, production reached the maximum level in 2022 and is likely to see gradual growth in the immediate term.

Upright Piano Exports

Exports in the EU

After two years of growth, overseas shipments of acoustic new upright pianos decreased by -17.9% to X units in 2022. Overall, exports recorded a perceptible setback. The pace of growth appeared the most rapid in 2021 when exports increased by 11%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports contracted to $X in 2022. In general, exports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. As a result, the exports reached the peak of $X, and then contracted in the following year.

Exports by Country

In 2022, Germany (X units) was the main exporter of acoustic new upright pianos, generating 49% of total exports. The Czech Republic (X units) took the second position in the ranking, distantly followed by Croatia (X units), Belgium (X units) and France (X units). All these countries together held approx. 36% share of total exports. Poland (X units) and Austria (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from Germany stood at -6.6%. At the same time, Croatia (+82.5%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +82.5% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, the Czech Republic (-2.1%), Austria (-3.7%), Belgium (-3.8%) and France (-5.5%) illustrated a downward trend over the same period. While the share of Croatia (+6.9 p.p.) and the Czech Republic (+3.3 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Germany (-14.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X) remains the largest upright piano supplier in the European Union, comprising 60% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 20% share of total exports. It was followed by Austria, with a 5.8% share.

From 2012 to 2022, the average annual growth rate of value in Germany was relatively modest. In the other countries, the average annual rates were as follows: the Czech Republic (+0.5% per year) and Austria (+9.2% per year).

Export Prices by Country

The export price in the European Union stood at $X per unit in 2022, increasing by 5.3% against the previous year. Export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +4.6% 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 +21.8% against 2020 indices. The most prominent rate of growth was recorded in 2015 an increase of 21% against the previous year. The level of export peaked in 2022 and is likely to continue growth in years to come.

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 Austria ($X per unit), while Croatia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+13.4%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in the EU

In 2022, upright piano imports in the European Union fell to X units, shrinking by -7.2% on 2021. Over the period under review, imports continue to indicate a mild descent. The most prominent rate of growth was recorded in 2021 when imports increased by 22% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, upright piano imports contracted to $X in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 29%. As a result, imports attained the peak of $X, and then contracted in the following year.

Imports by Country

Germany represented the largest importer of acoustic new upright pianos in the European Union, with the volume of imports reaching X units, which was approx. 36% of total imports in 2022. France (X units) held the second position in the ranking, followed by Italy (X units), the Netherlands (X units), Spain (X units) and Poland (X units). All these countries together held near 43% share of total imports. Belgium (X units), the Czech Republic (X units), Ireland (X units) and Austria (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to upright piano imports into Germany stood at -3.0%. At the same time, the Czech Republic (+23.3%), Poland (+14.9%) and Ireland (+3.9%) displayed positive paces of growth. Moreover, the Czech Republic emerged as the fastest-growing importer imported in the European Union, with a CAGR of +23.3% from 2012-2022. Italy experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.4%), Spain (-1.5%), France (-3.4%), Belgium (-4.7%) and Austria (-6.0%) illustrated a downward trend over the same period. While the share of Poland (+3.7 p.p.), the Czech Republic (+3.4 p.p.) and Italy (+1.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Belgium (-1.7 p.p.), France (-3.2 p.p.) and Germany (-5.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X) constitutes the largest market for imported acoustic new upright pianos in the European Union, comprising 38% of total imports. The second position in the ranking was taken by France ($X), with a 16% share of total imports. It was followed by Italy, with a 14% share.

From 2012 to 2022, the average annual growth rate of value in Germany was relatively modest. In the other countries, the average annual rates were as follows: France (-2.5% per year) and Italy (+6.9% per year).

Import Prices by Country

The import price in the European Union stood at $X per unit in 2022, picking up by 2.4% against the previous year. Over the last decade, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2020 an increase of 6.6%. The level of import peaked in 2022 and is likely to see gradual growth in years to come.

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 Italy ($X per unit), while the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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