EU: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in the EU

The EU keyboard stringed instrument market dropped to $X in 2022, with a decrease of -12.1% against the previous year. In general, consumption continues to indicate a perceptible downturn. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in the EU

In value terms, keyboard stringed instrument production expanded markedly to $X in 2022 estimated in export price. Overall, production showed a noticeable descent. Over the period under review, production reached the peak level at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Keyboard Stringed Instrument Exports

Exports in the EU

In 2022, overseas shipments of keyboard stringed instruments decreased by -4.7% to X units for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +36.2% against 2017 indices. The most prominent rate of growth was recorded in 2014 when exports increased by 64%. Over the period under review, the exports attained the peak figure at X units in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports rose rapidly to $X in 2022. The total export value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of 34%. Over the period under review, the exports reached the maximum at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Italy dominates exports structure, amounting to X units, which was near 58% of total exports in 2022. It was distantly followed by the Netherlands (X units), Denmark (X units) and France (X units), together mixing up a 22% share of total exports. The following exporters - Poland (X units), Germany (X units) and Slovakia (X units) - together made up 9.6% of total exports.

Exports from Italy increased at an average annual rate of +13.6% from 2012 to 2022. At the same time, Poland (+53.4%), the Netherlands (+28.5%), Slovakia (+17.0%), Germany (+12.1%) and Denmark (+2.4%) displayed positive paces of growth. Moreover, Poland emerged as the fastest-growing exporter exported in the European Union, with a CAGR of +53.4% from 2012-2022. By contrast, France (-10.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Italy, the Netherlands, Poland and Slovakia increased by +29, +8, +3.6 and +2.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Italy ($X) remains the largest keyboard stringed instrument supplier in the European Union, comprising 29% of total exports. The second position in the ranking was held by Denmark ($X), with a 14% share of total exports. It was followed by Germany, with an 8.3% share.

From 2012 to 2022, the average annual growth rate of value in Italy stood at -3.1%. In the other countries, the average annual rates were as follows: Denmark (+8.0% per year) and Germany (+4.7% per year).

Export Prices by Country

The export price in the European Union stood at $X per unit in 2022, with an increase of 17% against the previous year. Over the period under review, the export price, however, saw a perceptible downturn. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+5.4%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in the EU

In 2022, supplies from abroad of keyboard stringed instruments decreased by -6.6% to X units, falling for the third year in a row after two years of growth. Over the period under review, imports continue to indicate a abrupt slump. The growth pace was the most rapid in 2015 when imports increased by 36%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports reduced remarkably to $X in 2022. In general, imports showed a pronounced slump. The pace of growth appeared the most rapid in 2014 when imports increased by 70% against the previous year. Over the period under review, imports hit record highs at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

Italy (X units), Denmark (X units), France (X units), Germany (X units), Ireland (X units), Spain (X units) and Hungary (X units) represented roughly 86% of total imports in 2022. Austria (X units) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Hungary (with a CAGR of +19.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest keyboard stringed instrument importing markets in the European Union were Denmark ($X), Italy ($X) and France ($X), together comprising 63% of total imports.

Denmark, with a CAGR of +21.4%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries 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 the European Union stood at $X per unit in 2022, which is down by -13% against the previous year. Import price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument import price increased by +20.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of 81% against the previous year. Over the period under review, import prices hit record highs at $X per unit in 2021, and then dropped in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Denmark (+11.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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