Europe: Upright Piano Market 2024

Upright Piano Market Size in Europe

The Europe upright piano market totaled $X in 2022, picking up by 14% against the previous year. The market value increased at an average annual rate of +2.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is likely to see gradual growth in years to come.

Upright Piano Production in Europe

In value terms, upright piano production amounted to $X in 2022 estimated in export price. The total production indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +21.3% against 2016 indices. The pace of growth was the most pronounced in 2016 with an increase of 47% against the previous year. Over the period under review, production hit record highs in 2022 and is expected to retain growth in the immediate term.

Upright Piano Exports

Exports in Europe

In 2022, overseas shipments of acoustic new upright pianos decreased by -16% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports saw a pronounced reduction. The most prominent rate of growth was recorded in 2020 with an increase of 16%. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports declined to $X in 2022. In general, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 26% against the previous year. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Germany represented the major exporting country with an export of around X units, which reached 42% of total exports. The Czech Republic (X units) took a 15% share (based on physical terms) of total exports, which put it in second place, followed by the UK (12%), Croatia (6%), Belgium (5.2%) and France (4.6%). Poland (X units) held a relatively small share of total exports.

Exports from Germany decreased at an average annual rate of -6.6% from 2012 to 2022. At the same time, Croatia (+82.5%) and the UK (+4.1%) displayed positive paces of growth. Moreover, Croatia emerged as the fastest-growing exporter exported in Europe, with a CAGR of +82.5% from 2012-2022. Poland experienced a relatively flat trend pattern. By contrast, the Czech Republic (-2.1%), Belgium (-3.8%) and France (-5.5%) illustrated a downward trend over the same period. While the share of the UK (+6.1 p.p.), Croatia (+5.9 p.p.) and the Czech Republic (+1.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Germany (-16.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X) remains the largest upright piano supplier in Europe, comprising 57% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 19% share of total exports. It was followed by Poland, with a 3.6% share.

From 2012 to 2022, the average annual growth rate of value in Germany was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: the Czech Republic (+0.5% per year) and Poland (-0.1% per year).

Export Prices by Country

In 2022, the export price in Europe amounted to $X per unit, increasing by 3.7% against the previous year. Export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.8% 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 +35.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 an increase of 31% against the previous year. Over the period under review, the export prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+7.4%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in Europe

In 2022, the amount of acoustic new upright pianos imported in Europe declined modestly to X units, reducing by -4.8% compared with the year before. Overall, imports saw a slight shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by 21% against the previous year. Over the period under review, imports attained the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, upright piano imports reduced slightly to $X in 2022. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 25% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Germany (X units) was the largest importer of acoustic new upright pianos, mixing up 28% of total imports. France (X units) took a 13% share (based on physical terms) of total imports, which put it in second place, followed by the UK (12%), Italy (8%) and the Netherlands (5.6%). Russia (X units), Spain (X units), Poland (X units), Belgium (X units), Switzerland (X units), the Czech Republic (X units) and Ireland (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 Europe, with a CAGR of +23.3% from 2012-2022. The UK, Russia and Italy experienced a relatively flat trend pattern. By contrast, the Netherlands (-1.4%), Spain (-1.5%), France (-3.4%), Switzerland (-3.9%) and Belgium (-4.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Poland, the Czech Republic and the UK increased by +2.9, +2.6 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($X) constitutes the largest market for imported acoustic new upright pianos in Europe, comprising 29% of total imports. The second position in the ranking was held by France ($X), with a 13% share of total imports. It was followed by the UK, with an 11% 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 the UK (+2.4% per year).

Import Prices by Country

The import price in Europe stood at $X per unit in 2022, rising by 4% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2020 an increase of 6.6%. Over the period under review, import prices reached the maximum in 2022 and is likely to continue growth in the near future.

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 Switzerland ($X per unit), while the Netherlands ($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