GCC: Grand Piano Market 2024

Grand Piano Market Size in GCC

In 2021, after two years of decline, there was significant growth in the GCC grand piano market, when its value increased by 195% to $X. Overall, consumption enjoyed a strong increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Grand Piano Production in GCC

In value terms, grand piano production shrank modestly to $X in 2021 estimated in export price. Over the period under review, production saw a pronounced decline. The most prominent rate of growth was recorded in 2020 with an increase of 2.3%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Grand Piano Exports

Exports in GCC

In 2021, the amount of acoustic grand pianos exported in GCC surged to X tons, increasing by 34% on the previous year. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 312% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, grand piano exports skyrocketed to $X in 2021. In general, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2014 with an increase of 237%. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) was the key exporter of acoustic grand pianos, constituting 87% of total exports. It was distantly followed by Oman (X tons), creating a 12% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of acoustic grand pianos. At the same time, Oman (+19.2%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +19.2% from 2012-2021. From 2012 to 2021, the share of Oman increased by +9.6 percentage points.

In value terms, the United Arab Emirates ($X) remains the largest grand piano supplier in GCC, comprising 92% of total exports. The second position in the ranking was taken by Oman ($X), with a 7.6% share of total exports.

In the United Arab Emirates, grand piano exports increased at an average annual rate of +6.7% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with an increase of 16% against the previous year. Export price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +6.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grand piano export price increased by +71.1% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the export price increased by 23% against the previous year. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was the United Arab Emirates ($X per ton), while Oman amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+7.3%).

Grand Piano Imports

Imports in GCC

In 2021, approx. X tons of acoustic grand pianos were imported in GCC; rising by 151% on 2020. Over the period under review, imports recorded strong growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, grand piano imports skyrocketed to $X in 2021. Overall, imports posted a buoyant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X tons, which was approx. 94% of total imports in 2021. The following importers - Kuwait (X tons) and Qatar (X tons) - each reached a 3.8% share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the acoustic grand pianos imports, with a CAGR of +12.8% from 2012 to 2021. At the same time, Kuwait (+6.7%) displayed positive paces of growth. By contrast, Qatar (-1.7%) illustrated a downward trend over the same period. The United Arab Emirates (+18 p.p.) significantly strengthened its position in terms of the total imports, while Qatar saw its share reduced by -3% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported acoustic grand pianos in GCC, comprising 97% of total imports. The second position in the ranking was taken by Kuwait ($X), with a 1.3% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +14.6%. The remaining importing countries recorded the following average annual rates of imports growth: Kuwait (+4.3% per year) and Qatar (-27.3% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, increasing by 39% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The level of import peaked at $X per ton in 2016; however, from 2017 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Qatar ($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 United Arab Emirates (+1.6%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform