GCC: Upright Piano Market 2024

Upright Piano Market Size in GCC

The GCC upright piano market shrank notably to $X in 2022, dropping by -15.3% against the previous year. The total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +3.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +25.0% against 2020 indices. As a result, consumption reached the peak level of $X, and then dropped markedly in the following year.

Upright Piano Production in GCC

In value terms, upright piano production stood at $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.7% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 26% against the previous year. Over the period under review, production attained the peak level at $X in 2020; afterwards, it flattened through to 2022.

Upright Piano Exports

Exports in GCC

In 2022, the amount of acoustic new upright pianos exported in GCC soared to X units, increasing by 32% on the year before. Over the period under review, exports, however, saw a noticeable downturn. The growth pace was the most rapid in 2017 with an increase of 264%. As a result, the exports reached the peak of X units. From 2018 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, upright piano exports surged to $X in 2022. In general, exports, however, saw a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 475% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The United Arab Emirates prevails in exports structure, finishing at X units, which was near 89% of total exports in 2022. It was distantly followed by Oman (X units), making up an 8.1% share of total exports. Kuwait (X units) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the acoustic new upright pianos exports, with a CAGR of +4.8% from 2012 to 2022. Kuwait experienced a relatively flat trend pattern. Oman (-22.0%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+53 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Oman (-54.2 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest upright piano supplier in GCC, comprising 76% of total exports. The second position in the ranking was taken by Oman ($X), with a 23% share of total exports.

In the United Arab Emirates, upright piano exports increased at an average annual rate of +2.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Oman (-13.9% per year) and Kuwait (-9.7% per year).

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, increasing by 12% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 58%. The level of export peaked at $X per unit in 2018; however, from 2019 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 Oman ($X per unit), while Kuwait ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+10.3%), while the other leaders experienced a decline in the export price figures.

Upright Piano Imports

Imports in GCC

In 2022, after two years of growth, there was significant decline in purchases abroad of acoustic new upright pianos, when their volume decreased by -17% to X units. Total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of +1.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +39.0% against 2019 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 49% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, upright piano imports shrank significantly to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 98%. As a result, imports attained the peak of $X, and then declined dramatically in the following year.

Imports by Country

The United Arab Emirates prevails in imports structure, recording X units, which was approx. 94% of total imports in 2022. Qatar (X units) and Oman (X units) followed a long way behind the leaders.

The United Arab Emirates was also the fastest-growing in terms of the acoustic new upright pianos imports, with a CAGR of +5.1% from 2012 to 2022. Qatar experienced a relatively flat trend pattern. Oman (-21.0%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (+28 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Oman (-23.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported acoustic new upright pianos in GCC, comprising 94% of total imports. The second position in the ranking was held by Qatar ($X), with a 2.6% share of total imports.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates stood at +6.7%. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (-12.0% per year) and Oman (-20.3% per year).

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, declining by -9.8% against the previous year. Overall, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by 33%. As a result, import price attained the peak level of $X per unit, and then reduced in the following year.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Oman ($X per unit), while the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+1.6%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform