GCC: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in GCC

In 2022, after four years of growth, there was significant decline in the GCC electrical musical instrument market, when its value decreased by X% to $X. In general, consumption, however, recorded resilient growth. The level of consumption peaked at $X in 2021, and then shrank in the following year.

Electrical Musical Instrument Production in GCC

In value terms, electrical musical instrument production stood at $X in 2022 estimated in export price. In general, production saw buoyant growth. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports in GCC

In 2022, shipments abroad of electrical musical or keyboard instruments increased by X% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, electrical musical instrument exports soared to $X in 2022. In general, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The biggest shipments were from the United Arab Emirates (X units), together finishing at X% of total export.

The United Arab Emirates was also the fastest-growing in terms of the electrical musical or keyboard instruments exports, with a CAGR of X% from 2012 to 2022. The United Arab Emirates (X p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) also remains the largest electrical musical instrument supplier in GCC.

From 2012 to 2022, the average annual growth rate of value in the United Arab Emirates totaled X%.

Export Prices by Country

The export price in GCC stood at $X per unit in 2022, falling by X% against the previous year. Overall, the export price continues to indicate a perceptible setback. The pace of growth was the most pronounced in 2018 when the export price increased by X%. The level of export peaked at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for the United Arab Emirates.

From 2012 to 2022, the rate of growth in terms of prices for the United Arab Emirates amounted to X% per year.

Electrical Musical Instrument Imports

Imports in GCC

In 2022, the amount of electrical musical or keyboard instruments imported in GCC skyrocketed to X units, picking up by X% on 2021 figures. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, electrical musical instrument imports dropped modestly to $X in 2022. Total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of X%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

The United Arab Emirates dominates imports structure, resulting at X units, which was approx. X% of total imports in 2022. Oman (X units), Bahrain (X units) and Qatar (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to electrical musical instrument imports into the United Arab Emirates stood at X%. At the same time, Oman (X%), Qatar (X%) and Bahrain (X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2022. From 2012 to 2022, the share of Oman increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported electrical musical or keyboard instruments in GCC, comprising X% of total imports. The second position in the ranking was taken by Oman ($X), with a X% share of total imports. It was followed by Qatar, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in the United Arab Emirates totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Oman (X% per year) and Qatar (X% per year).

Import Prices by Country

The import price in GCC stood at $X per unit in 2022, shrinking by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, import price attained the peak level of $X per unit, and then declined remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Oman ($X per unit), while Bahrain ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform