GCC: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in GCC

The GCC keyboard stringed instrument market shrank dramatically to $X in 2022, reducing by -16.1% against the previous year. Overall, consumption, however, saw a prominent increase. As a result, consumption reached the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Keyboard Stringed Instrument Production in GCC

In value terms, keyboard stringed instrument production dropped to $X in 2022 estimated in export price. In general, production, however, continues to indicate buoyant growth. The pace of growth was the most pronounced in 2018 with an increase of 91% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports in GCC

In 2022, keyboard stringed instrument exports in GCC rose markedly to X units, with an increase of 5.1% on the year before. Overall, exports continue to indicate prominent growth. The growth pace was the most rapid in 2020 when exports increased by 97%. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument exports stood at $X in 2022. Over the period under review, exports recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 85% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, the United Arab Emirates (X units) was the major exporter of keyboard stringed instruments, comprising 75% of total exports. It was distantly followed by Oman (X units), achieving a 25% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of +2.5% from 2012 to 2022. At the same time, Oman (+62.8%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +62.8% from 2012-2022. Oman (+24 p.p.) significantly strengthened its position in terms of the total exports, while the United Arab Emirates saw its share reduced by -22.9% from 2012 to 2022, respectively.

In value terms, the United Arab Emirates ($X) remains the largest keyboard stringed instrument supplier in GCC, comprising 71% of total exports. The second position in the ranking was held by Oman ($X), with a 28% share of total exports.

In the United Arab Emirates, keyboard stringed instrument exports expanded at an average annual rate of +11.7% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in GCC amounted to $X per unit, with a decrease of -2.2% against the previous year. In general, the export price, however, posted a prominent expansion. The pace of growth was the most pronounced in 2018 an increase of 66% against the previous year. The level of export peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+15.6%).

Keyboard Stringed Instrument Imports

Imports in GCC

In 2022, purchases abroad of keyboard stringed instruments decreased by -40.5% to X units for the first time since 2016, thus ending a five-year rising trend. Over the period under review, imports, however, saw significant growth. The growth pace was the most rapid in 2017 with an increase of 179%. Over the period under review, imports attained the peak figure at X units in 2021, and then contracted remarkably in the following year.

In value terms, keyboard stringed instrument imports fell to $X in 2022. Overall, imports, however, saw pronounced growth. The growth pace was the most rapid in 2017 when imports increased by 209% against the previous year. The level of import peaked at $X in 2021, and then dropped in the following year.

Imports by Country

Qatar represented the key importing country with an import of around X units, which resulted at 47% of total imports. Kuwait (X units) ranks second in terms of the total imports with a 20% share, followed by Oman (20%) and the United Arab Emirates (11%). Bahrain (X units) held a relatively small share of total imports.

Qatar was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +219.0% from 2012 to 2022. At the same time, Kuwait (+23.7%), the United Arab Emirates (+17.7%), Oman (+11.9%) and Bahrain (+1.7%) displayed positive paces of growth. Qatar (+47 p.p.) significantly strengthened its position in terms of the total imports, while the United Arab Emirates, Bahrain and Oman saw its share reduced by -6%, -11.9% and -30.2% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest keyboard stringed instrument importing markets in GCC were Kuwait ($X), Qatar ($X) and Oman ($X), with a combined 77% share of total imports.

Among the main importing countries, Qatar, with a CAGR of +40.8%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in GCC amounted to $X per unit, rising by 45% against the previous year. In general, the import price, however, continues to indicate a abrupt decline. The pace of growth was the most pronounced in 2013 an increase of 99%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+12.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform