GCC: Piano Market 2024

Piano Market Size in GCC

The GCC piano market skyrocketed to $X in 2021, increasing by 34% against the previous year. The total consumption indicated buoyant growth from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +53.3% against 2018 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Piano Production in GCC

In value terms, piano production reached $X in 2021 estimated in export price. Overall, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 48%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports in GCC

In 2021, exports of pianos and other keyboard stringed musical instruments in GCC contracted dramatically to X tons, shrinking by -23.8% against the year before. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 123%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, piano exports reached $X in 2021. In general, exports, however, recorded resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 106% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, the United Arab Emirates (X tons) represented the main exporter of pianos and other keyboard stringed musical instruments, comprising 88% of total exports. It was distantly followed by Oman (X tons), generating an 11% share of total exports.

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of exports of pianos and other keyboard stringed musical instruments. At the same time, Oman (+35.0%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter exported in GCC, with a CAGR of +35.0% from 2012-2021. While the share of Oman (+10 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-7.1 p.p.) displayed negative dynamics.

In value terms, the United Arab Emirates ($X) remains the largest piano supplier in GCC, comprising 90% of total exports. The second position in the ranking was taken by Oman ($X), with a 9.4% share of total exports.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +8.1%.

Export Prices by Country

In 2021, the export price in GCC amounted to $X per ton, with an increase of 39% against the previous year. Overall, the export price continues to indicate a buoyant expansion. The growth pace was the most rapid in 2019 when the export price increased by 57%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Oman stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.8%).

Piano Imports

Imports in GCC

Piano imports skyrocketed to X tons in 2021, jumping by 110% on 2020 figures. Overall, imports posted buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, piano imports soared to $X in 2021. Over the period under review, imports recorded 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, recording X tons, which was approx. 84% of total imports in 2021. Kuwait (X tons) took a 5.4% share (based on physical terms) of total imports, which put it in second place, followed by Qatar (4.6%). Oman (X tons) and Bahrain (X tons) took a relatively small share of total imports.

The United Arab Emirates was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of +15.5% from 2012 to 2021. At the same time, Qatar (+9.3%) and Kuwait (+8.3%) displayed positive paces of growth. By contrast, Oman (-1.7%) and Bahrain (-2.3%) illustrated a downward trend over the same period. The United Arab Emirates (+27 p.p.) significantly strengthened its position in terms of the total imports, while Bahrain and Oman saw its share reduced by -3.7% and -7.3% 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 ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in GCC, comprising 89% of total imports. The second position in the ranking was held by Qatar ($X), with a 3.6% share of total imports. It was followed by Kuwait, with a 3.5% share.

In the United Arab Emirates, piano imports increased at an average annual rate of +12.8% over the period from 2012-2021. The remaining importing countries recorded the following average annual rates of imports growth: Qatar (-6.7% per year) and Kuwait (+5.5% per year).

Import Prices by Country

In 2021, the import price in GCC amounted to $X per ton, with an increase of 29% against the previous year. In general, the import price, however, showed a perceptible setback. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 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 ($X per ton), while Oman ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bahrain (+3.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform