Guatemala: Upright Piano Market 2024

Upright Piano Market Size in Guatemala

In 2022, after two years of decline, there was significant growth in the Guatemalan upright piano market, when its value increased by 28% to $X. In general, consumption continues to indicate a relatively flat trend pattern. Upright piano consumption peaked in 2022 and is likely to continue growth in the immediate term.

Upright Piano Exports

Exports from Guatemala

In 2022, overseas shipments of acoustic new upright pianos decreased by -12.5% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 1,000% against the previous year. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports expanded modestly to $X in 2022. In general, exports, however, saw a noticeable expansion. The pace of growth was the most pronounced in 2017 with an increase of 22,574% against the previous year. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Mexico (X units), Austria (X units) and Colombia (X units) were the main destinations of upright piano exports from Guatemala, together comprising 43% of total exports. Sweden, the United States, Spain and South Korea lagged somewhat behind, together comprising a further 57%.

From 2012 to 2022, the biggest increases were recorded for Sweden (with a CAGR of 0.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for acoustic new upright pianos exports from Guatemala, comprising 46% of total exports. The second position in the ranking was held by Austria ($X), with a 13% share of total exports. It was followed by Colombia, with a 13% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +28.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Austria (+14.9% per year) and Colombia (0.0% per year).

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, growing by 19% against the previous year. Overall, the export price showed a notable increase. The pace of growth appeared the most rapid in 2017 an increase of 1,961% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+28.9%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Guatemala

In 2022, approx. X units of acoustic new upright pianos were imported into Guatemala; picking up by 46% compared with the previous year's figure. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 94%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, upright piano imports contracted slightly to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 142%. As a result, imports reached the peak of $X. From 2018 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Indonesia (X units) constituted the largest upright piano supplier to Guatemala, accounting for a 37% share of total imports. Moreover, upright piano imports from Indonesia exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. Mexico (X units) ranked third in terms of total imports with a 7.9% share.

From 2012 to 2022, the average annual growth rate of volume from Indonesia totaled +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.2% per year) and Mexico (0.0% per year).

In value terms, Indonesia ($X) constituted the largest supplier of acoustic new upright pianos to Guatemala, comprising 52% of total imports. The second position in the ranking was held by the United States ($X), with an 18% share of total imports. It was followed by Brazil, with a 9.2% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia totaled +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.3% per year) and Brazil (+35.3% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, with a decrease of -34.1% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 25%. Over the period under review, average import prices reached the peak figure at $X per unit in 2021, and then shrank remarkably in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for Canada ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+25.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform