Hong Kong SAR, China: Grand Piano Market 2024

Grand Piano Market Size in Hong Kong SAR, China

In 2021, the Hong Kong grand piano market increased by 35% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption recorded notable growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Grand Piano Exports

Exports from Hong Kong SAR, China

In 2021, grand piano exports from Hong Kong SAR skyrocketed to X tons, jumping by 260% on the previous year. Over the period under review, exports, however, saw a deep contraction. The growth pace was the most rapid in 2019 when exports increased by 298%. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, grand piano exports skyrocketed to $X in 2021. Overall, exports, however, saw a noticeable setback. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Macao SAR (X tons) was the main destination for grand piano exports from Hong Kong SAR, accounting for a 62% share of total exports. Moreover, grand piano exports to Macao SAR exceeded the volume sent to the second major destination, China (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Macao SAR amounted to +13.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-13.7% per year) and Italy (0.0% per year).

In value terms, Macao SAR ($X) remains the key foreign market for acoustic grand pianos exports from Hong Kong SAR, comprising 62% of total exports. The second position in the ranking was taken by China ($X), with a 27% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Macao SAR totaled +16.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-11.2% per year) and Italy (0.0% per year).

Export Prices by Country

In 2021, the average grand piano export price amounted to $X per ton, increasing by 4.7% against the previous year. Over the last nine years, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2018 when the average export price increased by 36%. The export price peaked in 2021 and is expected to retain growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2021, the country with the highest price was Italy ($X per ton), while the average price for exports to Macao SAR ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Grand Piano Imports

Imports into Hong Kong SAR, China

In 2021, grand piano imports into Hong Kong SAR soared to X tons, with an increase of 37% compared with the previous year's figure. In general, total imports indicated a modest increase from 2012 to 2021: its volume increased at an average annual rate of +1.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -13.4% against 2019 indices. The growth pace was the most rapid in 2018 with an increase of 59%. Over the period under review, imports attained the maximum at X tons in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, grand piano imports soared to $X in 2021. Overall, imports posted mild growth. The growth pace was the most rapid in 2018 when imports increased by 105%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest grand piano supplier to Hong Kong SAR, accounting for a 49% share of total imports. Moreover, grand piano imports from China exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was taken by Italy (X tons), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-2.9% per year) and Italy (+18.2% per year).

In value terms, China ($X) constituted the largest supplier of acoustic grand pianos to Hong Kong SAR, comprising 49% of total imports. The second position in the ranking was held by Japan ($X), with a 22% share of total imports. It was followed by Italy, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-3.0% per year) and Italy (+18.0% per year).

Import Prices by Country

The average grand piano import price stood at $X per ton in 2021, surging by 3.6% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 29% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the countries with the highest prices were the United States ($X per ton) and Indonesia ($X per ton), while the price for China ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+2.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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