Hong Kong SAR, China: Upright Piano Market 2024

Upright Piano Market Size in Hong Kong SAR, China

The Hong Kong upright piano market skyrocketed to $X in 2022, with an increase of 28% against the previous year. In general, consumption, however, faced a abrupt decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Upright Piano Production in Hong Kong SAR, China

In value terms, upright piano production fell to $X in 2022 estimated in export price. In general, production, however, recorded significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 361%. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Upright Piano Exports

Exports from Hong Kong SAR, China

In 2022, approx. X units of acoustic new upright pianos were exported from Hong Kong SAR; waning by -43% on 2021 figures. In general, exports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2015 when exports increased by 220%. Over the period under review, the exports reached the peak figure at X units in 2021, and then reduced dramatically in the following year.

In value terms, upright piano exports fell markedly to $X in 2022. Overall, exports, however, recorded resilient growth. The most prominent rate of growth was recorded in 2018 when exports increased by 157% against the previous year. The exports peaked at $X in 2021, and then declined notably in the following year.

Exports by Country

China (X units) was the main destination for upright piano exports from Hong Kong SAR, with a 70% share of total exports. Moreover, upright piano exports to China exceeded the volume sent to the second major destination, Macao SAR (X units), fourfold. Malaysia (X units) ranked third in terms of total exports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to China amounted to +21.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+4.6% per year) and Malaysia (+41.2% per year).

In value terms, China ($X), Macao SAR ($X) and Malaysia ($X) were the largest markets for upright piano exported from Hong Kong SAR worldwide, together accounting for 95% of total exports.

In terms of the main countries of destination, Malaysia, with a CAGR of +34.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, picking up by 30% against the previous year. In general, the export price, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2013 when the average export price increased by 86% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Macao SAR ($X per unit), while the average price for exports to Germany ($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 China (+3.8%), while the prices for the other major destinations experienced mixed trend patterns.

Upright Piano Imports

Imports into Hong Kong SAR, China

In 2022, the amount of acoustic new upright pianos imported into Hong Kong SAR contracted to X units, shrinking by -5.7% against the year before. In general, imports showed a drastic downturn. The pace of growth was the most pronounced in 2021 when imports increased by 20% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, upright piano imports dropped to $X in 2022. Over the period under review, imports saw a noticeable downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 46%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of upright piano to Hong Kong SAR, accounting for a 53% share of total imports. Moreover, upright piano imports from Japan exceeded the figures recorded by the second-largest supplier, Macao SAR (X units), threefold. China (X units) ranked third in terms of total imports with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to -2.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Macao SAR (+67.9% per year) and China (-15.4% per year).

In value terms, Japan ($X) constituted the largest supplier of acoustic new upright pianos to Hong Kong SAR, comprising 63% of total imports. The second position in the ranking was taken by Germany ($X), with a 14% share of total imports. It was followed by China, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.7% per year) and China (-13.2% per year).

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, shrinking by -8.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2021 when the average import price increased by 21%. As a result, import price reached the peak level of $X per unit, and then fell in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Germany ($X per unit), while the price for Macao SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+10.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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