Report Update Nov 1, 2024

Hong Kong SAR, China - Pianos and Other Keyboard Stringed Musical Instruments - Market Analysis, Forecast, Size, Trends and Insights

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Hong Kong SAR, China: Piano Market 2024

Piano Market Size in Hong Kong SAR, China

In 2021, the Hong Kong piano market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, continues to indicate a perceptible decrease. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Piano Exports

Exports from Hong Kong SAR, China

In 2021, the amount of pianos and other keyboard stringed musical instruments exported from Hong Kong SAR soared to X tons, rising by 48% compared with the year before. Over the period under review, exports saw buoyant growth. The most prominent rate of growth was recorded in 2018 with an increase of 73%. The exports peaked at X tons in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, piano exports soared to $X in 2021. Overall, exports saw resilient growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for piano exports from Hong Kong SAR, with a 64% share of total exports. Moreover, piano exports to China exceeded the volume sent to the second major destination, Macao SAR (X tons), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to China amounted to +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Macao SAR (+5.5% per year) and South Africa (-57.3% per year).

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

China, with a CAGR of +20.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, rising by 31% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.2%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Macao SAR ($X per ton), while the average price for exports to South Africa ($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 South Africa (+15.4%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into Hong Kong SAR, China

In 2021, after two years of decline, there was significant growth in supplies from abroad of pianos and other keyboard stringed musical instruments, when their volume increased by 35% to X tons. Over the period under review, imports, however, saw a noticeable setback. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, piano imports soared to $X in 2021. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 52% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Japan (X tons) constituted the largest piano supplier to Hong Kong SAR, accounting for a 51% share of total imports. Moreover, piano imports from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. Germany (X tons) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan stood at -2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.8% per year) and Germany (+0.5% per year).

In value terms, the largest piano suppliers to Hong Kong SAR were Japan ($X), China ($X) and Germany ($X), with a combined 85% share of total imports. These countries were followed by the Czech Republic, Taiwan (Chinese), Indonesia and the United States, which together accounted for a further 7.6%.

In terms of the main suppliers, Taiwan (Chinese), with a CAGR of +51.5%, 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 2021, the average piano import price amounted to $X per ton, with an increase of 6.3% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.4%. The growth pace was the most rapid in 2018 when the average import price increased by 17% against the previous year. The import price peaked in 2021 and is expected to retain growth in the near future.

Average prices varied somewhat amongst the major supplying countries. In 2021, the countries with the highest prices were China ($X per ton) and Indonesia ($X per ton), while the price for the Czech Republic ($X per ton) and the United States ($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) (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for pianos and other keyboard stringed musical instruments in the world?

China remains the largest piano consuming country worldwide, comprising approx. 30% of total volume. Moreover, piano consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. Pakistan ranked third in terms of total consumption with a 5.7% share.

What are the largest producers of pianos and other keyboard stringed musical instruments in the world?

Japan constituted the country with the largest volume of piano production, comprising approx. 29% of total volume. Moreover, piano production in Japan exceeded the figures recorded by the second-largest producer, China, twofold. Indonesia ranked third in terms of total production with a 13% share.

What are the leading suppliers of pianos and other keyboard stringed musical instruments to Hong Kong SAR, China?

In value terms, Japan constituted the largest supplier of piano to Hong Kong SAR, comprising 61% of total imports. The second position in the ranking was occupied by China, with a 23% share of total imports. It was followed by Germany, with an 8.3% share.

What are the leading importers of pianos and other keyboard stringed musical instruments from Hong Kong SAR, China?

In value terms, China emerged as the key foreign market for piano exports from Hong Kong SAR, comprising 71% of total exports. The second position in the ranking was occupied by Macao SAR, with a 24% share of total exports.

What is the average export price for pianos and other keyboard stringed musical instruments in Hong Kong SAR, China?

In 2020, the average piano export price amounted to $18,192 per ton, picking up by 13% against the previous year.

What is the average import price for pianos and other keyboard stringed musical instruments in Hong Kong SAR, China?

In 2020, the average piano import price amounted to $14,531 per ton, with a decrease of -2% against the previous year.

This report provides an in-depth analysis of the piano market in Hong Kong SAR, China. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 32201110 - Acoustic new upright pianos (including automatic pianos)
Prodcom 32201130 - Acoustic grand pianos (including automatic pianos)
Prodcom 32201150 - Keyboard stringed instruments (including harpsichords, s pinets and clavichords)

Country coverage:

Hong Kong SAR

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Hong Kong SAR, China
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023