Hungary: Upright Piano Market 2025

Upright Piano Market Size in Hungary

The Hungarian upright piano market reduced dramatically to $X in 2022, shrinking by -45.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, posted a buoyant expansion. Over the period under review, the market attained the maximum level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Upright Piano Exports

Exports from Hungary

In 2021, upright piano exports from Hungary declined rapidly to X units, falling by -93.8% against the previous year. Over the period under review, exports saw a abrupt setback. The pace of growth appeared the most rapid in 2020 when exports increased by 14,400%. As a result, the exports attained the peak of X units, and then contracted dramatically in the following year.

In value terms, upright piano exports reduced rapidly to $X in 2021. In general, exports saw a deep contraction. The pace of growth appeared the most rapid in 2020 with an increase of 164,902% against the previous year. As a result, the exports reached the peak of $X, and then fell significantly in the following year.

Exports by Country

Singapore (X units) was the main destination for upright piano exports from Hungary, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Singapore was relatively modest.

In value terms, Singapore ($X) emerged as the key foreign market for acoustic new upright pianos exports from Hungary.

From 2012 to 2021, the average annual growth rate of value to Singapore was relatively modest.

Export Prices by Country

In 2021, the average upright piano export price amounted to $X per unit, surging by 9.3% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 1,038%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Singapore.

From 2012 to 2021, the rate of growth in terms of prices for Croatia amounted to +22.5% per year.

Upright Piano Imports

Imports into Hungary

In 2022, upright piano imports into Hungary dropped rapidly to X units, reducing by -55.4% compared with the previous year's figure. In general, imports, however, posted a strong expansion. The growth pace was the most rapid in 2018 with an increase of 894% against the previous year. As a result, imports reached the peak of X units. From 2019 to 2022, the growth of imports remained at a lower figure.

In value terms, upright piano imports contracted markedly to $X in 2022. Over the period under review, imports, however, continue to indicate a strong increase. The growth pace was the most rapid in 2018 when imports increased by 1,335% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Japan (X units) constituted the largest upright piano supplier to Hungary, accounting for a 42% share of total imports. Moreover, upright piano imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. Austria (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Japan stood at -1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+7.8% per year) and Austria (-44.8% per year).

In value terms, Japan ($X), Austria ($X) and Belgium ($X) appeared to be the largest upright piano suppliers to Hungary, with a combined 60% share of total imports. The Czech Republic, Germany, Ukraine and China lagged somewhat behind, together accounting for a further 40%.

Germany, with a CAGR of +47.0%, recorded the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, increasing by 37% against the previous year. Over the period under review, the import price saw a resilient expansion. The pace of growth appeared the most rapid in 2021 an increase of 98% against the previous year. The import price peaked in 2022 and is expected to retain growth in the immediate term.

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 the Czech Republic ($X per unit), while the price for China ($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 (+36.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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