Hungary: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Hungary

The Hungarian electrical musical instrument market reached $X in 2022, almost unchanged from the previous year. Over the period under review, the total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Electrical Musical Instrument Production in Hungary

In value terms, electrical musical instrument production expanded slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2019 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports from Hungary

In 2022, the amount of electrical musical or keyboard instruments exported from Hungary skyrocketed to X units, with an increase of X% compared with the previous year. Over the period under review, exports, however, recorded a abrupt decline. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, electrical musical instrument exports surged to $X in 2022. In general, exports, however, saw a deep downturn. The exports peaked at $X in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

Exports by Country

Serbia (X units) was the main destination for electrical musical instrument exports from Hungary, with a X% share of total exports. Moreover, electrical musical instrument exports to Serbia exceeded the volume sent to the second major destination, Slovakia (X units), threefold. The third position in this ranking was taken by the United States (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Serbia totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (X% per year) and the United States (X% per year).

In value terms, Serbia ($X) remains the key foreign market for electrical musical or keyboard instruments exports from Hungary, comprising X% of total exports. The second position in the ranking was held by Slovakia ($X), with an X% share of total exports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual growth rate of value to Serbia amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (X% per year) and the United States (X% per year).

Export Prices by Country

The average electrical musical instrument export price stood at $X per unit in 2022, reducing by X% against the previous year. Over the period under review, the export price recorded a deep setback. The most prominent rate of growth was recorded in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Slovakia ($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 (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Hungary

In 2022, overseas purchases of electrical musical or keyboard instruments decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. In general, imports, however, continue to indicate a temperate expansion. The pace of growth was the most pronounced in 2020 when imports increased by X% against the previous year. Imports peaked at X units in 2021, and then contracted modestly in the following year.

In value terms, electrical musical instrument imports expanded notably to $X in 2022. Over the period under review, imports showed a slight curtailment. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electrical musical instrument to Hungary, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), twofold. The third position in this ranking was taken by the Netherlands (X units), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and the Netherlands (X% per year).

In value terms, Germany ($X) constituted the largest supplier of electrical musical or keyboard instruments to Hungary, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by Belgium, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Belgium (X% per year).

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the import price, however, showed a noticeable downturn. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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