Hungary: Piano Market 2024

Piano Market Size in Hungary

The Hungarian piano market rose to $X in 2021, picking up by 1.8% 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, continues to indicate significant growth. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Piano Exports

Exports from Hungary

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments decreased by -54.3% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, exports continue to indicate a slight contraction. The most prominent rate of growth was recorded in 2020 when exports increased by 449%. As a result, the exports reached the peak of X tons, and then reduced dramatically in the following year.

In value terms, piano exports fell rapidly to $X in 2021. In general, exports, however, saw prominent growth. The most prominent rate of growth was recorded in 2020 when exports increased by 987% against the previous year. As a result, the exports reached the peak of $X, and then reduced markedly in the following year.

Exports by Country

Slovakia (X tons), Romania (X kg) and North Macedonia (X kg) were the main destinations of piano exports from Hungary, with a combined 61% share of total exports. Japan, Singapore, Iraq, the United States and China lagged somewhat behind, together comprising a further 33%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Japan (with a CAGR of +53.4%), while the other leaders experienced more modest paces of growth.

In value terms, Romania ($X) emerged as the key foreign market for pianos and other keyboard stringed musical instruments exports from Hungary, comprising 81% of total exports. The second position in the ranking was taken by the United States ($X), with an 8% share of total exports. It was followed by Slovakia, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Romania amounted to +25.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+50.2% per year) and Slovakia (+5.8% per year).

Export Prices by Country

The average piano export price stood at $X per ton in 2021, rising by 12% against the previous year. In general, the export price continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2015 an increase of 267% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Romania ($X per ton), while the average price for exports to Iraq ($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 North Macedonia (+325.8%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Hungary

In 2021, purchases abroad of pianos and other keyboard stringed musical instruments decreased by -20.5% to X tons, falling for the second year in a row after two years of growth. In general, imports, however, saw a buoyant increase. The pace of growth appeared the most rapid in 2018 when imports increased by 577%. Over the period under review, imports reached the peak figure at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, piano imports expanded rapidly to $X in 2021. Overall, imports, however, enjoyed significant growth. The pace of growth appeared the most rapid in 2018 with an increase of 1,011%. Over the period under review, imports reached the maximum at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

China (X tons), Austria (X tons) and Japan (X tons) were the main suppliers of piano imports to Hungary, together comprising 91% of total imports.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +39.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Austria ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to Hungary, comprising 61% of total imports. The second position in the ranking was held by China ($X), with a 19% share of total imports. It was followed by the Czech Republic, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Austria stood at +52.0%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+44.8% per year) and the Czech Republic (+56.1% per year).

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, jumping by 37% against the previous year. Overall, the import price recorded a prominent expansion. The pace of growth appeared the most rapid in 2016 an increase of 189% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Romania ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bulgaria (+202.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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