Iceland: Piano Market 2020

Piano Market Size in Iceland

The revenue of the piano market in Iceland amounted to $X in 2018, waning by -X% against the previous year. Over the period under review, piano consumption continues to indicate a pronounced drop. The growth pace was the most rapid in 2014 when the market value increased by X% year-to-year. Iceland piano consumption peaked at $X in 2016; however, from 2017 to 2018, consumption failed to regain its momentum.

Piano Production in Iceland

In value terms, piano production totaled $X in 2018 estimated in export prices. The total output value increased at an average annual rate of +X% over the period from 2007 to 2018; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 when production volume increased by X% y-o-y. Over the period under review, piano production attained its maximum level in 2018 and is expected to retain its growth in the immediate term.

Piano Exports

Exports from Iceland

In 2018, the amount of pianos and other keyboard stringed musical instruments exported from Iceland totaled X units, surging by X% against the previous year. Over the period under review, piano exports, however, continue to indicate a dramatic shrinkage. The most prominent rate of growth was recorded in 2013 when exports increased by X% y-o-y. In that year, piano exports reached their peak of X units. From 2014 to 2018, the growth of piano exports failed to regain its momentum.

In value terms, piano exports totaled $X in 2018. In general, piano exports, however, continue to indicate a drastic contraction. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, piano exports reached their maximum at $X in 2007; however, from 2008 to 2018, exports failed to regain their momentum.

Exports by Country

In 2018, Japan (X units) represented the largest exporter of pianos and other keyboard stringed musical instruments, mixing up X% of total exports. It was distantly followed by Indonesia (X units) and China (X units), together achieving a X% share of total exports. Germany (X units), Oman (X units) and Malaysia (X units) followed a long way behind the leaders.

From 2007 to 2018, average annual rates of growth with regard to piano exports from Japan stood at +X%. At the same time, Oman (+X%), Indonesia (+X%) and Malaysia (+X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. By contrast, Germany (-X%) and China (-X%) illustrated a downward trend over the same period. From 2007 to 2018, the share of Japan, Indonesia and Oman increased by +X%, +X% and +X% percentage points, while Germany (-X p.p.) and China (-X p.p.) saw their share reduced. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest piano supplier from Iceland, comprising X% of global exports. The second position in the ranking was occupied by Indonesia ($X), with a X% share of global exports. It was followed by Germany, with a X% share.

From 2007 to 2018, the average annual rate of growth in terms of value in Japan amounted to +X%. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+X% per year) and Germany (-X% per year).

Export Prices by Country

In 2018, the piano export price in Iceland amounted to $X per unit, leveling off at the previous year. Over the period under review, the piano export price, however, continues to indicate prominent growth. The pace of growth was the most pronounced in 2015 when the export price increased by X% against the previous year. Over the period under review, the export prices for pianos and other keyboard stringed musical instruments attained their maximum at $X per unit in 2017, leveling off in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2018, the country with the highest price was Germany ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the other leaders experienced mixed trends in the export price figures.

Piano Imports

Imports into Iceland

Piano imports into Iceland amounted to X units in 2018, reducing by -X% against the previous year. In general, piano imports continue to indicate an abrupt curtailment. The pace of growth appeared the most rapid in 2016 when imports increased by X% year-to-year. In that year, piano imports reached their peak of X units. From 2017 to 2018, the growth of piano imports remained at a lower figure.

In value terms, piano imports stood at $X in 2018. Over the period under review, piano imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Over the period under review, piano imports attained their maximum at $X in 2011; however, from 2012 to 2018, imports failed to regain their momentum.

Imports by Country

China was the major importer of pianos and other keyboard stringed musical instruments in the world, with the volume of imports finishing at X units, which was near X% of total imports in 2018. It was distantly followed by the U.S. (X units), Vietnam (X units) and Germany (X units), together creating a X% share of total imports. The following importers - Malaysia (X units), France (X units), Australia (X units), Qatar (X units), Canada (X units), South Korea (X units), the UK (X units) and Israel (X units) - together made up X% of total imports.

Imports into China increased at an average annual rate of +X% from 2007 to 2018. At the same time, Qatar (+X%), Vietnam (+X%) and Israel (+X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Australia (-X%), Germany (-X%), Malaysia (-X%), the UK (-X%), France (-X%), the U.S. (-X%), Canada (-X%) and South Korea (-X%) illustrated a downward trend over the same period. While the share of China (+X p.p.), Vietnam (+X p.p.), Qatar (+X p.p.) and Israel (+X p.p.) increased significantly in terms of the global imports from 2007-2018, the share of Malaysia (-X p.p.), France (-X p.p.), Canada (-X p.p.), South Korea (-X p.p.) and the U.S. (-X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X), the U.S. ($X) and Germany ($X) constituted the countries with the highest levels of imports in 2018, with a combined X% share of total imports.

Among the main importing countries, China experienced the highest growth rate of imports, over the last eleven-year period, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The piano import price in Iceland stood at $X per unit in 2018, rising by X% against the previous year. Over the period under review, the piano import price continues to indicate a prominent increase. The most prominent rate of growth was recorded in 2017 an increase of X% y-o-y. Over the period under review, the import prices for pianos and other keyboard stringed musical instruments reached their maximum in 2018 and is expected to retain its growth in the near future.

Prices varied noticeably by the country of destination; the country with the highest price was the U.S. ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform