India: Upright Piano Market 2024

Upright Piano Market Size in India

The Indian upright piano market reduced modestly to $X in 2022, waning by -3.1% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +4.6% against 2020 indices. Upright piano consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Upright Piano Production in India

In value terms, upright piano production shrank modestly to $X in 2022 estimated in export price. In general, the total production indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +4.2% against 2020 indices. The pace of growth was the most pronounced in 2016 with an increase of 20% against the previous year. Upright piano production peaked at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Upright Piano Exports

Exports from India

In 2022, upright piano exports from India plummeted to X units, falling by -46% on 2021 figures. Over the period under review, exports faced a deep downturn. The growth pace was the most rapid in 2020 with an increase of 756% against the previous year. The exports peaked at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports declined remarkably to $X in 2022. Overall, exports saw a precipitous contraction. The pace of growth appeared the most rapid in 2020 when exports increased by 86% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Australia (X units) and Egypt (X units) were the main destinations of upright piano exports from India, with a combined 84% share of total exports. Bhutan and Bangladesh lagged somewhat behind, together accounting for a further 16%.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +81.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) emerged as the key foreign market for acoustic new upright pianos exports from India, comprising 57% of total exports. The second position in the ranking was held by Australia ($X), with a 19% share of total exports. It was followed by Egypt, with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to -22.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (-34.9% per year) and Egypt (0.0% per year).

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, which is down by -28.2% against the previous year. In general, the export price showed a drastic downturn. The pace of growth appeared the most rapid in 2018 when the average export price increased by 404%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Bangladesh ($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 Bhutan (+123.1%), while the prices for the other major destinations experienced a decline.

Upright Piano Imports

Imports into India

In 2022, approx. X units of acoustic new upright pianos were imported into India; dropping by -2.3% compared with the year before. Overall, imports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2014 with an increase of 61%. Imports peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, upright piano imports totaled $X in 2022. In general, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +29.8% against 2020 indices. The pace of growth appeared the most rapid in 2014 when imports increased by 55%. Imports peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

Malaysia (X units), China (X units) and Indonesia (X units) were the main suppliers of upright piano imports to India, with a combined 84% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +64.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, the largest upright piano suppliers to India were Malaysia ($X), Japan ($X) and China ($X), with a combined 83% share of total imports.

Malaysia, with a CAGR of +70.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, picking up by 3% against the previous year. Over the last decade, it increased at an average annual rate of +3.3%. The most prominent rate of growth was recorded in 2018 an increase of 25% against the previous year. The import price peaked in 2022 and is likely to see gradual growth in years to come.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+3.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :