India: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in India

For the third consecutive year, the Indian electrical musical instrument market recorded growth in sales value, which increased by X% to $X in 2022. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Electrical Musical Instrument Production in India

In value terms, electrical musical instrument production expanded slightly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 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 India

In 2022, exports of electrical musical or keyboard instruments from India dropped to X units, waning by X% compared with the previous year's figure. In general, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then reduced in the following year.

In value terms, electrical musical instrument exports soared to $X in 2022. Over the period under review, exports, however, showed a remarkable increase. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports by Country

Malaysia (X units), Germany (X units) and France (X units) were the main destinations of electrical musical instrument exports from India, together accounting for X% of total exports. The United States, Japan, Nepal, the United Arab Emirates, the UK, Indonesia, Australia, South Korea and China lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electrical musical instrument exported from India were Malaysia ($X), the United Arab Emirates ($X) and the United States ($X), together comprising X% of total exports. Germany, France, Japan, the UK, Indonesia, China, Australia, South Korea and Nepal lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, China, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average electrical musical instrument export price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the export price posted a modest increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Arab Emirates ($X per unit), while the average price for exports to Nepal ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into India

In 2022, approx. X units of electrical musical or keyboard instruments were imported into India; falling by X% against the previous year. In general, total imports indicated moderate growth from 2012 to 2022: its volume 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of X%. As a result, imports reached the peak of X units, and then declined in the following year.

In value terms, electrical musical instrument imports rose sharply to $X in 2022. Overall, total imports indicated a noticeable 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see steady growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest electrical musical instrument supplier to India, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), sevenfold. Malaysia (X units) ranked third in terms of total imports with a X% share.

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

In value terms, the largest electrical musical instrument suppliers to India were China ($X), Malaysia ($X) and Indonesia ($X), with a combined X% share of total imports.

Malaysia, with a CAGR of X%, 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 more modest paces of growth.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, jumping by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China ($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 (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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