India: Piano Market 2024

Piano Market Size in India

The Indian piano market surged to $X in 2021, rising by 111% against the previous year. Over the period under review, the total consumption indicated a pronounced expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Piano Production in India

In value terms, piano production shrank to $X in 2021 estimated in export price. Overall, production recorded a remarkable increase. The most prominent rate of growth was recorded in 2015 with an increase of 74% against the previous year. Over the period under review, production hit record highs at $X in 2020, and then shrank in the following year.

Piano Exports

Exports from India

In 2021, the amount of pianos and other keyboard stringed musical instruments exported from India surged to X tons, growing by 79% on 2020. In general, exports posted mild growth. The growth pace was the most rapid in 2019 with an increase of 161%. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports rose rapidly to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 122% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons), Canada (X tons) and Nepal (X tons) were the main destinations of piano exports from India, with a combined 56% share of total exports. These countries were followed by Germany, Australia, New Zealand, France, Nigeria, Mauritius, Kenya, Bangladesh, Thailand and Afghanistan, which together accounted for a further 37%.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +224.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Canada ($X) and Nepal ($X) were the largest markets for piano exported from India worldwide, with a combined 62% share of total exports. These countries were followed by Germany, Australia, New Zealand, Bangladesh, Mauritius, France, Afghanistan, Nigeria, Thailand and Kenya, which together accounted for a further 31%.

Nigeria, with a CAGR of +125.5%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, reducing by -36.5% against the previous year. In general, the export price saw a mild decline. The growth pace was the most rapid in 2018 an increase of 45% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Bangladesh ($X per ton), while the average price for exports to Kenya ($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 the United States (+2.6%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into India

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were imported into India; rising by 69% on the previous year's figure. Overall, imports, however, recorded a mild reduction. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, piano imports surged to $X in 2021. In general, total imports indicated a tangible expansion from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X tons), Malaysia (X tons) and Indonesia (X tons) were the main suppliers of piano imports to India, with a combined 73% share of total imports. These countries were followed by Japan, Germany and Hong Kong SAR, which together accounted for a further 18%.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +61.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to India, comprising 44% of total imports. The second position in the ranking was taken by Indonesia ($X), with a 14% share of total imports. It was followed by Malaysia, with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-3.7% per year) and Malaysia (+20.8% per year).

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, rising by 24% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.6%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was Hong Kong SAR ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+9.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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