Japan: Grand Piano Market 2024

Grand Piano Market Size in Japan

In 2021, the Japanese grand piano market decreased by -27.9% to $X for the first time since 2018, thus ending a two-year rising trend. In general, consumption saw a abrupt setback. Grand piano consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Grand Piano Production in Japan

In value terms, grand piano production reached $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 4.9%. Grand piano production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Grand Piano Exports

Exports from Japan

In 2021, overseas shipments of acoustic grand pianos were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, grand piano exports soared to $X in 2021. The total export value increased at an average annual rate of +2.3% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for grand piano exports from Japan, with a 38% share of total exports. Moreover, grand piano exports to China exceeded the volume sent to the second major destination, the United States (X tons), twofold. Germany (X tons) ranked third in terms of total exports with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +12.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-2.4% per year) and Germany (-3.9% per year).

In value terms, the largest markets for grand piano exported from Japan were China ($X), the United States ($X) and Germany ($X), with a combined 65% share of total exports.

Among the main countries of destination, China, with a CAGR of +14.2%, recorded the highest growth rate of 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 grand piano export price stood at $X per ton in 2021, picking up by 7.1% against the previous year. In general, the export price recorded a relatively flat trend pattern. 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 external markets. In 2021, the country with the highest price was France ($X per ton), while the average price for exports to Vietnam ($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 (+2.1%), while the prices for the other major destinations experienced more modest paces of growth.

Grand Piano Imports

Imports into Japan

In 2021, imports of acoustic grand pianos into Japan was estimated at X tons, with an increase of 9.3% against 2020. Over the period under review, imports, however, saw a noticeable downturn. The most prominent rate of growth was recorded in 2019 with an increase of 37% against the previous year. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, grand piano imports skyrocketed to $X in 2021. In general, imports, however, recorded a mild slump. The growth pace was the most rapid in 2019 when imports increased by 42%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Germany (X tons), the United States (X tons) and China (X tons) were the main suppliers of grand piano imports to Japan, together accounting for 74% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of +9.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of acoustic grand pianos to Japan, comprising 58% of total imports. The second position in the ranking was taken by the United States ($X), with a 14% share of total imports. It was followed by Italy, with an 8.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at -2.2%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.2% per year) and Italy (+4.4% per year).

Import Prices by Country

In 2021, the average grand piano import price amounted to $X per ton, increasing by 9.7% against the previous year. Over the last nine years, it increased at an average annual rate of +1.7%. The pace of growth was the most pronounced in 2013 an increase of 24% against the previous year. The import price peaked at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+3.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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