Japan: Piano Market 2024

Piano Market Size in Japan

In 2021, the Japanese piano market was finally on the rise to reach $X for the first time since 2018, thus ending a two-year declining trend. Overall, consumption, however, showed a abrupt setback. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Piano Production in Japan

In value terms, piano production reached $X in 2021 estimated in export price. Over the period under review, production, however, recorded a drastic downturn. The pace of growth appeared the most rapid in 2016 when the production volume increased by 15%. Piano production peaked at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Piano Exports

Exports from Japan

In 2021, exports of pianos and other keyboard stringed musical instruments from Japan expanded modestly to X tons, rising by 4.3% on 2020 figures. The total export volume increased at an average annual rate of +1.6% from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2017 when exports increased by 6.1%. Over the period under review, the exports reached the maximum at X tons in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports soared to $X in 2021. The total export value increased at an average annual rate of +3.8% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for piano exports from Japan, with a 59% share of total exports. Moreover, piano exports to China exceeded the volume sent to the second major destination, Vietnam (X tons), sixfold. The third position in this ranking was taken by the United States (X tons), with a 7.1% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (+5.0% per year) and the United States (-1.1% per year).

In value terms, China ($X) remains the key foreign market for pianos and other keyboard stringed musical instruments exports from Japan, comprising 47% of total exports. The second position in the ranking was held by the United States ($X), with a 13% share of total exports. It was followed by Germany, with a 6.1% share.

From 2012 to 2021, the average annual growth rate of value to China amounted to +11.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.4% per year) and Germany (-2.1% per year).

Export Prices by Country

The average piano export price stood at $X per ton in 2021, rising by 18% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.1%. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to Vietnam ($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 Taiwan (Chinese) (+7.6%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Japan

In 2021, imports of pianos and other keyboard stringed musical instruments into Japan skyrocketed to X tons, jumping by 20% compared with 2020 figures. Overall, imports, however, recorded a abrupt setback. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, piano imports surged to $X in 2021. In general, imports, however, continue to indicate a noticeable slump. The most prominent rate of growth was recorded in 2019 with an increase of 31%. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Indonesia (X tons) constituted the largest supplier of piano to Japan, with a 65% share of total imports. Moreover, piano imports from Indonesia exceeded the figures recorded by the second-largest supplier, Germany (X tons), sixfold. China (X tons) ranked third in terms of total imports with a 10% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Indonesia amounted to -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-1.6% per year) and China (-11.6% per year).

In value terms, the largest piano suppliers to Japan were Germany ($X), Indonesia ($X) and the United States ($X), with a combined 77% share of total imports.

The United States, with a CAGR of +4.6%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average piano import price stood at $X per ton in 2021, surging by 3.1% against the previous year. Over the last nine years, it increased at an average annual rate of +3.6%. The most prominent rate of growth was recorded in 2013 an increase of 23%. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Vietnam ($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 (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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