Kuwait: Upright Piano Market 2024

Upright Piano Market Size in Kuwait

The Kuwaiti upright piano market contracted sharply to $X in 2022, with a decrease of -39.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption continues to indicate a abrupt shrinkage. As a result, consumption attained the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Upright Piano Exports

Exports from Kuwait

In 2022, shipments abroad of acoustic new upright pianos decreased by 0% to X units for the first time since 2018, thus ending a three-year rising trend. Overall, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when exports increased by 100% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in years to come.

In value terms, upright piano exports contracted slightly to $X in 2022. Over the period under review, exports showed a abrupt slump. The pace of growth was the most pronounced in 2020 with an increase of 68% against the previous year. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units), the United Arab Emirates (X units) and Spain (X units) were the main destinations of upright piano exports from Kuwait, with a combined 75% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of 0.0%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United Arab Emirates ($X), Spain ($X) and Saudi Arabia ($X) appeared to be the largest markets for upright piano exported from Kuwait worldwide, together accounting for 75% of total exports.

Spain, with a CAGR of 0.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, reducing by -1.6% against the previous year. Overall, the export price saw a abrupt contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 159%. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Saudi Arabia ($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 the United Arab Emirates (-3.7%).

Upright Piano Imports

Imports into Kuwait

Upright piano imports into Kuwait contracted markedly to X units in 2022, which is down by -40% compared with 2021 figures. In general, imports recorded a abrupt slump. The most prominent rate of growth was recorded in 2014 when imports increased by 228%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports failed to regain momentum.

In value terms, upright piano imports dropped significantly to $X in 2022. Overall, imports recorded a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 297% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, Taiwan (Chinese) (X units) constituted the largest supplier of upright piano to Kuwait, accounting for a 52% share of total imports. Moreover, upright piano imports from Taiwan (Chinese) exceeded the figures recorded by the second-largest supplier, Lebanon (X units), more than tenfold. The third position in this ranking was taken by Indonesia (X units), with a 3.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Taiwan (Chinese) was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Lebanon (0.0% per year) and Indonesia (-10.4% per year).

In value terms, the largest upright piano suppliers to Kuwait were Indonesia ($X), Japan ($X) and the United Arab Emirates ($X), together accounting for 84% of total imports. Taiwan (Chinese), China, the UK, Italy, Egypt, Germany, Lebanon, the United States, South Korea and Turkey lagged somewhat behind, together accounting for a further 15%.

Lebanon, with a CAGR of +10.1%, recorded the highest growth rate of 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 upright piano import price stood at $X per unit in 2022, increasing by 25% against the previous year. Over the period under review, the import price, however, recorded a abrupt decrease. The most prominent rate of growth was recorded in 2021 an increase of 68%. Over the period under review, average import prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for Turkey ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Lebanon (+10.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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