Kuwait: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Kuwait

The Kuwaiti electrical musical instrument market declined to $X in 2022, waning by X% 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 pronounced curtailment. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Electrical Musical Instrument Exports

Exports from Kuwait

After two years of decline, overseas shipments of electrical musical or keyboard instruments increased by X% to X units in 2022. Overall, exports posted a mild expansion. The growth pace was the most rapid in 2013 when exports increased by X%. Over the period under review, the exports attained the maximum at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, electrical musical instrument exports skyrocketed to $X in 2022. Over the period under review, exports, however, continue to indicate a abrupt downturn. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Saudi Arabia (X units) was the main destination for electrical musical instrument exports from Kuwait, accounting for a X% share of total exports. Moreover, electrical musical instrument exports to Saudi Arabia exceeded the volume sent to the second major destination, Bahrain (X units), ninefold. Qatar (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to Saudi Arabia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Bahrain (X% per year) and Qatar (X% per year).

In value terms, Saudi Arabia ($X) remains the key foreign market for electrical musical or keyboard instruments exports from Kuwait, comprising X% of total exports. The second position in the ranking was held by the United Arab Emirates ($X), with a X% share of total exports. It was followed by Bahrain, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Saudi Arabia stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (X% per year) and Bahrain (X% per year).

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price, however, showed a deep setback. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Ireland ($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 Thailand (X%), while the prices for the other major destinations experienced a decline.

Electrical Musical Instrument Imports

Imports into Kuwait

In 2022, approx. X units of electrical musical or keyboard instruments were imported into Kuwait; waning by X% against the year before. Over the period under review, imports saw a pronounced decline. The pace of growth was the most pronounced in 2014 when imports increased by X%. 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, electrical musical instrument imports declined remarkably to $X in 2022. Overall, imports showed a slight shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Imports peaked at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electrical musical instrument to Kuwait, accounting for a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X units), fivefold. The third position in this ranking was taken by the United Arab Emirates (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and the United Arab Emirates (X% per year).

In value terms, the largest electrical musical instrument suppliers to Kuwait were the United Arab Emirates ($X), China ($X) and Hong Kong SAR ($X), with a combined X% share of total imports.

Hong Kong SAR, with a CAGR of X%, saw the highest growth rate of the value of imports, among 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, reducing by X% against the previous year. Overall, the import price, however, continues to indicate a mild expansion. The pace of growth appeared the most rapid in 2020 when the average import price increased by X%. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then declined in the following year.

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 the United Arab Emirates ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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