Latin America and the Caribbean: Upright Piano Market 2024

Upright Piano Market Size in Latin America and the Caribbean

The Latin American upright piano market reduced slightly to $X in 2022, approximately mirroring the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of 8.4%. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Upright Piano Production in Latin America and the Caribbean

In value terms, upright piano production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.1% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2015 with an increase of 29% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Upright Piano Exports

Exports in Latin America and the Caribbean

In 2022, after two years of decline, there was significant growth in overseas shipments of acoustic new upright pianos, when their volume increased by 48% to X units. Over the period under review, exports, however, continue to indicate a abrupt shrinkage. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, upright piano exports skyrocketed to $X in 2022. Overall, exports, however, continue to indicate a abrupt slump. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Panama represented the major exporter of acoustic new upright pianos in Latin America and the Caribbean, with the volume of exports amounting to X units, which was near 42% of total exports in 2022. Chile (X units) held the second position in the ranking, followed by Costa Rica (X units), Argentina (X units), Guatemala (X units), Trinidad and Tobago (X units) and Venezuela (X units). All these countries together held near 43% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from Panama stood at -10.8%. At the same time, Trinidad and Tobago (+21.5%), Chile (+6.4%) and Venezuela (+5.8%) displayed positive paces of growth. Moreover, Trinidad and Tobago emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +21.5% from 2012-2022. Guatemala experienced a relatively flat trend pattern. By contrast, Costa Rica (-2.2%) and Argentina (-11.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Chile, Trinidad and Tobago, Venezuela, Guatemala and Costa Rica increased by +8.6, +5.7, +4.5, +3.3 and +3 percentage points, respectively.

In value terms, Panama ($X) remains the largest upright piano supplier in Latin America and the Caribbean, comprising 49% of total exports. The second position in the ranking was held by Chile ($X), with an 18% share of total exports. It was followed by Venezuela, with a 16% share.

From 2012 to 2022, the average annual growth rate of value in Panama stood at -14.5%. The remaining exporting countries recorded the following average annual rates of exports growth: Chile (+29.1% per year) and Venezuela (+34.1% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per unit, with an increase of 5.9% against the previous year. Over the period under review, the export price, however, recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2020 when the export price increased by 42% against the previous year. The level of export 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 origin: amid the top suppliers, the country with the highest price was Venezuela ($X per unit), while Costa Rica ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+26.8%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in Latin America and the Caribbean

In 2022, purchases abroad of acoustic new upright pianos increased by 6.4% to X units, rising for the second year in a row after two years of decline. Over the period under review, imports, however, saw a abrupt setback. The pace of growth was the most pronounced in 2013 with an increase of 15%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, upright piano imports reached $X in 2022. In general, imports, however, continue to indicate a deep reduction. The growth pace was the most rapid in 2017 when imports increased by 30% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Chile (X units), distantly followed by Brazil (X units), Mexico (X units), Argentina (X units) and Bolivia (X units) represented the key importers of acoustic new upright pianos, together achieving 75% of total imports. El Salvador (X units), Ecuador (X units), Peru (X units), Colombia (X units) and Guatemala (X units) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by El Salvador (with a CAGR of +23.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Brazil ($X), Argentina ($X) and Chile ($X) were the countries with the highest levels of imports in 2022, together accounting for 56% of total imports. El Salvador, Mexico, Ecuador, Guatemala, Peru, Colombia and Bolivia lagged somewhat behind, together comprising a further 25%.

El Salvador, with a CAGR of +26.1%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Latin America and the Caribbean amounted to $X per unit, rising by 5.8% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 26% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was El Salvador ($X per unit), while Bolivia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+4.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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