Latvia: Piano Market 2020

Piano Market Size in Latvia

The revenue of the piano market in Latvia amounted to $X in 2018, jumping 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). Overall, piano consumption continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 with an increase of X% y-o-y. Latvia piano consumption peaked at $X in 2008; however, from 2009 to 2018, consumption failed to regain its momentum.

Piano Exports

Exports from Latvia

In 2018, approx. X units of pianos and other keyboard stringed musical instruments were exported from Latvia; declining by -X% against the previous year. Over the period under review, piano exports continue to indicate an abrupt downturn. The pace of growth was the most pronounced in 2016 with an increase of X% year-to-year. Latvia exports peaked at X units in 2017, and then declined slightly in the following year.

In value terms, piano exports stood at $X in 2018. In general, piano exports continue to indicate a remarkable expansion. The most prominent rate of growth was recorded in 2014 with an increase of X% year-to-year. Over the period under review, piano exports reached their maximum in 2018 and are likely to see steady growth in the immediate term.

Exports by Country

In 2018, Japan (X units) represented the major exporter of pianos and other keyboard stringed musical instruments, generating X% of total exports. Indonesia (X units) ranks second in terms of the total exports with a X% share, followed by China (X%). The following exporters - Germany (X units), Oman (X units) and Malaysia (X units) - together made up X% of total exports.

From 2007 to 2018, average annual rates of growth with regard to piano exports from Japan stood at +X%. At the same time, Oman (+X%), Indonesia (+X%) and Malaysia (+X%) displayed positive paces of growth. Moreover, Oman emerged as the fastest-growing exporter in the world, with a CAGR of +X% from 2007-2018. By contrast, Germany (-X%) and China (-X%) illustrated a downward trend over the same period. Japan (+X p.p.), Indonesia (+X p.p.) and Oman (+X p.p.) significantly strengthened its position in terms of the global exports, while Germany and China saw its share reduced by -X% and -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X) remains the largest piano supplier from Latvia, comprising X% of global exports. The second position in the ranking was occupied by Indonesia ($X), with a X% share of global exports. It was followed by Germany, with a X% share.

In Japan, piano exports increased at an average annual rate of +X% over the period from 2007-2018. The remaining exporting countries recorded the following average annual rates of exports growth: Indonesia (+X% per year) and Germany (-X% per year).

Export Prices by Country

In 2018, the piano export price in Latvia amounted to $X per unit, jumping by X% against the previous year. Overall, the piano export price continues to indicate a remarkable increase. The growth pace was the most rapid in 2018 an increase of X% y-o-y. In that year, the export prices for pianos and other keyboard stringed musical instruments attained their peak level and is likely to continue its growth in the immediate term.

Prices varied noticeably by the country of origin; the country with the highest price was Germany ($X per unit), while Oman ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by Germany, while the other leaders experienced mixed trends in the export price figures.

Piano Imports

Imports into Latvia

In 2018, the imports of pianos and other keyboard stringed musical instruments into Latvia totaled X units, waning by -X% against the previous year. Overall, piano imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X% y-o-y. Latvia imports peaked at X units in 2016; however, from 2017 to 2018, imports failed to regain their momentum.

In value terms, piano imports amounted to $X in 2018. Over the period under review, piano imports, however, continue to indicate a slight downturn. The pace of growth appeared the most rapid in 2015 when imports increased by X% year-to-year. In that year, piano imports attained their peak of $X. From 2016 to 2018, the growth of piano imports remained at a somewhat lower figure.

Imports by Country

China represented the main importing country with an import of around X units, which reached X% of total imports. It was distantly followed by the U.S. (X units), Vietnam (X units) and Germany (X units), together making up a X% share of total imports. Malaysia (X units), France (X units), Australia (X units), Qatar (X units), Canada (X units), South Korea (X units), the UK (X units) and Israel (X units) followed a long way behind the leaders.

From 2007 to 2018, average annual rates of growth with regard to piano imports into China stood at +X%. At the same time, Qatar (+X%), Vietnam (+X%) and Israel (+X%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer in the world, with a CAGR of +X% from 2007-2018. By contrast, Australia (-X%), Germany (-X%), Malaysia (-X%), the UK (-X%), France (-X%), the U.S. (-X%), Canada (-X%) and South Korea (-X%) illustrated a downward trend over the same period. China (+X p.p.), Vietnam (+X p.p.), Qatar (+X p.p.) and Israel (+X p.p.) significantly strengthened its position in terms of the global imports, while Malaysia, France, Canada, South Korea and the U.S. saw its share reduced by -X%, -X%, -X%, -X% and -X% from 2007 to 2018, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest piano importing markets into Latvia were China ($X), the U.S. ($X) and Germany ($X), together accounting for X% of total imports.

Among the main importing countries, China recorded the highest rates of growth with regard to imports, over the last eleven years, while the other leaders experienced more modest paces of growth.

Import Prices by Country

The piano import price in Latvia stood at $X per unit in 2018, coming down by -X% against the previous year. In general, the piano import price continues to indicate a mild decline. The pace of growth was the most pronounced in 2014 an increase of X% against the previous year. Over the period under review, the import prices for pianos and other keyboard stringed musical instruments reached their peak figure at $X per unit in 2012; however, from 2013 to 2018, import prices failed to regain their momentum.

There were significant differences in the average prices amongst the major importing countries. In 2018, the country with the highest price was the U.S. ($X per unit), while Qatar ($X per unit) was amongst the lowest.

From 2007 to 2018, the most notable rate of growth in terms of prices was attained by China, while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform