Luxembourg: Piano Market 2024

Piano Market Size in Luxembourg

For the third consecutive year, the Luxembourg piano market recorded growth in sales value, which increased by 13% to $X in 2021. In general, the total consumption indicated a buoyant expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +82.9% against 2018 indices. Piano consumption peaked in 2021 and is likely to see gradual growth in years to come.

Piano Exports

Exports from Luxembourg

In 2019, after two years of growth, there was significant decline in overseas shipments of pianos and other keyboard stringed musical instruments, when their volume decreased by -30.4% to X tons. Overall, exports, however, recorded significant growth. The growth pace was the most rapid in 2013 with an increase of 181% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018, and then shrank rapidly in the following year.

In value terms, piano exports rose rapidly to $X in 2019. Over the period under review, exports, however, showed a significant increase. The growth pace was the most rapid in 2013 when exports increased by 204%. Over the period under review, the exports hit record highs in 2019 and are likely to continue growth in the immediate term.

Exports by Country

France (X tons) was the main destination for piano exports from Luxembourg, accounting for a 42% share of total exports. Moreover, piano exports to France exceeded the volume sent to the second major destination, Japan (X kg), twofold. Taiwan (Chinese) (X kg) ranked third in terms of total exports with a 19% share.

From 2012 to 2019, the average annual growth rate of volume to France totaled +30.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-73.3% per year) and Taiwan (Chinese) (0.0% per year).

In value terms, the largest markets for piano exported from Luxembourg were Taiwan (Chinese) ($X), Japan ($X) and Poland ($X), with a combined 85% share of total exports.

Poland, with a CAGR of +24.6%, 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 more modest paces of growth.

Export Prices by Country

The average piano export price stood at $X per ton in 2019, with an increase of 52% against the previous year. In general, export price indicated a prominent increase from 2012 to 2019: its price increased at an average annual rate of +6.6% over the last seven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, piano export price increased by +94.3% against 2015 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major external markets. In 2019, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to France ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+77.5%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into Luxembourg

In 2021, overseas purchases of pianos and other keyboard stringed musical instruments increased by 3.6% to X tons, rising for the fourth consecutive year after two years of decline. In general, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +40.1% against 2017 indices. The pace of growth was the most pronounced in 2019 with an increase of 28% against the previous year. Imports peaked in 2021 and are expected to retain growth in the near future.

In value terms, piano imports soared to $X in 2021. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +5.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +71.3% against 2018 indices. The pace of growth appeared the most rapid in 2019 with an increase of 50% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

Imports by Country

Germany (X tons), France (X tons) and the Netherlands (X tons) were the main suppliers of piano imports to Luxembourg, with a combined 99% share of total imports.

From 2012 to 2021, the biggest increases were recorded for France (with a CAGR of +34.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), France ($X) and the Netherlands ($X) appeared to be the largest piano suppliers to Luxembourg, with a combined 99% share of total imports.

Among the main suppliers, Germany, with a CAGR of +30.4%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average piano import price stood at $X per ton in 2021, surging by 12% against the previous year. Overall, the import price, however, showed a slight slump. The growth pace was the most rapid in 2013 an increase of 22% against the previous year. As a result, import price attained the peak level of $X per ton. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Japan ($X per ton), while the price for the Netherlands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+8.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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