MENA: Upright Piano Market 2024

Upright Piano Market Size in MENA

The MENA's upright piano market shrank to $X in 2022, which is down by -10.2% against the previous year. Over the period under review, consumption recorded a noticeable reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Upright Piano Production in MENA

In value terms, upright piano production reduced to $X in 2022 estimated in export price. The total production indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by +0.9% against 2020 indices. The pace of growth appeared the most rapid in 2015 when the production volume increased by 65%. Over the period under review, production attained the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Upright Piano Exports

Exports in MENA

In 2022, the amount of acoustic new upright pianos exported in MENA rose to X units, picking up by 3.8% on 2021. In general, exports, however, saw a pronounced setback. The most prominent rate of growth was recorded in 2017 with an increase of 186% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2022, the growth of the exports remained at a lower figure.

In value terms, upright piano exports skyrocketed to $X in 2022. Over the period under review, exports, however, recorded a pronounced decline. The pace of growth appeared the most rapid in 2017 with an increase of 320%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United Arab Emirates dominates exports structure, reaching X units, which was near 70% of total exports in 2022. Turkey (X units) held a 10% share (based on physical terms) of total exports, which put it in second place, followed by Oman (6.3%). The following exporters - Lebanon (X units), Iran (X units), Kuwait (X units) and Egypt (X units) - together made up 11% of total exports.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from the United Arab Emirates stood at +4.8%. At the same time, Iran (+13.3%), Egypt (+7.2%), Turkey (+4.6%) and Lebanon (+1.2%) displayed positive paces of growth. Moreover, Iran emerged as the fastest-growing exporter exported in MENA, with a CAGR of +13.3% from 2012-2022. Kuwait experienced a relatively flat trend pattern. By contrast, Oman (-22.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of the United Arab Emirates, Turkey and Iran increased by +39, +5.4 and +2.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest upright piano supplier in MENA, comprising 64% of total exports. The second position in the ranking was held by Oman ($X), with a 20% share of total exports. It was followed by Turkey, with a 10% share.

In the United Arab Emirates, upright piano exports increased at an average annual rate of +2.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Oman (-13.9% per year) and Turkey (-0.7% per year).

Export Prices by Country

In 2022, the export price in MENA amounted to $X per unit, picking up by 22% against the previous year. Overall, the export price, however, saw a slight decrease. The most prominent rate of growth was recorded in 2017 when the export price increased by 47%. The level of export peaked at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Oman ($X per unit), while Egypt ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+10.3%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in MENA

In 2022, imports of acoustic new upright pianos in MENA dropped to X units, with a decrease of -14.6% against the year before. Over the period under review, imports showed a abrupt curtailment. The growth pace was the most rapid in 2021 with an increase of 34%. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, upright piano imports declined to $X in 2022. In general, imports showed a pronounced downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 55%. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The United Arab Emirates represented the largest importer of acoustic new upright pianos in MENA, with the volume of imports reaching X units, which was near 44% of total imports in 2022. Israel (X units) held a 22% share (based on physical terms) of total imports, which put it in second place, followed by Turkey (13%) and Iraq (6.9%). The following importers - Morocco (X units) and Iran (X units) - each amounted to a 6% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +25.4%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest upright piano importing markets in MENA were the United Arab Emirates ($X), Israel ($X) and Turkey ($X), together accounting for 80% of total imports. Iraq, Morocco and Iran lagged somewhat behind, together comprising a further 14%.

Iraq, with a CAGR of +33.0%, 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 MENA amounted to $X per unit, remaining stable against the previous year. Import price indicated a measured increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, upright piano import price increased by +52.8% against 2014 indices. The pace of growth was the most pronounced in 2019 an increase of 15% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+8.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform