Mexico: Piano Market 2024

Piano Market Size in Mexico

In 2021, the Mexican piano market decreased by -77.5% to $X, falling for the second year in a row after three years of growth. Over the period under review, consumption saw a sharp descent. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Piano Exports

Exports from Mexico

In 2021, approx. X kg of pianos and other keyboard stringed musical instruments were exported from Mexico; with a decrease of -24.1% compared with 2020 figures. Over the period under review, exports continue to indicate a abrupt slump. The pace of growth appeared the most rapid in 2016 when exports increased by 282%. As a result, the exports reached the peak of X tons. From 2017 to 2021, the growth of the exports remained at a lower figure.

In value terms, piano exports reached $X in 2021. In general, exports continue to indicate a significant contraction. The pace of growth appeared the most rapid in 2013 with an increase of 9.8% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X kg), Israel (X kg) and Guatemala (X kg) were the main destinations of piano exports from Mexico, with a combined 75% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Israel (with a CAGR of +19.7%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the United States ($X) remains the key foreign market for pianos and other keyboard stringed musical instruments exports from Mexico, comprising 62% of total exports. The second position in the ranking was taken by Israel ($X), with a 10% share of total exports. It was followed by Thailand, with a 6.8% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at -27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Israel (+15.5% per year) and Thailand (+0.6% per year).

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, rising by 38% against the previous year. Over the period under review, the export price, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2018 an increase of 54%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was the United States ($X per ton), while the average price for exports to Guatemala ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Dominican Republic (+6.2%), while the prices for the other major destinations experienced a decline.

Piano Imports

Imports into Mexico

In 2021, overseas purchases of pianos and other keyboard stringed musical instruments decreased by -78.6% to X tons, falling for the second year in a row after three years of growth. Over the period under review, imports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 39%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, piano imports contracted markedly to $X in 2021. In general, imports saw a abrupt decline. The pace of growth appeared the most rapid in 2017 when imports increased by 35% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), Malaysia (X tons) and China (X kg) were the main suppliers of piano imports to Mexico, with a combined 39% share of total imports. These countries were followed by the Czech Republic, Germany, Indonesia, South Korea and Japan, which together accounted for a further 7.3%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of -16.7%), while purchases for the other leaders experienced a decline.

In value terms, the largest piano suppliers to Mexico were Malaysia ($X), the United States ($X) and Germany ($X), together accounting for 48% of total imports.

Among the main suppliers, Germany, with a CAGR of -10.8%, 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 a decline.

Import Prices by Country

The average piano import price stood at $X per ton in 2021, rising by 14% against the previous year. Overall, import price indicated pronounced growth from 2012 to 2021: its price increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, piano import price decreased by -19.7% against 2016 indices. The pace of growth was the most pronounced in 2016 an increase of 30%. As a result, import price reached the peak level of $X per ton. From 2017 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+9.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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