Middle East: Piano Market 2024

Piano Market Size in the Middle East

The Middle Eastern piano market skyrocketed to $X in 2021, jumping by 17% against the previous year. The market value increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Piano Production in the Middle East

In value terms, piano production rose to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.9% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when the production volume increased by 23% against the previous year. Over the period under review, production attained the maximum level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Piano Exports

Exports in the Middle East

In 2021, exports of pianos and other keyboard stringed musical instruments in the Middle East shrank to X tons, waning by -5% on 2020 figures. Overall, exports, however, saw a strong expansion. The pace of growth was the most pronounced in 2020 when exports increased by 122% against the previous year. The volume of export peaked at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports rose rapidly to $X in 2021. In general, exports, however, showed a prominent increase. The most prominent rate of growth was recorded in 2017 with an increase of 86%. The level of export peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United Arab Emirates (X tons) and Turkey (X tons) dominates exports structure, together creating 89% of total exports. It was distantly followed by Oman (X tons), mixing up a 5.8% share of total exports. The following exporters - Israel (X tons) and Iran (X tons) - each amounted to a 3.5% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Oman (with a CAGR of +35.0%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) remains the largest piano supplier in the Middle East, comprising 63% of total exports. The second position in the ranking was held by Turkey ($X), with a 22% share of total exports. It was followed by Oman, with a 6.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value in the United Arab Emirates totaled +8.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+17.5% per year) and Oman (+28.1% per year).

Export Prices by Country

In 2021, the export price in the Middle East amounted to $X per ton, growing by 12% against the previous year. Export price indicated measured growth from 2012 to 2021: its price increased at an average annual rate of +2.8% 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 export price decreased by -19.1% against 2019 indices. The growth pace was the most rapid in 2019 an increase of 54%. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+8.8%), while the other leaders experienced a decline in the export price figures.

Piano Imports

Imports in the Middle East

In 2021, overseas purchases of pianos and other keyboard stringed musical instruments were finally on the rise to reach X tons after three years of decline. In general, imports, however, showed a relatively flat trend pattern. The volume of import peaked at X tons in 2017; however, from 2018 to 2021, imports remained at a lower figure.

In value terms, piano imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate a slight increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The United Arab Emirates represented the key importing country with an import of about X tons, which recorded 44% of total imports. Israel (X tons) took an 18% share (based on physical terms) of total imports, which put it in second place, followed by Iraq (13%) and Turkey (12%). Kuwait (X tons), Lebanon (X tons) and Qatar (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to piano imports into the United Arab Emirates stood at +15.5%. At the same time, Iraq (+52.3%), Qatar (+9.3%), Kuwait (+8.3%) and Israel (+1.6%) displayed positive paces of growth. Moreover, Iraq emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +52.3% from 2012-2021. By contrast, Turkey (-7.4%) and Lebanon (-14.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of the United Arab Emirates, Iraq and Israel increased by +32, +12 and +2.8 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in the Middle East, comprising 57% of total imports. The second position in the ranking was taken by Israel ($X), with a 15% share of total imports. It was followed by Turkey, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value in the United Arab Emirates totaled +12.8%. In the other countries, the average annual rates were as follows: Israel (+4.3% per year) and Turkey (-5.5% per year).

Import Prices by Country

The import price in the Middle East stood at $X per ton in 2021, picking up by 34% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.3%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Lebanon ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+2.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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