Report Update Nov 1, 2024

Nigeria - Acoustic New Upright Pianos - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Upright Piano Market 2024

Upright Piano Market Size in Nigeria

After two years of decline, the Nigerien upright piano market increased by 105% to $X in 2022. In general, consumption continues to indicate a prominent expansion. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Upright Piano Exports

Exports from Nigeria

In 2022, the amount of acoustic new upright pianos exported from Nigeria surged to X units, with an increase of 450% on the previous year's figure. Over the period under review, exports, however, showed a precipitous contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 850%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports shrank significantly to $X in 2022. Overall, exports, however, recorded a significant contraction. The pace of growth was the most pronounced in 2016 when exports increased by 1,170% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Benin (X units) was the main destination for upright piano exports from Nigeria, with a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Benin totaled -24.1%.

In value terms, Benin ($X) also remains the key foreign market for acoustic new upright pianos exports from Nigeria.

From 2012 to 2022, the average annual growth rate of value to Benin stood at -34.7%.

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, shrinking by -88.7% against the previous year. Overall, the export price saw a deep slump. The most prominent rate of growth was recorded in 2013 an increase of 1,879% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2014 to 2022, the average export prices remained at a somewhat lower figure.

As there is only one major export destination, the average price level is determined by prices for Benin.

From 2012 to 2022, the rate of growth in terms of prices for Benin amounted to -14.0% per year.

Upright Piano Imports

Imports into Nigeria

In 2022, purchases abroad of acoustic new upright pianos increased by 100% to X units for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, saw a perceptible shrinkage. The pace of growth was the most pronounced in 2019 with an increase of 514% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, upright piano imports surged to $X in 2022. Overall, imports, however, showed a pronounced descent. The pace of growth appeared the most rapid in 2019 with an increase of 393%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of upright piano to Nigeria, accounting for a 27% share of total imports. Moreover, upright piano imports from Japan exceeded the figures recorded by the second-largest supplier, Germany (X units), fourfold. Australia (X units) ranked third in terms of total imports with a 6.2% share.

From 2012 to 2022, the average annual growth rate of volume from Japan amounted to +23.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+24.6% per year) and Australia (-9.2% per year).

In value terms, the largest upright piano suppliers to Nigeria were Japan ($X), the United Arab Emirates ($X) and Germany ($X), together accounting for 61% of total imports.

Germany, with a CAGR of +44.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, growing by 11% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average import price increased by 27% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United Arab Emirates ($X per unit), while the price for Denmark ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for acoustic new upright pianos in the world?

China remains the largest upright piano consuming country worldwide, comprising approx. 56% of total volume. Moreover, upright piano consumption in China exceeded the figures recorded by the second-largest consumer, Vietnam, ninefold. The third position in this ranking was occupied by Japan, with a 5.9% share.

What are the largest producers of acoustic new upright pianos in the world?

Japan remains the largest upright piano producing country worldwide, accounting for 62% of total volume. Moreover, upright piano production in Japan exceeded the figures recorded by the second-largest producer, Indonesia, twofold. Germany ranked third in terms of total production with a 2.7% share.

What are the leading suppliers of acoustic new upright pianos to Nigeria?

In value terms, China constituted the largest supplier of upright piano to Nigeria, comprising 61% of total imports. The second position in the ranking was occupied by the UK, with a 12% share of total imports. It was followed by Indonesia, with an 11% share.

What are the leading importers of acoustic new upright pianos from Nigeria?

In value terms, Benin $405) remains the key foreign market for upright piano exports from Nigeria.

What is the average export price for acoustic new upright pianos in Nigeria?

The average upright piano export price stood at $2,563 per ton in 2021, with a decrease of -43.3% against the previous year.

What is the average import price for acoustic new upright pianos in Nigeria?

The average upright piano import price stood at $7,519 per ton in 2021, dropping by -28.2% against the previous year.

This report provides an in-depth analysis of the upright piano market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 32201110 - Acoustic new upright pianos (including automatic pianos)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023