Northern America: Upright Piano Market 2024

Upright Piano Market Size in Northern America

In 2022, the North American upright piano market increased by 26% to $X, rising for the second year in a row after three years of decline. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The level of consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Upright Piano Production in Northern America

In value terms, upright piano production totaled $X in 2022 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume decreased by 99.9%. The level of production peaked in 2022 and is expected to retain growth in the immediate term.

Upright Piano Exports

Exports in Northern America

In 2022, overseas shipments of acoustic new upright pianos increased by 48% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, showed a slight reduction. The volume of export peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports soared to $X in 2022. Over the period under review, exports, however, showed a perceptible decline. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States dominates exports structure, recording X units, which was approx. 95% of total exports in 2022. It was distantly followed by Canada (X units), generating a 5.2% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from the United States stood at -1.8%. At the same time, Canada (+10.0%) displayed positive paces of growth. Moreover, Canada emerged as the fastest-growing exporter exported in Northern America, with a CAGR of +10.0% from 2012-2022. Canada (+3.5 p.p.) significantly strengthened its position in terms of the total exports, while the United States saw its share reduced by -3.5% from 2012 to 2022, respectively.

In value terms, the United States ($X) remains the largest upright piano supplier in Northern America, comprising 98% of total exports. The second position in the ranking was held by Canada ($X), with a 1.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States amounted to -2.6%.

Export Prices by Country

The export price in Northern America stood at $X per unit in 2022, which is down by -6% against the previous year. Overall, the export price recorded a mild curtailment. The most prominent rate of growth was recorded in 2014 an increase of 19%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($X per unit), while Canada totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-0.8%).

Upright Piano Imports

Imports in Northern America

In 2022, supplies from abroad of acoustic new upright pianos increased by 28% to X units, rising for the second consecutive year after two years of decline. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 28%. The volume of import peaked at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, upright piano imports surged to $X in 2022. The total import value increased at an average annual rate of +2.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 32% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

The United States represented the largest importing country with an import of about X units, which resulted at 81% of total imports. It was distantly followed by Canada (X units), mixing up a 19% share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of acoustic new upright pianos. Canada (-1.5%) illustrated a downward trend over the same period. While the share of the United States (+2.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Canada (-2.5 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported acoustic new upright pianos in Northern America, comprising 80% of total imports. The second position in the ranking was held by Canada ($X), with a 20% share of total imports.

In the United States, upright piano imports increased at an average annual rate of +2.5% over the period from 2012-2022.

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per unit, leveling off at the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2015 when the import price increased by 8.8% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Canada ($X per unit), while the United States amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+2.4%).

Source: IndexBox Platform

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