Northern America: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Northern America

The North American keyboard stringed instrument market skyrocketed to $X in 2022, picking up by 17% against the previous year. Overall, consumption saw buoyant growth. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Keyboard Stringed Instrument Production in Northern America

In value terms, keyboard stringed instrument production surged to $X in 2022 estimated in export price. Over the period under review, production saw significant growth. The pace of growth was the most pronounced in 2020 when the production volume increased by 41,529% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Keyboard Stringed Instrument Exports

Exports in Northern America

In 2022, approx. X units of keyboard stringed instruments were exported in Northern America; growing by 73% compared with the previous year's figure. Overall, exports enjoyed a strong expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 173% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, keyboard stringed instrument exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a perceptible slump. The most prominent rate of growth was recorded in 2020 when exports increased by 47%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, the United States (X units) was the major exporter of keyboard stringed instruments in Northern America, comprising 100% of total export.

The United States was also the fastest-growing in terms of the keyboard stringed instruments exports, with a CAGR of +17.8% from 2012 to 2022. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, the United States ($X) also remains the largest keyboard stringed instrument supplier in Northern America.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at -3.1%.

Export Prices by Country

The export price in Northern America stood at $X per unit in 2022, which is down by -24.9% against the previous year. Overall, the export price saw a abrupt curtailment. The growth pace was the most rapid in 2018 an increase of 3.8% against the previous year. Over the period under review, the export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for the United States amounted to -17.8% per year.

Keyboard Stringed Instrument Imports

Imports in Northern America

In 2022, keyboard stringed instrument imports in Northern America soared to X units, jumping by 57% against the previous year. Overall, imports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2014 when imports increased by 67%. The volume of import peaked in 2022 and is expected to retain growth in years to come.

In value terms, keyboard stringed instrument imports rose significantly to $X in 2022. The total import value increased at an average annual rate of +4.7% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 with an increase of 36%. Over the period under review, imports reached the peak figure at $X in 2019; afterwards, it flattened through to 2022.

Imports by Country

The United States dominates imports structure, reaching X units, which was near 91% of total imports in 2022. It was distantly followed by Canada (X units), generating a 5.1% share of total imports. Bermuda (X units) took a relatively small share of total imports.

The United States was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +22.1% from 2012 to 2022. Bermuda (-1.5%) and Canada (-5.4%) illustrated a downward trend over the same period. While the share of the United States (+43 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Bermuda (-13.1 p.p.) and Canada (-29.1 p.p.) displayed negative dynamics.

In value terms, the United States ($X) constitutes the largest market for imported keyboard stringed instruments in Northern America, comprising 81% of total imports. The second position in the ranking was taken by Canada ($X), with a 14% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in the United States stood at +7.7%. In the other countries, the average annual rates were as follows: Canada (-3.4% per year) and Bermuda (+1.4% per year).

Import Prices by Country

In 2022, the import price in Northern America amounted to $X per unit, reducing by -29.2% against the previous year. Overall, the import price saw a abrupt contraction. The pace of growth was the most pronounced in 2013 an increase of 14%. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Canada ($X per unit), while Bermuda ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bermuda (+3.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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