Report Update Nov 1, 2024

Puerto Rico - Pianos and Other Keyboard Stringed Musical Instruments - Market Analysis, Forecast, Size, Trends and Insights

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Puerto Rico: Piano Market 2024

Piano Market Size in Puerto Rico

The Puerto Rican piano market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, continues to indicate a perceptible curtailment. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Piano Production in Puerto Rico

In value terms, piano production amounted to $X in 2021 estimated in export price. In general, production, however, showed a mild contraction. The pace of growth was the most pronounced in 2016 with an increase of 22% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports by Country

Japan was the largest exporting country with an export of about X tons, which finished at 48% of total exports. Indonesia (X tons) ranks second in terms of the total exports with a 21% share, followed by South Korea (9.5%), China (7.9%) and Germany (4.7%). The Czech Republic (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to piano exports from Japan stood at +1.6%. At the same time, South Korea (+26.7%) and China (+3.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in the world, with a CAGR of +26.7% from 2012-2021. Germany, Indonesia and the Czech Republic experienced a relatively flat trend pattern. While the share of South Korea (+8.1 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Japan (-2.3 p.p.) and Indonesia (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest piano supplying countries from Puerto Rico were Japan ($X), Germany ($X) and Indonesia ($X), with a combined 72% share of total exports. China, the Czech Republic and South Korea lagged somewhat behind, together comprising a further 12%.

South Korea, with a CAGR of +10.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Piano Imports

Imports by Country

China dominates imports structure, resulting at X tons, which was approx. 53% of total imports in 2021. The United States (X tons) took the second position in the ranking, followed by Germany (X tons) and Vietnam (X tons). All these countries together took near 14% share of total imports. Australia (X tons), France (X tons), Italy (X tons), Canada (X tons), the UK (X tons), Malaysia (X tons), Hong Kong SAR (X tons), the Netherlands (X tons) and Japan (X tons) held a minor share of total imports.

China was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of +18.2% from 2012 to 2021. At the same time, the Netherlands (+5.7%), Italy (+3.8%), the United States (+2.0%) and Australia (+1.8%) displayed positive paces of growth. Canada experienced a relatively flat trend pattern. By contrast, the UK (-1.2%), Malaysia (-2.3%), France (-2.9%), Germany (-3.0%), Hong Kong SAR (-3.2%), Japan (-7.0%) and Vietnam (-10.7%) illustrated a downward trend over the same period. While the share of China (+36 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Hong Kong SAR (-1.6 p.p.), the United States (-1.6 p.p.), France (-2 p.p.), Japan (-2.3 p.p.), Vietnam (-2.9 p.p.) and Germany (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments into Puerto Rico, comprising 29% of global imports. The second position in the ranking was held by the United States ($X), with a 12% share of global imports. It was followed by Germany, with a 7% share.

From 2012 to 2021, the average annual growth rate of value in China amounted to +9.4%. In the other countries, the average annual rates were as follows: the United States (-0.5% per year) and Germany (-1.1% per year).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for pianos and other keyboard stringed musical instruments in the world?

China remains the largest piano consuming country worldwide, comprising approx. 30% of total volume. Moreover, piano consumption in China exceeded the figures recorded by the second-largest consumer, the United States, threefold. The third position in this ranking was occupied by Pakistan, with a 5.7% share.

What are the largest producers of pianos and other keyboard stringed musical instruments in the world?

Japan remains the largest piano producing country worldwide, comprising approx. 29% of total volume. Moreover, piano production in Japan exceeded the figures recorded by the second-largest producer, China, twofold. Indonesia ranked third in terms of total production with a 13% share.

What are the leading suppliers of pianos and other keyboard stringed musical instruments to Puerto Rico?

In value terms, China constitutes the largest market for imported pianos and other keyboard stringed musical instruments into Puerto Rico, comprising 29% of global imports. The second position in the ranking was occupied by the United States, with an 11% share of global imports. It was followed by Germany, with a 7.2% share.

What are the leading importers of pianos and other keyboard stringed musical instruments from Puerto Rico?

In value terms, Japan, Germany and Indonesia constituted the countries with the highest levels of exports in 2020, together comprising 70% of total exports. These countries were followed by China, South Korea and the United Arab Emirates, which together accounted for a further 9.8%.

What is the average export price for pianos and other keyboard stringed musical instruments in Puerto Rico?

The piano export price in Puerto Rico stood at $less than 0.1 per ton in 2020, approximately reflecting the previous year.

What is the average import price for pianos and other keyboard stringed musical instruments in Puerto Rico?

The piano import price in Puerto Rico stood at $less than 0.1 per ton in 2020, approximately reflecting the previous year.

This report provides an in-depth analysis of the piano market in Puerto Rico. 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)
Prodcom 32201130 - Acoustic grand pianos (including automatic pianos)
Prodcom 32201150 - Keyboard stringed instruments (including harpsichords, s pinets and clavichords)

Country coverage:

Puerto Rico

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Puerto Rico
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