Republic of Korea: Grand Piano Market 2024

Grand Piano Market Size in Republic of Korea

The South Korean grand piano market reached $X in 2021, increasing by 15% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Grand piano consumption peaked at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Grand Piano Exports

Exports from Republic of Korea

Grand piano exports from South Korea reduced sharply to X tons in 2021, with a decrease of -22.8% on the year before. Over the period under review, exports saw a deep slump. The pace of growth was the most pronounced in 2020 with an increase of 201% against the previous year. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, grand piano exports soared to $X in 2021. In general, exports showed a abrupt slump. The most prominent rate of growth was recorded in 2020 with an increase of 334%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X tons), the United Arab Emirates (X tons) and Japan (X tons) were the main destinations of grand piano exports from South Korea, with a combined 82% share of total exports. These countries were followed by Italy, the Philippines, Chile, China, Brazil and Canada, which together accounted for a further 16%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Philippines (with a CAGR of +27.6%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for acoustic grand pianos exports from South Korea, comprising 60% of total exports. The second position in the ranking was taken by Japan ($X), with a 26% share of total exports. It was followed by Italy, with a 6.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States amounted to +13.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+6.4% per year) and Italy (-70.4% per year).

Export Prices by Country

The average grand piano export price stood at $X per ton in 2021, jumping by 50% against the previous year. Over the period under review, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +3.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, grand piano export price increased by +116.8% against 2019 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per ton), while the average price for exports to the Philippines ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Chile (+34.5%), while the prices for the other major destinations experienced more modest paces of growth.

Grand Piano Imports

Imports into Republic of Korea

In 2021, the amount of acoustic grand pianos imported into South Korea rose sharply to X tons, increasing by 13% against 2020 figures. The total import volume increased at an average annual rate of +1.4% over the period 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 2019 when imports increased by 20%. Imports peaked at X tons in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, grand piano imports amounted to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 with an increase of 17% against the previous year. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest grand piano supplier to South Korea, with a 64% share of total imports. Moreover, grand piano imports from Japan exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), threefold. China (X tons) ranked third in terms of total imports with a 9.4% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at +1.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+2.7% per year) and China (+9.5% per year).

In value terms, Japan ($X) constituted the largest supplier of acoustic grand pianos to South Korea, comprising 54% of total imports. The second position in the ranking was taken by Germany ($X), with a 25% share of total imports. It was followed by Indonesia, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.5% per year) and Indonesia (+9.2% per year).

Import Prices by Country

In 2021, the average grand piano import price amounted to $X per ton, therefore, remained relatively stable against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average import price increased by 21% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :