Republic of Korea: Upright Piano Market 2024

Upright Piano Market Size in Republic of Korea

The South Korean upright piano market skyrocketed to $X in 2022, jumping by 91% against the previous year. Overall, consumption continues to indicate prominent growth. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in Republic of Korea

In value terms, upright piano production reached $X in 2022 estimated in export price. Overall, production recorded significant growth. The pace of growth appeared the most rapid in 2015 when the production volume increased by 81% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Upright Piano Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in overseas shipments of acoustic new upright pianos, when their volume decreased by -53.5% to X units. Overall, exports recorded a noticeable curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 93% against the previous year. Over the period under review, the exports hit record highs at X units in 2021, and then contracted remarkably in the following year.

In value terms, upright piano exports contracted markedly to $X in 2022. Over the period under review, exports, however, saw a temperate increase. The pace of growth was the most pronounced in 2018 when exports increased by 87%. Over the period under review, the exports attained the maximum at $X in 2021, and then reduced dramatically in the following year.

Exports by Country

China (X units) was the main destination for upright piano exports from South Korea, accounting for a 83% share of total exports. Moreover, upright piano exports to China exceeded the volume sent to the second major destination, the United Arab Emirates (X units), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to China stood at +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+63.6% per year) and the United States (-6.4% per year).

In value terms, China ($X) remains the key foreign market for acoustic new upright pianos exports from South Korea, comprising 86% of total exports. The second position in the ranking was taken by the United States ($X), with a 4.7% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to China amounted to +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.1% per year) and the United Arab Emirates (+62.3% per year).

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, growing by 31% against the previous year. Overall, the export price recorded a prominent expansion. The pace of growth appeared the most rapid in 2018 when the average export price increased by 97% against the previous year. Over the period under review, the average export prices reached the maximum in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.0%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Republic of Korea

In 2022, purchases abroad of acoustic new upright pianos was finally on the rise to reach X units for the first time since 2016, thus ending a five-year declining trend. Overall, imports, however, saw a abrupt descent. Imports peaked at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, upright piano imports rose sharply to $X in 2022. In general, imports, however, continue to indicate a deep downturn. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), Indonesia (X units) and China (X units) were the main suppliers of upright piano imports to South Korea, with a combined 100% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of -5.3%), while purchases for the other leaders experienced a decline.

In value terms, Japan ($X), Indonesia ($X) and China ($X) appeared to be the largest upright piano suppliers to South Korea, with a combined 99.9% share of total imports.

Japan, with a CAGR of -3.0%, recorded 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 a decline.

Import Prices by Country

The average upright piano import price stood at $X per unit in 2022, shrinking by -3.7% against the previous year. Over the last decade, it increased at an average annual rate of +2.5%. The pace of growth appeared the most rapid in 2017 when the average import price increased by 10% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2021, and then contracted modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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