Republic of Korea: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Republic of Korea

The South Korean electrical musical instrument market skyrocketed to $X in 2022, with an increase of X% against the previous year. Overall, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2020 indices. Electrical musical instrument consumption peaked in 2022 and is expected to retain growth in the immediate term.

Electrical Musical Instrument Production in Republic of Korea

In value terms, electrical musical instrument production reduced to $X in 2022 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports from Republic of Korea

In 2022, overseas shipments of electrical musical or keyboard instruments decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports continue to indicate a abrupt contraction. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, electrical musical instrument exports reduced modestly to $X in 2022. Overall, exports showed a noticeable downturn. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for electrical musical instrument exports from South Korea, with a X% share of total exports. Moreover, electrical musical instrument exports to the United States exceeded the volume sent to the second major destination, Germany (X units), sixfold. The UK (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and the UK (X% per year).

In value terms, the United States ($X) remains the key foreign market for electrical musical or keyboard instruments exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and the UK (X% per year).

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price showed resilient growth. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, the average export prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Turkey ($X per unit) and China ($X per unit), while the average price for exports to the Netherlands ($X per unit) and Japan ($X per unit) were amongst the lowest.

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

Electrical Musical Instrument Imports

Imports into Republic of Korea

In 2022, the amount of electrical musical or keyboard instruments imported into South Korea was estimated at X units, increasing by X% against the year before. In general, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, electrical musical instrument imports expanded significantly to $X in 2022. Over the period under review, total imports indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2014 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the maximum in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

China (X units), Indonesia (X units) and the United States (X units) were the main suppliers of electrical musical instrument imports to South Korea, with a combined X% share of total imports. Malaysia and Japan lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, China ($X), Indonesia ($X) and the United States ($X) appeared to be the largest electrical musical instrument suppliers to South Korea, together accounting for X% of total imports. Malaysia and Japan lagged somewhat behind, together comprising a further X%.

Malaysia, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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