Report Update Nov 1, 2024

Republic of Korea - Keyboard Stringed Instruments - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Republic of Korea

The South Korean keyboard stringed instrument market expanded rapidly to $X in 2022, surging by 7.8% against the previous year. In general, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Keyboard Stringed Instrument Production in Republic of Korea

In value terms, keyboard stringed instrument production totaled $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 33%. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Keyboard Stringed Instrument Exports

Exports from Republic of Korea

Keyboard stringed instrument exports from South Korea dropped markedly to X units in 2022, declining by -20.3% against the previous year. In general, exports recorded a deep slump. The most prominent rate of growth was recorded in 2013 when exports increased by 100%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports declined rapidly to $X in 2022. Over the period under review, exports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 86% against the previous year. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Myanmar (X units) was the main destination for keyboard stringed instrument exports from South Korea, accounting for a approx. 100% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Myanmar amounted to +81.5%.

In value terms, Myanmar ($X) emerged as the key foreign market for keyboard stringed instruments exports from South Korea.

From 2012 to 2022, the average annual rate of growth in terms of value to Myanmar amounted to +101.1%.

Export Prices by Country

In 2022, the average keyboard stringed instrument export price amounted to $X per unit, growing by 1.6% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 an increase of 67% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -1.6% per year.

Keyboard Stringed Instrument Imports

Imports into Republic of Korea

In 2022, purchases abroad of keyboard stringed instruments increased by 21% to X units, rising for the sixth year in a row after three years of decline. In general, imports recorded a prominent expansion. The most prominent rate of growth was recorded in 2013 with an increase of 82% against the previous year. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument imports reduced to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 with an increase of 60% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then fell in the following year.

Imports by Country

In 2022, China (X units) was the main supplier of keyboard stringed instrument to South Korea, with a approx. 98% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China stood at +19.9%.

In value terms, China ($X) constituted the largest supplier of keyboard stringed instruments to South Korea, comprising 80% of total imports. The second position in the ranking was taken by the United States ($X), with a 1.9% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +8.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-25.5% per year) and Italy (-31.1% per year).

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, waning by -26.9% against the previous year. Over the period under review, the import price recorded a pronounced setback. The most prominent rate of growth was recorded in 2015 when the average import price increased by 88% against the previous year. As a result, import price attained the peak level of $X per unit. From 2016 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for keyboard stringed instruments in the world?

The countries with the highest volumes of in 2021 were South Korea, Indonesia and Japan, together comprising 78% of global consumption.

What are the largest producers of keyboard stringed instruments in the world?

The countries with the highest volumes of in 2021 were South Korea, Indonesia and Japan, together accounting for 87% of global production. The United Arab Emirates and the UK lagged somewhat behind, together comprising a further 4.1%.

What are the leading suppliers of keyboard stringed instruments to Republic of Korea?

In value terms, Japan constituted the largest supplier of keyboard stringed instrument to South Korea, comprising 71% of total imports. The second position in the ranking was occupied by China, with a 17% share of total imports.

What are the leading importers of keyboard stringed instruments from Republic of Korea?

In value terms, China remains the key foreign market for keyboard stringed instrument exports from South Korea, comprising 47% of total exports. The second position in the ranking was occupied by Vietnam, with a 14% share of total exports. It was followed by the United Arab Emirates, with a 3.4% share.

What is the average export price for keyboard stringed instruments in Republic of Korea?

In 2021, the average keyboard stringed instrument export price amounted to $979 per ton, shrinking by -8.9% against the previous year.

What is the average import price for keyboard stringed instruments in Republic of Korea?

The average keyboard stringed instrument import price stood at $53,737 per ton in 2021, surging by 11% against the previous year.

This report provides an in-depth analysis of the keyboard stringed instrument market in Republic of Korea. 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 32201150 - Keyboard stringed instruments (including harpsichords, s pinets and clavichords)

Country coverage:

South Korea

Data coverage:

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