Report Update Nov 1, 2024

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

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Republic of Korea: Piano Market 2024

Piano Market Size in Republic of Korea

The South Korean piano market stood at $X in 2021, picking up by 1.6% against the previous year. Over the period under review, consumption, however, recorded resilient growth. Piano consumption peaked at $X in 2019; however, from 2020 to 2021, consumption failed to regain momentum.

Piano Production in Republic of Korea

In value terms, piano production surged to $X in 2021 estimated in export price. Over the period under review, production continues to indicate a significant increase. The most prominent rate of growth was recorded in 2014 with an increase of 170% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports from Republic of Korea

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments increased by 88% to X tons, rising for the third consecutive year after two years of decline. Over the period under review, exports saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 88%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see gradual growth in the near future.

In value terms, piano exports skyrocketed to $X in 2021. In general, exports recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 66%. Over the period under review, the exports attained the peak figure at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

China (X tons) was the main destination for piano exports from South Korea, accounting for a approx. 97% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled +33.6%.

In value terms, China ($X) also remains the key foreign market for pianos and other keyboard stringed musical instruments exports from South Korea.

From 2012 to 2021, the average annual growth rate of value to China amounted to +24.3%.

Export Prices by Country

The average piano export price stood at $X per ton in 2021, reducing by -37.8% against the previous year. In general, the export price saw a abrupt setback. The pace of growth appeared the most rapid in 2015 an increase of 13% against the previous year. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

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

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -7.0% per year.

Piano Imports

Imports into Republic of Korea

Piano imports into South Korea totaled X tons in 2021, growing by 1.6% on 2020. In general, imports, however, recorded a drastic downturn. The growth pace was the most rapid in 2015 with an increase of 17% against the previous year. Over the period under review, imports attained the maximum at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, piano imports reached $X in 2021. Overall, imports, however, showed a pronounced decrease. Over the period under review, imports attained the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of piano to South Korea, with a 49% share of total imports. Moreover, piano imports from Japan exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. The third position in this ranking was taken by China (X tons), with an 8.6% share.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-14.3% per year) and China (-17.2% per year).

In value terms, Japan ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to South Korea, comprising 48% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by Indonesia, with a 14% share.

From 2012 to 2021, the average annual growth rate of value from Japan totaled -1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+0.6% per year) and Indonesia (-9.7% per year).

Import Prices by Country

In 2021, the average piano import price amounted to $X per ton, increasing by 7.3% against the previous year. In general, import price indicated a resilient increase from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, piano import price increased by +30.4% against 2014 indices. The growth pace was the most rapid in 2014 when the average import price increased by 17%. Over the period under review, average import prices attained the maximum in 2021 and is likely to continue growth in years to come.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+8.5%), 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 pianos and other keyboard stringed musical instruments in the world?

China remains the largest piano consuming country worldwide, accounting for 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 constituted the country with the largest volume of piano production, 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 Republic of Korea?

In value terms, Japan constituted the largest supplier of piano to South Korea, comprising 50% of total imports. The second position in the ranking was occupied by Indonesia, with a 19% share of total imports.

What are the leading importers of pianos and other keyboard stringed musical instruments from Republic of Korea?

In value terms, China remains the key foreign market for piano exports from South Korea, comprising 91% of total exports. The second position in the ranking was occupied by Vietnam, with a 2.7% share of total exports. It was followed by the United Arab Emirates, with a 0.7% share.

What is the average export price for pianos and other keyboard stringed musical instruments in Republic of Korea?

In 2020, the average piano export price amounted to $8,845 per ton, picking up by 13% against the previous year.

What is the average import price for pianos and other keyboard stringed musical instruments in Republic of Korea?

The average piano import price stood at $15,500 per ton in 2020, with an increase of 1.6% against the previous year.

This report provides an in-depth analysis of the piano 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 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:

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
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