Russian Federation: Piano Market 2024

Piano Market Size in the Russian Federation

The Russian piano market rose sharply to $X in 2021, picking up by 6.3% against the previous year. Overall, consumption, however, recorded a abrupt decline. The pace of growth was the most pronounced in 2019 with an increase of 8.2%. Piano consumption peaked at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Piano Production in the Russian Federation

In value terms, piano production expanded remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a deep setback. Piano production peaked at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Piano Exports

Exports from the Russian Federation

In 2021, the amount of pianos and other keyboard stringed musical instruments exported from Russia reached X tons, with an increase of 15% compared with the year before. Overall, exports, however, showed a abrupt setback. The growth pace was the most rapid in 2015 with an increase of 233% 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, piano exports soared to $X in 2021. In general, exports, however, recorded a pronounced setback. The pace of growth was the most pronounced in 2017 when exports increased by 125%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Belarus (X tons) was the main destination for piano exports from Russia, with a 38% share of total exports. Moreover, piano exports to Belarus exceeded the volume sent to the second major destination, China (X tons), twofold. Kazakhstan (X tons) ranked third in terms of total exports with a 15% share.

From 2012 to 2021, the average annual growth rate of volume to Belarus amounted to +46.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+27.1% per year) and Kazakhstan (+31.4% per year).

In value terms, Japan ($X), Belarus ($X) and Kazakhstan ($X) appeared to be the largest markets for piano exported from Russia worldwide, together accounting for 85% of total exports. These countries were followed by Switzerland, China, Vietnam and Latvia, which together accounted for a further 10%.

Vietnam, with a CAGR of +114.8%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, surging by 61% against the previous year. Overall, the export price saw a modest increase. As a result, the export price reached 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 Japan ($X per ton), while the average price for exports to China ($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 Japan (+50.6%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into the Russian Federation

In 2021, after four years of growth, there was significant decline in supplies from abroad of pianos and other keyboard stringed musical instruments, when their volume decreased by -30.4% to X tons. Over the period under review, imports showed a slight descent. The pace of growth appeared the most rapid in 2020 when imports increased by 48% against the previous year. As a result, imports reached the peak of X tons, and then declined rapidly in the following year.

In value terms, piano imports declined to $X in 2021. Overall, imports continue to indicate a pronounced downturn. The pace of growth was the most pronounced in 2017 when imports increased by 46%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Japan (X tons) and China (X tons) were the main suppliers of piano imports to Russia, with a combined 76% share of total imports. Belarus, the Czech Republic and Germany lagged somewhat behind, together accounting for a further 24%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Belarus (with a CAGR of +81.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest piano suppliers to Russia were Germany ($X), Japan ($X) and Indonesia ($X), with a combined 74% share of total imports. These countries were followed by the Czech Republic, China and Belarus, which together accounted for a further 23%.

Belarus, with a CAGR of +68.7%, 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

In 2021, the average piano import price amounted to $X per ton, rising by 26% against the previous year. In general, the import price, however, recorded a relatively flat trend pattern. The import price peaked at $X per ton in 2015; however, from 2016 to 2021, import prices stood at a somewhat 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 ($X per ton), while the price for Indonesia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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