Scandinavia: Upright Piano Market 2024

Upright Piano Market Size in Scandinavia

The Scandinavia upright piano market contracted modestly to $X in 2022, which is down by -2.5% against the previous year. Over the period under review, consumption, however, recorded a deep downturn. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Upright Piano Production in Scandinavia

In value terms, upright piano production skyrocketed to $X in 2022 estimated in export price. The total production indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -16.8% against 2020 indices. The most prominent rate of growth was recorded in 2020 when the production volume increased by 206% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Upright Piano Exports

Exports in Scandinavia

In 2022, overseas shipments of acoustic new upright pianos decreased by -21.1% to X units, falling for the second year in a row after two years of growth. Overall, exports showed a deep setback. The pace of growth was the most pronounced in 2017 with an increase of 192% against the previous year. The volume of export peaked at X units in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports skyrocketed to $X in 2022. Over the period under review, exports continue to indicate a deep setback. The most prominent rate of growth was recorded in 2017 when exports increased by 82%. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, Sweden (X units) was the main exporter of acoustic new upright pianos, mixing up 70% of total exports. Norway (X units) took a 17% share (based on physical terms) of total exports, which put it in second place, followed by Finland (13%).

Exports from Sweden decreased at an average annual rate of -8.4% from 2012 to 2022. At the same time, Norway (+20.8%) and Finland (+9.6%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +20.8% from 2012-2022. Norway (+16 p.p.) and Finland (+10 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -25.5% from 2012 to 2022, respectively.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) constituted the countries with the highest levels of exports in 2022.

Among the main exporting countries, Finland, with a CAGR of +34.2%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Scandinavia stood at $X per unit in 2022, surging by 77% against the previous year. In general, the export price, however, saw a noticeable decline. The pace of growth appeared the most rapid in 2016 an increase of 108%. The level of export peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Norway ($X per unit), while Finland ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+22.4%), while the other leaders experienced a decline in the export price figures.

Upright Piano Imports

Imports in Scandinavia

In 2022, supplies from abroad of acoustic new upright pianos decreased by -4.1% to X units, falling for the fourth year in a row after two years of growth. Overall, imports saw a perceptible decrease. The pace of growth appeared the most rapid in 2018 when imports increased by 44%. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, upright piano imports contracted to $X in 2022. Over the period under review, imports saw a drastic downturn. The pace of growth appeared the most rapid in 2017 when imports increased by 13% against the previous year. The level of import peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

Norway was the main importer of acoustic new upright pianos in Scandinavia, with the volume of imports finishing at X units, which was approx. 61% of total imports in 2022. It was distantly followed by Finland (X units) and Sweden (X units), together mixing up a 39% share of total imports.

Imports into Norway decreased at an average annual rate of -3.2% from 2012 to 2022. At the same time, Sweden (+3.2%) displayed positive paces of growth. Moreover, Sweden emerged as the fastest-growing importer imported in Scandinavia, with a CAGR of +3.2% from 2012-2022. By contrast, Finland (-5.8%) illustrated a downward trend over the same period. While the share of Sweden (+7.5 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Finland (-7.4 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest upright piano importing markets in Scandinavia were Norway ($X), Finland ($X) and Sweden ($X).

Sweden, with a CAGR of +6.1%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per unit, leveling off at the previous year. Overall, the import price recorded a perceptible slump. The pace of growth appeared the most rapid in 2021 an increase of 35% against the previous year. The level of import peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Finland ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+2.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform