Scandinavia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Scandinavia

In 2022, the Scandinavia electrical musical instrument market decreased by X% to $X for the first time since 2017, thus ending a four-year rising trend. Overall, consumption saw a perceptible downturn. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Electrical Musical Instrument Production in Scandinavia

In value terms, electrical musical instrument production skyrocketed to $X in 2022 estimated in export price. Overall, production, however, showed a drastic downturn. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports in Scandinavia

In 2022, approx. X units of electrical musical or keyboard instruments were exported in Scandinavia; waning by X% against the previous year's figure. Over the period under review, exports, however, recorded a buoyant increase. The pace of growth was the most pronounced in 2017 when exports increased by X%. The volume of export peaked at X units in 2021, and then reduced in the following year.

In value terms, electrical musical instrument exports declined modestly to $X in 2022. In general, exports, however, saw strong growth. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

The biggest shipments were from Sweden (X units), together resulting at X% of total export.

Sweden was also the fastest-growing in terms of the electrical musical or keyboard instruments exports, with a CAGR of X% from 2012 to 2022. While the share of Sweden (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) also remains the largest electrical musical instrument supplier in Scandinavia.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden amounted to X%.

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 when the export price increased by X%. The level of export peaked in 2022 and is expected to retain growth in years to come.

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

From 2012 to 2022, the rate of growth in terms of prices for Sweden amounted to X% per year.

Electrical Musical Instrument Imports

Imports in Scandinavia

In 2022, the amount of electrical musical or keyboard instruments imported in Scandinavia fell to X units, dropping by X% on 2021. In general, imports, however, saw a moderate expansion. The pace of growth appeared the most rapid in 2018 with an increase of X%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, electrical musical instrument imports declined to $X in 2022. Total imports indicated a pronounced 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, imports increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2019 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2021, and then declined in the following year.

Imports by Country

Sweden represented the key importer of electrical musical or keyboard instruments in Scandinavia, with the volume of imports recording X units, which was approx. X% of total imports in 2022. Finland (X units) ranks second in terms of the total imports with a X% share, followed by Norway (X%).

Sweden was also the fastest-growing in terms of the electrical musical or keyboard instruments imports, with a CAGR of X% from 2012 to 2022. At the same time, Finland (X%) displayed positive paces of growth. Norway experienced a relatively flat trend pattern. From 2012 to 2022, the share of Sweden increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) constitutes the largest market for imported electrical musical or keyboard instruments in Scandinavia, comprising X% of total imports. The second position in the ranking was held by Finland ($X), with a X% share of total imports.

In Sweden, electrical musical instrument imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Finland (X% per year) and Norway (X% per year).

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2022, increasing by X% against the previous year. In general, the import price, however, showed a mild slump. The pace of growth was the most pronounced in 2020 when the import price increased by X% against the previous year. The level of import peaked at $X per unit in 2013; however, from 2014 to 2022, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Norway ($X per unit), while Sweden ($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 (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform