Scandinavia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Scandinavia

After two years of growth, the Scandinavia keyboard stringed instrument market decreased by -0.7% to $X in 2022. Overall, consumption, however, saw a relatively flat trend pattern. The level of consumption peaked at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Keyboard Stringed Instrument Production in Scandinavia

In value terms, keyboard stringed instrument production rose modestly to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The pace of growth appeared the most rapid in 2013 with an increase of 9%. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports in Scandinavia

In 2022, overseas shipments of keyboard stringed instruments decreased by -38.1% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, exports saw a deep slump. The growth pace was the most rapid in 2013 when exports increased by 145%. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument exports dropped remarkably to $X in 2022. In general, exports saw a abrupt decline. The most prominent rate of growth was recorded in 2013 when exports increased by 203% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

In 2022, Sweden (X units) was the main exporter of keyboard stringed instruments, comprising 54% of total exports. Finland (X units) took the second position in the ranking, followed by Norway (X units). All these countries together held near 46% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to keyboard stringed instrument exports from Sweden stood at -12.9%. At the same time, Finland (+11.6%) displayed positive paces of growth. Moreover, Finland emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +11.6% from 2012-2022. By contrast, Norway (-2.8%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Finland and Norway increased by +20 and +11 percentage points, respectively.

In value terms, Sweden ($X) remains the largest keyboard stringed instrument supplier in Scandinavia, comprising 73% of total exports. The second position in the ranking was taken by Norway ($X), with a 20% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Sweden amounted to -9.4%. The remaining exporting countries recorded the following average annual rates of exports growth: Norway (+3.5% per year) and Finland (+1.7% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, waning by -1.6% against the previous year. In general, the export price, however, continues to indicate a modest increase. The pace of growth appeared the most rapid in 2014 an increase of 99%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the export prices remained at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+7.6%), while the other leaders experienced mixed trends in the export price figures.

Keyboard Stringed Instrument Imports

Imports in Scandinavia

After two years of growth, supplies from abroad of keyboard stringed instruments decreased by -11.1% to X units in 2022. Overall, imports showed a noticeable decrease. The pace of growth appeared the most rapid in 2020 when imports increased by 67% against the previous year. Over the period under review, imports attained the peak figure at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports declined to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 with an increase of 259% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports failed to regain momentum.

Imports by Country

Norway dominates imports structure, finishing at X units, which was approx. 90% of total imports in 2022. It was distantly followed by Sweden (X units), comprising an 8.8% share of total imports.

Norway was also the fastest-growing in terms of the keyboard stringed instruments imports, with a CAGR of +10.7% from 2012 to 2022. Sweden (-20.2%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Norway increased by +63 percentage points.

In value terms, Norway ($X) constitutes the largest market for imported keyboard stringed instruments in Scandinavia, comprising 85% of total imports. The second position in the ranking was held by Sweden ($X), with a 13% share of total imports.

In Norway, keyboard stringed instrument imports increased at an average annual rate of +6.7% over the period from 2012-2022.

Import Prices by Country

The import price in Scandinavia stood at $X per unit in 2022, rising by 7% against the previous year. In general, the import price recorded a mild expansion. The pace of growth was the most pronounced in 2013 an increase of 195% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Sweden ($X per unit), while Norway totaled $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+7.9%).

Source: IndexBox Platform