Singapore: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Singapore

The Singaporean percussion musical instrument market reduced notably to $X in 2022, which is down by -26.3% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption showed a drastic downturn. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Percussion Musical Instrument Exports

Exports from Singapore

In 2022, approx. X units of percussion musical instruments were exported from Singapore; growing by 2.7% compared with 2021. In general, exports, however, faced a sharp decrease. The most prominent rate of growth was recorded in 2015 with an increase of 37%. Over the period under review, the exports attained the maximum at X units in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

In value terms, percussion musical instrument exports reduced to $X in 2022. Over the period under review, exports, however, saw a abrupt setback. The most prominent rate of growth was recorded in 2020 when exports increased by 44%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Malaysia (X units) was the main destination for percussion musical instrument exports from Singapore, accounting for a 64% share of total exports. Moreover, percussion musical instrument exports to Malaysia exceeded the volume sent to the second major destination, Indonesia (X units), twofold.

From 2012 to 2022, the average annual growth rate of volume to Malaysia amounted to +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Indonesia (-29.2% per year) and the Philippines (+27.7% per year).

In value terms, Malaysia ($X) remains the key foreign market for percussion musical instruments exports from Singapore, comprising 57% of total exports. The second position in the ranking was held by the Philippines ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Malaysia totaled +4.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+17.1% per year) and Indonesia (-27.9% per year).

Export Prices by Country

The average percussion musical instrument export price stood at $X per unit in 2022, shrinking by -16.4% against the previous year. In general, the export price, however, saw a prominent increase. The most prominent rate of growth was recorded in 2017 an increase of 137% against the previous year. The export price peaked at $X per unit in 2021, and then declined markedly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the Philippines ($X per unit), while the average price for exports to Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+2.8%), while the prices for the other major destinations experienced mixed trend patterns.

Percussion Musical Instrument Imports

Imports into Singapore

In 2022, approx. X units of percussion musical instruments were imported into Singapore; dropping by -9.6% against the previous year's figure. Over the period under review, imports recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when imports increased by 88%. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, percussion musical instrument imports fell remarkably to $X in 2022. Overall, imports recorded a deep setback. The most prominent rate of growth was recorded in 2021 when imports increased by 122% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, China (X units) constituted the largest supplier of percussion musical instrument to Singapore, accounting for a 60% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a 7.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at -11.4%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-21.0% per year) and Taiwan (Chinese) (-20.2% per year).

In value terms, China ($X) constituted the largest supplier of percussion musical instruments to Singapore, comprising 35% of total imports. The second position in the ranking was taken by the United States ($X), with a 17% share of total imports. It was followed by Indonesia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-16.6% per year) and Indonesia (-3.1% per year).

Import Prices by Country

The average percussion musical instrument import price stood at $X per unit in 2022, dropping by -23.3% against the previous year. Overall, the import price, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2013 when the average import price increased by 35%. The import price peaked at $X per unit in 2021, and then dropped rapidly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Korea (+16.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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