Singapore: Piano Market 2024

Piano Market Size in Singapore

The Singaporean piano market surged to $X in 2021, picking up by 37% 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, however, showed a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Piano Exports

Exports from Singapore

In 2021, the amount of pianos and other keyboard stringed musical instruments exported from Singapore soared to X tons, with an increase of 37% on 2020 figures. Over the period under review, exports, however, recorded a abrupt shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 72% against the previous year. Over the period under review, the exports hit record highs at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, piano exports contracted to $X in 2021. In general, exports, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2019 when exports increased by 59% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Philippines (X tons), Malaysia (X tons) and Indonesia (X tons) were the main destinations of piano exports from Singapore, together comprising 69% of total exports. Hong Kong SAR, Australia, Brunei Darussalam and India lagged somewhat behind, together comprising a further 25%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Hong Kong SAR (with a CAGR of +58.3%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for piano exported from Singapore were Malaysia ($X), the Philippines ($X) and Indonesia ($X), together accounting for 63% of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of +36.6%, saw the highest growth rate of the value of exports, 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, which is down by -36% against the previous year. Overall, the export price recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2020 when the average export price increased by 71%. As a result, the export price attained the peak level of $X per ton, and then declined sharply in the following year.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Malaysia ($X per ton), while the average price for exports to India ($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 Australia (+5.8%), while the prices for the other major destinations experienced a decline.

Piano Imports

Imports into Singapore

In 2021, the amount of pianos and other keyboard stringed musical instruments imported into Singapore skyrocketed to X tons, increasing by 22% against the previous year. Over the period under review, imports, however, saw a pronounced shrinkage. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, piano imports soared to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. Over the period under review, imports hit record highs at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X tons), China (X tons) and Indonesia (X tons) were the main suppliers of piano imports to Singapore, with a combined 74% share of total imports. Malaysia, Germany, Vietnam, Cambodia and the Czech Republic lagged somewhat behind, together accounting for a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +35.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest piano suppliers to Singapore were Japan ($X), Germany ($X) and China ($X), with a combined 61% share of total imports. These countries were followed by Malaysia, Indonesia, Vietnam, the Czech Republic and Cambodia, which together accounted for a further 12%.

Cambodia, with a CAGR of +123.8%, saw the highest rates of growth with regard to 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

The average piano import price stood at $X per ton in 2021, jumping by 19% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.8%. The pace of growth was the most pronounced in 2014 when the average import price increased by 33%. The import price peaked in 2021 and is likely to continue growth in the near future.

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 Cambodia (+124.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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