South-Eastern Asia: Upright Piano Market 2024

Upright Piano Market Size in South-Eastern Asia

In 2022, the Southeast Asian upright piano market increased by 32% to $X, rising for the fifth year in a row after two years of decline. The total consumption indicated a buoyant expansion from 2012 to 2022: its value increased at an average annual rate of +5.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +81.2% against 2017 indices. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Upright Piano Production in South-Eastern Asia

In value terms, upright piano production declined to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 38% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Upright Piano Exports

Exports in South-Eastern Asia

In 2022, the amount of acoustic new upright pianos exported in South-Eastern Asia reduced remarkably to X units, shrinking by -30.7% compared with 2021 figures. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2016 with an increase of 57%. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, upright piano exports amounted to $X in 2022. The total export value increased at an average annual rate of +1.5% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 37%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Indonesia represented the key exporter of acoustic new upright pianos in South-Eastern Asia, with the volume of exports accounting for X units, which was near 65% of total exports in 2022. Malaysia (X units) ranks second in terms of the total exports with a 20% share, followed by Vietnam (11%). Singapore (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from Indonesia stood at -10.0%. At the same time, Vietnam (+1.9%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +1.9% from 2012-2022. By contrast, Malaysia (-4.0%) and Singapore (-11.4%) illustrated a downward trend over the same period. While the share of Malaysia (+7.4 p.p.) and Vietnam (+7.1 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Indonesia (-14 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest upright piano supplier in South-Eastern Asia, comprising 91% of total exports. The second position in the ranking was taken by Malaysia ($X), with a 4.9% share of total exports. It was followed by Vietnam, with a 2.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Indonesia stood at +1.9%. The remaining exporting countries recorded the following average annual rates of exports growth: Malaysia (-3.3% per year) and Vietnam (+3.0% per year).

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per unit, growing by 50% against the previous year. In general, the export price continues to indicate buoyant growth. The growth pace was the most rapid in 2017 an increase of 72%. Over the period under review, the export prices attained the maximum in 2022 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+13.2%), while the other leaders experienced more modest paces of growth.

Upright Piano Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of acoustic new upright pianos increased by 1.4% to X units, rising for the second year in a row after three years of decline. Over the period under review, imports, however, saw a pronounced contraction. The pace of growth appeared the most rapid in 2015 with an increase of 30%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, upright piano imports rose rapidly to $X in 2022. In general, imports, however, recorded a perceptible setback. The most prominent rate of growth was recorded in 2015 with an increase of 12% against the previous year. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Malaysia (X units), distantly followed by the Philippines (X units), Thailand (X units), Vietnam (X units) and Singapore (X units) were the major importers of acoustic new upright pianos, together constituting 98% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Philippines (with a CAGR of +5.1%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, Vietnam ($X), Malaysia ($X) and Singapore ($X) were the countries with the highest levels of imports in 2022, together accounting for 80% of total imports.

Vietnam, with a CAGR of +5.9%, saw 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 mixed trends in the imports figures.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per unit, with an increase of 3.8% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 12%. The level of import peaked at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a 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 Vietnam ($X per unit), while the Philippines ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+4.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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