South-Eastern Asia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in South-Eastern Asia

In 2022, the Southeast Asian keyboard stringed instrument market was finally on the rise to reach $X after two years of decline. In general, consumption recorded a resilient increase. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in South-Eastern Asia

In value terms, keyboard stringed instrument production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 with an increase of 3.5% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports in South-Eastern Asia

In 2022, shipments abroad of keyboard stringed instruments increased by 22% to X units, rising for the fourth year in a row after four years of decline. Over the period under review, exports, however, faced a significant contraction. The most prominent rate of growth was recorded in 2021 with an increase of 108% against the previous year. Over the period under review, the exports reached the maximum at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, keyboard stringed instrument exports surged to $X in 2022. Overall, exports, however, continue to indicate a drastic downturn. The most prominent rate of growth was recorded in 2019 when exports increased by 210%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X units) and Thailand (X units) represented the main exporters of keyboard stringed instruments in 2022, resulting at approx. 35% and 32% of total exports, respectively. Singapore (X units) took a 10% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (9.1%) and Malaysia (6.5%). Indonesia (X units) took a little share of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +162.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the Philippines ($X) remains the largest keyboard stringed instrument supplier in South-Eastern Asia, comprising 71% of total exports. The second position in the ranking was held by Vietnam ($X), with a 19% share of total exports. It was followed by Singapore, with a 4.3% share.

In the Philippines, keyboard stringed instrument exports expanded at an average annual rate of +272.3% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Vietnam (+67.4% per year) and Singapore (-12.3% per year).

Export Prices by Country

The export price in South-Eastern Asia stood at $X per unit in 2022, increasing by 38% against the previous year. Overall, the export price saw a strong increase. The most prominent rate of growth was recorded in 2020 an increase of 66%. The level of export peaked in 2022 and is likely to see steady growth in the near future.

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 Vietnam ($X per unit), while Indonesia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+14.8%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in South-Eastern Asia

In 2022, keyboard stringed instrument imports in South-Eastern Asia expanded sharply to X units, rising by 12% compared with the previous year's figure. Over the period under review, imports, however, recorded a deep slump. The pace of growth was the most pronounced in 2014 when imports increased by 83%. The volume of import peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument imports dropped to $X in 2022. Overall, imports continue to indicate a noticeable expansion. The most prominent rate of growth was recorded in 2021 with an increase of 85%. As a result, imports reached the peak of $X, and then declined in the following year.

Imports by Country

In 2022, Thailand (X units) represented the main importer of keyboard stringed instruments, committing 43% of total imports. Vietnam (X units) took the second position in the ranking, followed by the Philippines (X units), Singapore (X units) and Malaysia (X units). All these countries together held near 49% share of total imports. Indonesia (X units) and Myanmar (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to keyboard stringed instrument imports into Thailand stood at +34.6%. At the same time, Myanmar (+43.3%), Vietnam (+23.8%) and Malaysia (+7.2%) displayed positive paces of growth. Moreover, Myanmar emerged as the fastest-growing importer imported in South-Eastern Asia, with a CAGR of +43.3% from 2012-2022. By contrast, the Philippines (-1.0%), Singapore (-12.3%) and Indonesia (-31.3%) illustrated a downward trend over the same period. Thailand (+42 p.p.), Vietnam (+19 p.p.), the Philippines (+8 p.p.), Malaysia (+4.1 p.p.) and Myanmar (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Indonesia saw its share reduced by -5% and -70.5% from 2012 to 2022, respectively.

In value terms, Singapore ($X), the Philippines ($X) and Thailand ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 82% share of total imports. These countries were followed by Vietnam, Malaysia, Myanmar and Indonesia, which together accounted for a further 17%.

Myanmar, with a CAGR of +48.2%, recorded 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 more modest paces of growth.

Import Prices by Country

In 2022, the import price in South-Eastern Asia amounted to $X per unit, dropping by -17.9% against the previous year. In general, the import price, however, posted buoyant growth. The most prominent rate of growth was recorded in 2018 when the import price increased by 115% against the previous year. The level of import peaked at $X per unit in 2021, and then fell remarkably in the following year.

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 Singapore ($X per unit), while Indonesia ($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 (+35.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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