South-Eastern Asia: Piano Market 2024

Piano Market Size in South-Eastern Asia

In 2021, the Southeast Asian piano market decreased by -3.5% to $X, falling for the second year in a row after three years of growth. Overall, consumption saw a pronounced reduction. The most prominent rate of growth was recorded in 2019 with an increase of 3.3%. The level of consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Piano Production in South-Eastern Asia

In value terms, piano production amounted to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports in South-Eastern Asia

In 2021, approx. X tons of pianos and other keyboard stringed musical instruments were exported in South-Eastern Asia; increasing by 33% on the previous year. In general, exports, however, showed a relatively flat trend pattern. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports skyrocketed to $X in 2021. Overall, exports saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

Exports by Country

Indonesia dominates exports structure, finishing at X tons, which was near 96% of total exports in 2021. Vietnam (X tons) held a minor share of total exports.

Indonesia experienced a relatively flat trend pattern with regard to volume of exports of pianos and other keyboard stringed musical instruments. At the same time, Vietnam (+2.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in South-Eastern Asia, with a CAGR of +2.6% from 2012-2021. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Indonesia ($X) remains the largest piano supplier in South-Eastern Asia, comprising 92% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 4.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Indonesia was relatively modest.

Export Prices by Country

The export price in South-Eastern Asia stood at $X per ton in 2021, shrinking by -1.9% against the previous year. Over the period under review, the export price, however, showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the export price increased by 14% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Vietnam ($X per ton), while Indonesia stood at $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+8.5%).

Piano Imports

Imports in South-Eastern Asia

In 2021, imports of pianos and other keyboard stringed musical instruments in South-Eastern Asia contracted to X tons, with a decrease of -10.4% against the previous year's figure. Overall, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2015 with an increase of 11% against the previous year. The volume of import peaked at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, piano imports surged to $X in 2021. In general, imports continue to indicate a noticeable slump. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Malaysia was the largest importer of pianos and other keyboard stringed musical instruments in South-Eastern Asia, with the volume of imports reaching X tons, which was approx. 41% of total imports in 2021. Vietnam (X tons) ranks second in terms of the total imports with a 22% share, followed by Singapore (17%), Thailand (12%) and the Philippines (5.3%).

From 2012 to 2021, the biggest increases were recorded for Malaysia (with a CAGR of -2.3%), while purchases for the other leaders experienced a decline in the imports figures.

In value terms, the largest piano importing markets in South-Eastern Asia were Singapore ($X), Vietnam ($X) and Malaysia ($X), together comprising 78% of total imports. Thailand and the Philippines lagged somewhat behind, together comprising a further 18%.

Among the main importing countries, the Philippines, with a CAGR of +17.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in South-Eastern Asia amounted to $X per ton, rising by 38% against the previous year. Import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, piano import price increased by +84.9% against 2016 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Singapore ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Philippines (+26.0%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :