Southern Asia: Upright Piano Market 2024

Upright Piano Market Size in Southern Asia

The South Asian upright piano market shrank to $X in 2022, with a decrease of -7.4% against the previous year. In general, consumption, however, posted a strong expansion. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Upright Piano Production in Southern Asia

In value terms, upright piano production declined to $X in 2022 estimated in export price. Overall, production, however, posted a prominent expansion. The growth pace was the most rapid in 2015 with an increase of 51% against the previous year. The level of production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Upright Piano Exports

Exports in Southern Asia

In 2022, overseas shipments of acoustic new upright pianos decreased by -43.7% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports saw a deep setback. The pace of growth was the most pronounced in 2020 with an increase of 552% against the previous year. The volume of export peaked at X units in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, upright piano exports shrank sharply to $X in 2022. Overall, exports showed a dramatic slump. The pace of growth was the most pronounced in 2020 with an increase of 197%. The level of export peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

India prevails in exports structure, resulting at X units, which was approx. 93% of total exports in 2022. It was distantly followed by Sri Lanka (X units), committing a 7.5% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to upright piano exports from India stood at -13.6%. At the same time, Sri Lanka (+1.8%) displayed positive paces of growth. Moreover, Sri Lanka emerged as the fastest-growing exporter exported in Southern Asia, with a CAGR of +1.8% from 2012-2022. Sri Lanka (+6 p.p.) significantly strengthened its position in terms of the total exports, while India saw its share reduced by -5.4% from 2012 to 2022, respectively.

In value terms, India ($X) remains the largest upright piano supplier in Southern Asia, comprising 76% of total exports. The second position in the ranking was held by Sri Lanka ($X), with a 24% share of total exports.

In India, upright piano exports decreased by an average annual rate of -26.4% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, waning by -22.8% against the previous year. Overall, the export price showed a abrupt contraction. The growth pace was the most rapid in 2018 when the export price increased by 311%. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sri Lanka ($X per unit), while India stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+8.8%).

Upright Piano Imports

Imports in Southern Asia

In 2022, the amount of acoustic new upright pianos imported in Southern Asia fell rapidly to X units, which is down by -23.2% compared with the year before. Over the period under review, imports saw a pronounced reduction. The pace of growth appeared the most rapid in 2014 with an increase of 60% against the previous year. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, upright piano imports reduced remarkably to $X in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 54% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, India (X units) was the largest importer of acoustic new upright pianos, mixing up 84% of total imports. It was distantly followed by Sri Lanka (X units), committing a 10% share of total imports. The following importers - Bangladesh (X units) and Nepal (X units) - each recorded a 4% share of total imports.

India experienced a relatively flat trend pattern with regard to volume of imports of acoustic new upright pianos. Nepal (-8.0%), Sri Lanka (-8.8%) and Bangladesh (-9.3%) illustrated a downward trend over the same period. India (+14 p.p.) significantly strengthened its position in terms of the total imports, while Bangladesh and Sri Lanka saw its share reduced by -2.7% and -10.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported acoustic new upright pianos in Southern Asia, comprising 89% of total imports. The second position in the ranking was held by Sri Lanka ($X), with a 5% share of total imports. It was followed by Bangladesh, with a 2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in India stood at +3.1%. In the other countries, the average annual rates were as follows: Sri Lanka (-14.0% per year) and Bangladesh (-7.3% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per unit in 2022, rising by 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.6%. The growth pace was the most rapid in 2018 an increase of 22% against the previous year. Over the period under review, import prices reached the peak figure in 2022 and is likely to see steady growth in years to come.

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 India ($X per unit), while Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nepal (+9.4%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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