Southern Asia: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in Southern Asia

The South Asian keyboard stringed instrument market skyrocketed to $X in 2022, growing by 20% against the previous year. Overall, consumption, however, recorded a perceptible descent. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Keyboard Stringed Instrument Production in Southern Asia

In value terms, keyboard stringed instrument production skyrocketed to $X in 2022 estimated in export price. Over the period under review, production saw significant growth. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Keyboard Stringed Instrument Exports

Exports in Southern Asia

In 2022, exports of keyboard stringed instruments in Southern Asia shrank modestly to X units, declining by -2.9% compared with the year before. In general, exports showed a pronounced contraction. The most prominent rate of growth was recorded in 2019 when exports increased by 100% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, keyboard stringed instrument exports contracted markedly to $X in 2022. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 156%. As a result, the exports attained the peak of $X. From 2014 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Bangladesh (X units) and India (X units) dominates exports structure, together comprising 85% of total exports. It was distantly followed by Pakistan (X units), achieving a 9.1% share of total exports. The following exporters - Sri Lanka (X units) and Nepal (X units) - each accounted for a 6.1% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Bangladesh (with a CAGR of +14.9%), while the other leaders experienced more modest paces of growth.

In value terms, India ($X) remains the largest keyboard stringed instrument supplier in Southern Asia, comprising 97% of total exports. The second position in the ranking was held by Pakistan ($X), with a 1.2% share of total exports. It was followed by Sri Lanka, with a 0.7% share.

In India, keyboard stringed instrument exports remained relatively stable over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Pakistan (-1.9% per year) and Sri Lanka (-8.9% per year).

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, with a decrease of -14.8% against the previous year. Export price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the export price increased by 130%. The level of export peaked at $X per unit in 2021, and then declined in the following year.

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 India ($X per unit), while Bangladesh ($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 (+27.6%), while the other leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports in Southern Asia

In 2022, the amount of keyboard stringed instruments imported in Southern Asia reduced markedly to X units, which is down by -28.9% against 2021. In general, imports recorded a abrupt setback. The growth pace was the most rapid in 2021 when imports increased by 123% against the previous year. Over the period under review, imports reached the peak figure at X units in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, keyboard stringed instrument imports contracted dramatically to $X in 2022. Overall, imports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 97%. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

India represented the main importing country with an import of around X units, which recorded 51% of total imports. Pakistan (X units) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Maldives (16%) and Bangladesh (9.8%).

Imports into India decreased at an average annual rate of -11.5% from 2012 to 2022. At the same time, Pakistan (+45.7%) and Maldives (+23.9%) displayed positive paces of growth. Moreover, Pakistan emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +45.7% from 2012-2022. By contrast, Bangladesh (-31.6%) illustrated a downward trend over the same period. India (+24 p.p.), Pakistan (+20 p.p.) and Maldives (+16 p.p.) significantly strengthened its position in terms of the total imports, while Bangladesh saw its share reduced by -59.4% from 2012 to 2022, respectively.

In value terms, India ($X) constitutes the largest market for imported keyboard stringed instruments in Southern Asia, comprising 70% of total imports. The second position in the ranking was taken by Pakistan ($X), with a 20% share of total imports. It was followed by Maldives, with a 1.3% share.

From 2012 to 2022, the average annual growth rate of value in India stood at -3.1%. In the other countries, the average annual rates were as follows: Pakistan (+63.6% per year) and Maldives (+19.9% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per unit, dropping by -11.4% against the previous year. Overall, the import price, however, continues to indicate a strong increase. The pace of growth was the most pronounced in 2020 when the import price increased by 121% against the previous year. As a result, import price reached the peak level of $X per unit. From 2021 to 2022, the import prices remained at a somewhat 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 India ($X per unit), while Maldives ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Pakistan (+12.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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