Southern Asia: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Southern Asia

The South Asian percussion musical instrument market rose remarkably to $X in 2022, with an increase of 6.2% against the previous year. In general, consumption, however, saw a abrupt descent. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption failed to regain momentum.

Percussion Musical Instrument Production in Southern Asia

In value terms, percussion musical instrument production rose modestly to $X in 2022 estimated in export price. In general, production, however, saw a abrupt shrinkage. The growth pace was the most rapid in 2013 when the production volume increased by 35% against the previous year. As a result, production reached the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Percussion Musical Instrument Exports

Exports in Southern Asia

After five years of growth, overseas shipments of percussion musical instruments decreased by -0.7% to X units in 2022. Total exports indicated temperate growth from 2012 to 2022: its volume increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +82.5% against 2016 indices. The pace of growth was the most pronounced in 2013 with an increase of 25%. Over the period under review, the exports attained the maximum at X units in 2021, and then shrank slightly in the following year.

In value terms, percussion musical instrument exports dropped slightly to $X in 2022. Total exports indicated a strong 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, exports increased by +65.2% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 32%. The level of export peaked at $X in 2021, and then contracted in the following year.

Exports by Country

India represented the main exporting country with an export of around X units, which finished at 52% of total exports. It was distantly followed by Nepal (X units) and Pakistan (X units), together comprising a 48% 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 Nepal (with a CAGR of +16.3%), while the other leaders experienced mixed trends in the exports figures.

In value terms, the largest percussion musical instrument supplying countries in Southern Asia were Nepal ($X), India ($X) and Pakistan ($X), together comprising 100% of total exports.

Among the main exporting countries, Pakistan, with a CAGR of +16.4%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in Southern Asia amounted to $X per unit, falling by -1.6% against the previous year. Over the period under review, the export price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 when the export price increased by 35%. As a result, the export price reached the peak level of $X per unit. From 2017 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nepal ($X per unit), while India ($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 (+1.3%), while the other leaders experienced a decline in the export price figures.

Percussion Musical Instrument Imports

Imports in Southern Asia

In 2022, overseas purchases of percussion musical instruments increased by 17% to X units for the first time since 2018, thus ending a three-year declining trend. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when imports increased by 55%. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports failed to regain momentum.

In value terms, percussion musical instrument imports skyrocketed to $X in 2022. In general, imports, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2015 when imports increased by 26% against the previous year. The level of import peaked at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

India dominates imports structure, resulting at X units, which was approx. 85% of total imports in 2022. It was distantly followed by Nepal (X units), making up a 5.8% share of total imports. Sri Lanka (X units), Maldives (X units) and Bangladesh (X units) took a relatively small share of total imports.

India experienced a relatively flat trend pattern with regard to volume of imports of percussion musical instruments. At the same time, Maldives (+38.3%), Bangladesh (+13.3%) and Nepal (+13.2%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +38.3% from 2012-2022. By contrast, Sri Lanka (-15.3%) illustrated a downward trend over the same period. While the share of India (+5 p.p.), Nepal (+4.2 p.p.) and Maldives (+2.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Sri Lanka (-13.7 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, India ($X) constitutes the largest market for imported percussion musical instruments in Southern Asia, comprising 86% of total imports. The second position in the ranking was held by Nepal ($X), with a 7% share of total imports. It was followed by Maldives, with a 3% share.

In India, percussion musical instrument imports declined by an average annual rate of -3.1% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Nepal (+11.7% per year) and Maldives (+34.0% per year).

Import Prices by Country

In 2022, the import price in Southern Asia amounted to $X per unit, surging by 4.2% against the previous year. Over the period under review, the import price, however, continues to indicate a mild shrinkage. The most prominent rate of growth was recorded in 2021 an increase of 21% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nepal ($X per unit), while Sri Lanka ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sri Lanka (+6.7%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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