Southern Asia: Piano Market 2024

Piano Market Size in Southern Asia

The South Asian piano market stood at $X in 2021, with an increase of 4.1% against the previous year. Over the period under review, consumption, however, saw a pronounced decrease. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Piano Production in Southern Asia

In value terms, piano production amounted to $X in 2021 estimated in export price. Overall, production, however, recorded a pronounced slump. The most prominent rate of growth was recorded in 2014 with an increase of 13% against the previous year. As a result, production reached the peak level of $X. From 2015 to 2021, production growth remained at a lower figure.

Piano Exports

Exports in Southern Asia

In 2021, piano exports in Southern Asia skyrocketed to X tons, growing by 40% compared with 2020. In general, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 with an increase of 114% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2013; however, from 2014 to 2021, the exports stood at a somewhat lower figure.

In value terms, piano exports amounted to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 118%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India dominates exports structure, finishing at X tons, which was near 96% of total exports in 2021. Sri Lanka (X kg) followed a long way behind the leaders.

India was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments exports, with a CAGR of +1.7% from 2012 to 2021. Sri Lanka (-12.7%) illustrated a downward trend over the same period. India (+6.3 p.p.) significantly strengthened its position in terms of the total exports, while Sri Lanka saw its share reduced by -4.5% from 2012 to 2021, respectively.

In value terms, India ($X) remains the largest piano supplier in Southern Asia, comprising 98% of total exports. The second position in the ranking was taken by Sri Lanka ($X), with a 0.6% share of total exports.

In India, piano exports remained relatively stable over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Southern Asia amounted to $X per ton, shrinking by -20.9% against the previous year. In general, the export price showed a slight setback. The pace of growth appeared the most rapid in 2015 an increase of 37%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was India ($X per ton), while Sri Lanka amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sri Lanka (+1.0%).

Piano Imports

Imports in Southern Asia

Piano imports soared to X tons in 2021, increasing by 45% compared with 2020. In general, imports, however, recorded a noticeable slump. Over the period under review, imports reached the peak figure at X tons in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, piano imports skyrocketed to $X in 2021. Total imports indicated a notable increase from 2012 to 2021: its value increased at an average annual rate of +3.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

India represented the key importing country with an import of about X tons, which resulted at 75% of total imports. Sri Lanka (X tons) ranks second in terms of the total imports with a 12% share, followed by Maldives (5.1%) and Pakistan (4.6%). Bangladesh (X tons) took a relatively small share of total imports.

From 2012 to 2021, average annual rates of growth with regard to piano imports into India stood at -1.5%. At the same time, Maldives (+32.9%) and Pakistan (+19.9%) displayed positive paces of growth. Moreover, Maldives emerged as the fastest-growing importer imported in Southern Asia, with a CAGR of +32.9% from 2012-2021. By contrast, Sri Lanka (-3.5%) and Bangladesh (-20.9%) illustrated a downward trend over the same period. While the share of Maldives (+4.7 p.p.), India (+4.4 p.p.) and Pakistan (+3.9 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Sri Lanka (-1.5 p.p.) and Bangladesh (-11.5 p.p.) displayed negative dynamics.

In value terms, India ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments in Southern Asia, comprising 82% of total imports. The second position in the ranking was held by Sri Lanka ($X), with an 8.7% share of total imports. It was followed by Pakistan, with a 4.4% share.

In India, piano imports increased at an average annual rate of +4.0% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Sri Lanka (-0.2% per year) and Pakistan (+26.0% per year).

Import Prices by Country

The import price in Southern Asia stood at $X per ton in 2021, rising by 17% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +5.4%. As a result, import price reached 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 India ($X per ton), while Maldives ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Bangladesh (+7.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :