Spain: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Spain

The Spanish electrical musical instrument market contracted rapidly to $X in 2022, declining by X% against the previous year. In general, consumption recorded a deep reduction. As a result, consumption attained the peak level of $X. From 2019 to 2022, the growth of the market failed to regain momentum.

Electrical Musical Instrument Production in Spain

In value terms, electrical musical instrument production declined notably to $X in 2022 estimated in export price. Overall, production continues to indicate a dramatic setback. The growth pace was the most rapid in 2018 when the production volume increased by X%. Electrical musical instrument production peaked at $X in 2014; however, from 2015 to 2022, production stood at a somewhat lower figure.

Electrical Musical Instrument Exports

Exports from Spain

In 2022, after six years of growth, there was significant decline in shipments abroad of electrical musical or keyboard instruments, when their volume decreased by X% to X units. In general, exports, however, posted prominent growth. The most prominent rate of growth was recorded in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2021, and then fell sharply in the following year.

In value terms, electrical musical instrument exports declined significantly to $X in 2022. Over the period under review, exports, however, posted a buoyant increase. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. The exports peaked at $X in 2021, and then contracted sharply in the following year.

Exports by Country

Italy (X units) was the main destination for electrical musical instrument exports from Spain, with a X% share of total exports. Moreover, electrical musical instrument exports to Italy exceeded the volume sent to the second major destination, Portugal (X units), threefold. The United States (X units) ranked third in terms of total exports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Italy totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (X% per year) and the United States (X% per year).

In value terms, Italy ($X), the United States ($X) and Portugal ($X) were the largest markets for electrical musical instrument exported from Spain worldwide, together accounting for X% of total exports. France, Indonesia, the UK and Singapore lagged somewhat behind, together accounting for a further X%.

Indonesia, with a CAGR of X%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, picking up by X% against the previous year. Over the period under review, the export price, however, continues to indicate a mild descent. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to France (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Spain

In 2022, purchases abroad of electrical musical or keyboard instruments decreased by X% to X units for the first time since 2017, thus ending a four-year rising trend. In general, imports, however, recorded a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of X%. Imports peaked at X units in 2021, and then reduced in the following year.

In value terms, electrical musical instrument imports dropped slightly to $X in 2022. Over the period under review, imports, however, continue to indicate a prominent increase. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. Imports peaked at $X in 2021, and then reduced modestly in the following year.

Imports by Country

China (X units), Germany (X units) and the Netherlands (X units) were the main suppliers of electrical musical instrument imports to Spain, with a combined X% share of total imports. Indonesia, France, the United States, Italy, Japan and the UK lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest electrical musical instrument suppliers to Spain were Germany ($X), Indonesia ($X) and the Netherlands ($X), together accounting for X% of total imports. France, China, the United States, Italy, Japan and the UK lagged somewhat behind, together accounting for a further X%.

France, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2022, remaining relatively unchanged against the previous year. Overall, the import price, however, showed a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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