Spain: Piano Market 2024

Piano Market Size in Spain

After two years of growth, the Spanish piano market decreased by -8.9% to $X in 2021. Overall, consumption showed a relatively flat trend pattern. Piano consumption peaked at $X in 2015; however, from 2016 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Spain

In value terms, piano production contracted to $X in 2021 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the production volume increased by 34%. Piano production peaked at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Piano Exports

Exports from Spain

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments increased by 213% to X tons for the first time since 2016, thus ending a four-year declining trend. Overall, exports saw a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, piano exports surged to $X in 2021. Over the period under review, exports posted a prominent increase. The pace of growth was the most pronounced in 2015 with an increase of 179%. The exports peaked in 2021 and are likely to continue growth in the near future.

Exports by Country

Italy (X tons) was the main destination for piano exports from Spain, with a 68% share of total exports. Moreover, piano exports to Italy exceeded the volume sent to the second major destination, Portugal (X tons), fivefold. Germany (X tons) ranked third in terms of total exports with a 4.3% share.

From 2012 to 2021, the average annual growth rate of volume to Italy totaled +76.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (+0.8% per year) and Germany (+52.6% per year).

In value terms, Italy ($X) emerged as the key foreign market for pianos and other keyboard stringed musical instruments exports from Spain, comprising 44% of total exports. The second position in the ranking was taken by the UK ($X), with an 11% share of total exports. It was followed by Germany, with a 9.2% share.

From 2012 to 2021, the average annual growth rate of value to Italy stood at +94.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+14.0% per year) and Germany (+68.7% per year).

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, reducing by -19% against the previous year. Overall, the export price continues to indicate a perceptible reduction. The pace of growth appeared the most rapid in 2019 when the average export price increased by 28% against the previous year. The export price peaked at $X per ton in 2020, and then fell remarkably in the following year.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Poland ($X per ton), while the average price for exports to Portugal ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Poland (+43.7%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Spain

After two years of decline, supplies from abroad of pianos and other keyboard stringed musical instruments increased by 14% to X tons in 2021. The total import volume increased at an average annual rate of +1.0% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2015 with an increase of 23%. Over the period under review, imports reached the peak figure at X tons in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, piano imports skyrocketed to $X in 2021. Overall, total imports indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +5.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +26.9% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X tons), Japan (X tons) and France (X tons) were the main suppliers of piano imports to Spain, together accounting for 81% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by France (with a CAGR of +19.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and France ($X) constituted the largest piano suppliers to Spain, together accounting for 73% of total imports. Indonesia, Belgium, Vietnam, the UK and China lagged somewhat behind, together accounting for a further 21%.

Belgium, with a CAGR of +26.9%, saw 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

In 2021, the average piano import price amounted to $X per ton, surging by 15% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.5%. The most prominent rate of growth was recorded in 2020 an increase of 22%. Over the period under review, average import prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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