Thailand: Piano Market 2024

Piano Market Size in Thailand

For the third consecutive year, the Thai piano market recorded decline in sales value, which decreased by -0.1% to $X in 2021. In general, consumption, however, continues to indicate a drastic downturn. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Piano Exports

Exports from Thailand

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, exports enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2018 when exports increased by 216% against the previous year. As a result, the exports attained the peak of X tons. From 2019 to 2021, the growth of the exports remained at a lower figure.

In value terms, piano exports shrank to $X in 2021. Overall, exports enjoyed prominent growth. The most prominent rate of growth was recorded in 2018 with an increase of 219% against the previous year. Over the period under review, the exports hit record highs at $X in 2020, and then reduced in the following year.

Exports by Country

The United States (X tons) was the main destination for piano exports from Thailand, accounting for a 75% share of total exports. Moreover, piano exports to the United States exceeded the volume sent to the second major destination, China (X kg), more than tenfold. Germany (X kg) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to +69.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+30.1% per year) and Germany (+29.1% per year).

In value terms, the largest markets for piano exported from Thailand were the United States ($X), China ($X) and Germany ($X), with a combined 67% share of total exports. These countries were followed by the Philippines and Pakistan, which together accounted for a further 1.7%.

Pakistan, with a CAGR of +51.5%, saw the highest rates of growth with regard to the value of exports, in terms of 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 2021, the average piano export price amounted to $X per ton, with a decrease of -37% against the previous year. Overall, the export price continues to indicate a pronounced shrinkage. The pace of growth was the most pronounced in 2020 when the average export price increased by 97% against the previous year. As a result, the export price reached the peak level of $X per ton, and then reduced dramatically 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 China ($X per ton), while the average price for exports to Pakistan ($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 China (+3.4%), while the prices for the other major destinations experienced mixed trend patterns.

Piano Imports

Imports into Thailand

In 2021, purchases abroad of pianos and other keyboard stringed musical instruments was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports, however, saw a deep setback. The pace of growth appeared the most rapid in 2015 when imports increased by 38%. As a result, imports reached the peak of X tons. From 2016 to 2021, the growth of imports remained at a lower figure.

In value terms, piano imports contracted modestly to $X in 2021. In general, imports, however, continue to indicate a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 16% against the previous year. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest piano supplier to Thailand, accounting for a 71% share of total imports. Moreover, piano imports from Japan exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), fivefold. The third position in this ranking was held by Germany (X tons), with a 7.5% share.

From 2012 to 2021, the average annual growth rate of volume from Japan stood at -3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-14.7% per year) and Germany (+1.5% per year).

In value terms, Japan ($X) constituted the largest supplier of pianos and other keyboard stringed musical instruments to Thailand, comprising 51% of total imports. The second position in the ranking was taken by Germany ($X), with a 20% share of total imports. It was followed by Indonesia, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at -7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+6.5% per year) and Indonesia (-14.1% per year).

Import Prices by Country

The average piano import price stood at $X per ton in 2021, reducing by -3.3% against the previous year. Over the period under review, the import price, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2016 when the average import price increased by 19% against the previous year. The import price peaked at $X per ton in 2020, and then fell modestly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Germany ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+12.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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