Turkey: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Turkey

In 2022, the Turkish electrical musical instrument market increased by X% to $X, rising for the seventh year in a row after three years of decline. Overall, the total consumption indicated a temperate expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by X% against 2015 indices. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Electrical Musical Instrument Exports

Exports from Turkey

In 2022, approx. X units of electrical musical or keyboard instruments were exported from Turkey; growing by X% compared with the previous year's figure. Over the period under review, exports saw a significant expansion. The pace of growth appeared the most rapid in 2021 when exports increased by X%. The exports peaked in 2022 and are likely to continue growth in the immediate term.

In value terms, electrical musical instrument exports soared to $X in 2022. Overall, exports showed significant growth. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs in 2022 and are likely to see gradual growth in years to come.

Exports by Country

Russia (X units) was the main destination for electrical musical instrument exports from Turkey, with a X% share of total exports. Moreover, electrical musical instrument exports to Russia exceeded the volume sent to the second major destination, Iran (X units), eightfold. Iraq (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at X.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Iraq (X% per year).

In value terms, Russia ($X) emerged as the key foreign market for electrical musical or keyboard instruments exports from Turkey, comprising X% of total exports. The second position in the ranking was held by Iran ($X), with a X% share of total exports. It was followed by Iraq, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia amounted to X.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iran (X% per year) and Iraq (X% per year).

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, which is down by X% against the previous year. In general, the export price continues to indicate a noticeable slump. The growth pace was the most rapid in 2018 when the average export price increased by X%. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkmenistan ($X per unit), while the average price for exports to the United States ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced mixed trend patterns.

Electrical Musical Instrument Imports

Imports into Turkey

Electrical musical instrument imports into Turkey soared to X units in 2022, picking up by X% against the year before. Over the period under review, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, electrical musical instrument imports surged to $X in 2022. Overall, total imports indicated moderate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest electrical musical instrument supplier to Turkey, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Malaysia (X% per year).

In value terms, the largest electrical musical instrument suppliers to Turkey were China ($X), Indonesia ($X) and Malaysia ($X), with a combined X% share of total imports.

In terms of the main suppliers, Malaysia, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average electrical musical instrument import price amounted to $X per unit, waning by X% against the previous year. Over the period under review, the import price showed a perceptible downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2016 to 2022, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Indonesia ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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