Turkey: Piano Market 2024

Piano Market Size in Turkey

The Turkish piano market amounted to $X in 2021, surging by 5.3% against the previous year. Overall, consumption, however, recorded a slight curtailment. Piano consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Piano Production in Turkey

In value terms, piano production expanded to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 25%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2021, production remained at a lower figure.

Piano Exports

Exports from Turkey

In 2021, piano exports from Turkey skyrocketed to X tons, with an increase of 31% against 2020 figures. Overall, exports showed significant growth. The pace of growth appeared the most rapid in 2020 with an increase of 1,111%. Over the period under review, the exports attained the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, piano exports contracted to $X in 2021. Over the period under review, exports posted a prominent increase. The growth pace was the most rapid in 2020 when exports increased by 690%. As a result, the exports reached the peak of $X, and then fell in the following year.

Exports by Country

Iraq (X tons) was the main destination for piano exports from Turkey, with a 74% share of total exports. Moreover, piano exports to Iraq exceeded the volume sent to the second major destination, Libya (X tons), more than tenfold. Nigeria (X tons) ranked third in terms of total exports with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Iraq stood at +54.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Libya (+42.6% per year) and Nigeria (+33.2% per year).

In value terms, Iraq ($X) remains the key foreign market for pianos and other keyboard stringed musical instruments exports from Turkey, comprising 60% of total exports. The second position in the ranking was held by Libya ($X), with a 4.7% share of total exports. It was followed by France, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to Iraq totaled +33.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Libya (+36.8% per year) and France (+105.7% per year).

Export Prices by Country

The average piano export price stood at $X per ton in 2021, falling by -27.5% against the previous year. Over the period under review, the export price recorded a abrupt decline. The pace of growth appeared the most rapid in 2016 when the average export price increased by 78% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Germany ($X per ton), while the average price for exports to Nigeria ($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 Germany (+63.3%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into Turkey

In 2021, overseas purchases of pianos and other keyboard stringed musical instruments were finally on the rise to reach X tons after two years of decline. Over the period under review, imports, however, continue to indicate a deep slump. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, piano imports soared to $X in 2021. Overall, imports, however, recorded a deep setback. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of piano to Turkey, with a 62% share of total imports. Moreover, piano imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X tons), twofold. The Czech Republic (X tons) ranked third in terms of total imports with a 4.1% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -8.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (-2.6% per year) and the Czech Republic (-6.0% per year).

In value terms, the largest piano suppliers to Turkey were China ($X), Indonesia ($X) and Switzerland ($X), together accounting for 73% of total imports.

Switzerland, with a CAGR of +8.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average piano import price stood at $X per ton in 2021, waning by -4.6% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.0%. The pace of growth was the most pronounced in 2020 an increase of 25% against the previous year. As a result, import price attained the peak level of $X per ton, and then fell 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 Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+3.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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