U.S.: Upright Piano Market 2024

Upright Piano Market Size in the U.S.

The U.S. upright piano market skyrocketed to $X in 2022, jumping by 27% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Upright piano consumption peaked in 2022 and is likely to see gradual growth in the near future.

Upright Piano Exports

Exports from the U.S.

In 2022, overseas shipments of acoustic new upright pianos increased by 45% to X units, rising for the second consecutive year after two years of decline. Over the period under review, exports, however, showed a mild decrease. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports soared to $X in 2022. Overall, exports, however, recorded a pronounced downturn. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Canada (X units) was the main destination for upright piano exports from the United States, with a 62% share of total exports. Moreover, upright piano exports to Canada exceeded the volume sent to the second major destination, Japan (X units), fourfold. Mexico (X units) ranked third in terms of total exports with a 7.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Canada stood at -1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+15.2% per year) and Mexico (+13.1% per year).

In value terms, Canada ($X) remains the key foreign market for acoustic new upright pianos exports from the United States, comprising 53% of total exports. The second position in the ranking was held by Japan ($X), with an 18% share of total exports. It was followed by Mexico, with a 7.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at -2.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+14.4% per year) and Mexico (+9.7% per year).

Export Prices by Country

The average upright piano export price stood at $X per unit in 2022, shrinking by -2.6% against the previous year. In general, the export price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 when the average export price increased by 24% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Canada ($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 Indonesia (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into the U.S.

In 2022, supplies from abroad of acoustic new upright pianos increased by 27% to X units, rising for the second consecutive year after three years of decline. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 37% against the previous year. Imports peaked at X units in 2014; however, from 2015 to 2022, imports failed to regain momentum.

In value terms, upright piano imports surged to $X in 2022. The total import value increased at an average annual rate of +2.5% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 when imports increased by 38%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

Indonesia (X units), Japan (X units) and China (X units) were the main suppliers of upright piano imports to the United States, with a combined 85% share of total imports. Germany and Vietnam lagged somewhat behind, together comprising a further 12%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +18.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Indonesia ($X) and China ($X) constituted the largest upright piano suppliers to the United States, together accounting for 86% of total imports. Germany and Vietnam lagged somewhat behind, together accounting for a further 10%.

Among the main suppliers, Germany, with a CAGR of +16.5%, 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

The average upright piano import price stood at $X per unit in 2022, approximately reflecting the previous year. Over the last decade, it increased at an average annual rate of +2.4%. The pace of growth appeared the most rapid in 2015 an increase of 13%. Over the period under review, average import prices reached the peak figure at $X per unit in 2019; afterwards, it flattened through to 2022.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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