U.S.: Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size in the U.S.

The U.S. keyboard stringed instrument market skyrocketed to $X in 2022, growing by 22% against the previous year. In general, consumption saw significant growth. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Keyboard Stringed Instrument Production in the U.S.

In value terms, keyboard stringed instrument production soared to $X in 2022. Over the period under review, production enjoyed significant growth. Keyboard stringed instrument production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports from the U.S.

In 2022, exports of keyboard stringed instruments from the United States skyrocketed to X units, surging by 77% compared with the year before. In general, exports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2020 with an increase of 169% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, keyboard stringed instrument exports soared to $X in 2022. Over the period under review, exports, however, continue to indicate a noticeable decrease. The most prominent rate of growth was recorded in 2020 when exports increased by 43%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Guatemala (X units), Malaysia (X units) and Costa Rica (X units) were the main destinations of keyboard stringed instrument exports from the United States, together accounting for 53% of total exports.

From 2012 to 2022, the biggest increases were recorded for Guatemala (with a CAGR of +114.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for keyboard stringed instrument exported from the United States were Italy ($X), Japan ($X) and Guatemala ($X), together comprising 44% of total exports.

Guatemala, with a CAGR of +63.7%, recorded the highest growth rate of 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 2022, the average keyboard stringed instrument export price amounted to $X per unit, falling by -24.2% against the previous year. Overall, the export price showed a deep setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 0.9% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Costa Rica ($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 Italy (-11.6%), while the prices for the other major destinations experienced a decline.

Keyboard Stringed Instrument Imports

Imports into the U.S.

For the sixth year in a row, the United States recorded growth in purchases abroad of keyboard stringed instruments, which increased by 62% to X units in 2022. Overall, imports saw significant growth. The pace of growth was the most pronounced in 2013 with an increase of 98% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, keyboard stringed instrument imports surged to $X in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +7.7% 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 +30.9% against 2019 indices. The pace of growth appeared the most rapid in 2013 with an increase of 75% against the previous year. Imports peaked in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Indonesia (X units) constituted the largest supplier of keyboard stringed instrument to the United States, accounting for a 58% share of total imports. Moreover, keyboard stringed instrument imports from Indonesia exceeded the figures recorded by the second-largest supplier, Italy (X units), fourfold. The third position in this ranking was taken by China (X units), with a 9.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Indonesia totaled +86.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+50.3% per year) and China (+11.2% per year).

In value terms, Indonesia ($X) constituted the largest supplier of keyboard stringed instruments to the United States, comprising 36% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by China, with a 15% share.

From 2012 to 2022, the average annual growth rate of value from Indonesia amounted to +47.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+32.4% per year) and China (+0.3% per year).

Import Prices by Country

The average keyboard stringed instrument import price stood at $X per unit in 2022, falling by -16.5% against the previous year. Overall, the import price saw a deep slump. The pace of growth was the most pronounced in 2021 an increase of 2% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Japan ($X per unit), while the price for Austria ($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 (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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