U.S.: Piano Market 2024

Piano Market Size in the U.S.

The U.S. piano market surged to $X in 2021, rising by 24% against the previous year. Overall, consumption, however, saw a relatively flat trend pattern. Piano consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Piano Production in the U.S.

In value terms, piano production rose modestly to $X in 2021. Overall, production, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the production volume increased by 15% against the previous year. Piano production peaked at $X in 2014; however, from 2015 to 2021, production stood at a somewhat lower figure.

Piano Exports

Exports from the U.S.

In 2021, overseas shipments of pianos and other keyboard stringed musical instruments decreased by -5% to X tons, falling for the third year in a row after two years of growth. Overall, exports saw a deep slump. The most prominent rate of growth was recorded in 2018 with an increase of 10%. The exports peaked at X tons in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

In value terms, piano exports expanded rapidly to $X in 2021. The total export value increased at an average annual rate of +1.6% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Canada (X tons) was the main destination for piano exports from the United States, accounting for a 42% share of total exports. Moreover, piano exports to Canada exceeded the volume sent to the second major destination, Japan (X tons), fivefold. Mexico (X tons) ranked third in terms of total exports with a 6.4% share.

From 2012 to 2021, the average annual growth rate of volume to Canada totaled -9.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-1.5% per year) and Mexico (+0.4% per year).

In value terms, Canada ($X) remains the key foreign market for pianos and other keyboard stringed musical instruments exports from the United States, comprising 59% of total exports. The second position in the ranking was taken by Japan ($X), with an 8.4% share of total exports. It was followed by Mexico, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Canada stood at +3.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+5.4% per year) and Mexico (+3.4% per year).

Export Prices by Country

In 2021, the average piano export price amounted to $X per ton, jumping by 18% against the previous year. In general, the export price continues to indicate a resilient increase. The growth pace was the most rapid in 2020 an increase of 57%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Canada ($X per ton), while the average price for exports to the United Arab Emirates ($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 Canada (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Piano Imports

Imports into the U.S.

In 2021, piano imports into the United States soared to X tons, growing by 51% on 2020. The total import volume increased at an average annual rate of +2.0% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports hit record highs at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, piano imports surged to $X in 2021. Over the period under review, imports, however, recorded a relatively flat trend pattern. Imports peaked at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

Indonesia (X tons), Japan (X tons) and China (X tons) were the main suppliers of piano imports to the United States, together comprising 88% of total imports. Germany and Austria lagged somewhat behind, together comprising a further 7.6%.

From 2012 to 2021, the biggest increases were recorded for Germany (with a CAGR of +9.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest piano suppliers to the United States were Japan ($X), Indonesia ($X) and China ($X), together comprising 80% of total imports. Germany and Austria lagged somewhat behind, together accounting for a further 12%.

Among the main suppliers, Germany, with a CAGR of +6.1%, 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 2021, the average piano import price amounted to $X per ton, falling by -8.3% against the previous year. Overall, the import price saw a noticeable downturn. The most prominent rate of growth was recorded in 2015 when the average import price increased by 10% against the previous year. Over the period under review, average import prices reached the peak figure at $X per ton in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

Prices varied noticeably country of origin: the country with the highest price was Austria ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :