United Kingdom: Upright Piano Market 2024

Upright Piano Market Size in the UK

The UK upright piano market skyrocketed to $X in 2022, surging by 25% against the previous year. Overall, consumption showed a buoyant increase. Upright piano consumption peaked in 2022 and is expected to retain growth in the immediate term.

Upright Piano Production in the UK

In value terms, upright piano production skyrocketed to $X in 2022 estimated in export price. Overall, production saw significant growth. The pace of growth appeared the most rapid in 2016 when the production volume increased by 554% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Upright Piano Exports

Exports from the UK

In 2022, approx. X units of acoustic new upright pianos were exported from the UK; with an increase of 3.1% on 2021. Over the period under review, exports enjoyed a pronounced expansion. The growth pace was the most rapid in 2013 when exports increased by 99% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports skyrocketed to $X in 2022. In general, exports, however, recorded a mild contraction. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

Ireland (X units) was the main destination for upright piano exports from the UK, with a 53% share of total exports. Moreover, upright piano exports to Ireland exceeded the volume sent to the second major destination, Hong Kong SAR (X units), threefold. China (X units) ranked third in terms of total exports with a 7% share.

From 2012 to 2022, the average annual growth rate of volume to Ireland stood at +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+81.3% per year) and China (+1.9% per year).

In value terms, Ireland ($X) remains the key foreign market for acoustic new upright pianos exports from the UK, comprising 38% of total exports. The second position in the ranking was held by Hong Kong SAR ($X), with a 15% share of total exports. It was followed by China, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value to Ireland stood at +2.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Hong Kong SAR (+62.7% per year) and China (-13.6% per year).

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, rising by 24% against the previous year. Overall, the export price, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2017 an increase of 165% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a 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 France ($X per unit), while the average price for exports to Panama ($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 Guyana (+9,532.7%), while the prices for the other major destinations experienced a decline.

Upright Piano Imports

Imports into the UK

In 2022, the amount of acoustic new upright pianos imported into the UK shrank modestly to X units, leveling off at 2021 figures. In general, imports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 94% against the previous year. As a result, imports attained the peak of X units, leveling off in the following year.

In value terms, upright piano imports soared to $X in 2022. Over the period under review, total imports indicated a moderate increase from 2012 to 2022: its value increased at an average annual rate of +2.4% 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 +98.2% against 2020 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Indonesia (X units), Japan (X units) and Germany (X units) were the main suppliers of upright piano imports to the UK, together accounting for 82% of total imports.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +15.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Germany ($X) and Indonesia ($X) appeared to be the largest upright piano suppliers to the UK, together accounting for 83% of total imports.

Germany, with a CAGR of +9.5%, recorded the highest rates of growth with regard to the value of imports, among the main suppliers 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, surging by 46% against the previous year. Over the last decade, it increased at an average annual rate of +1.5%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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 the Czech Republic ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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