Vietnam: Upright Piano Market 2024

Upright Piano Market Size in Vietnam

The Vietnamese upright piano market stood at $X in 2022, with an increase of 9.9% against the previous year. In general, the total consumption indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +10.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -6.8% against 2020 indices. Upright piano consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Upright Piano Production in Vietnam

In value terms, upright piano production amounted to $X in 2022 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The growth pace was the most rapid in 2017 when the production volume increased by 421% against the previous year. Upright piano production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Upright Piano Exports

Exports from Vietnam

In 2022, upright piano exports from Vietnam dropped to X units, falling by -6.5% on the previous year's figure. In general, total exports indicated a mild expansion from 2012 to 2022: its volume increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +7.9% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of 43%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, upright piano exports contracted slightly to $X in 2022. Over the period under review, exports, however, showed a notable increase. The growth pace was the most rapid in 2017 with an increase of 53%. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Australia (X units) was the main destination for upright piano exports from Vietnam, with a 22% share of total exports. Moreover, upright piano exports to Australia exceeded the volume sent to the second major destination, China (X units), twofold. The third position in this ranking was held by Japan (X units), with a 9.7% share.

From 2012 to 2022, the average annual growth rate of volume to Australia totaled +79.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (+16.5% per year) and Japan (-7.4% per year).

In value terms, the largest markets for upright piano exported from Vietnam were Australia ($X), Japan ($X) and China ($X), together comprising 38% of total exports.

Australia, with a CAGR of +69.2%, saw the highest growth rate of the value of exports, among 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

The average upright piano export price stood at $X per unit in 2022, rising by 3.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2020 an increase of 18%. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Italy ($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 Singapore (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.

Upright Piano Imports

Imports into Vietnam

In 2022, overseas purchases of acoustic new upright pianos decreased by -2% to X units, falling for the third year in a row after two years of growth. Overall, total imports indicated a modest expansion from 2012 to 2022: its volume increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -27.9% against 2019 indices. The pace of growth appeared the most rapid in 2015 when imports increased by 49%. Imports peaked at X units in 2016; however, from 2017 to 2022, imports failed to regain momentum.

In value terms, upright piano imports rose remarkably to $X in 2022. Over the period under review, total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.4% against 2019 indices. The most prominent rate of growth was recorded in 2015 when imports increased by 59% against the previous year. Over the period under review, imports hit record highs at $X in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest upright piano supplier to Vietnam, with a 86% share of total imports. Moreover, upright piano imports from Japan exceeded the figures recorded by the second-largest supplier, Malaysia (X units), more than tenfold. Indonesia (X units) ranked third in terms of total imports with a 3.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to +2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-0.9% per year) and Indonesia (+4.7% per year).

In value terms, Japan ($X) constituted the largest supplier of acoustic new upright pianos to Vietnam, comprising 90% of total imports. The second position in the ranking was held by Indonesia ($X), with a 3.7% share of total imports. It was followed by China, with a 2% share.

From 2012 to 2022, the average annual growth rate of value from Japan amounted to +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (+8.1% per year) and China (-4.9% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, rising by 9% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.0%. The pace of growth was the most pronounced in 2020 when the average import price increased by 12% against the previous year. The import price peaked in 2022 and is expected to retain growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+5.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :