Vietnam: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Vietnam

The Vietnamese electrical musical instrument market dropped to $X in 2022, remaining constant against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market failed to regain momentum.

Electrical Musical Instrument Production in Vietnam

In value terms, electrical musical instrument production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, recorded slight growth. The pace of growth appeared the most rapid in 2019 with an increase of X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a somewhat lower figure.

Electrical Musical Instrument Exports

Exports from Vietnam

In 2022, after two years of growth, there was significant decline in shipments abroad of electrical musical or keyboard instruments, when their volume decreased by X% to X units. Over the period under review, exports continue to indicate a slight reduction. The most prominent rate of growth was recorded in 2014 when exports increased by X%. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports remained at a lower figure.

In value terms, electrical musical instrument exports reduced to $X in 2022. In general, exports, however, recorded a pronounced expansion. The pace of growth was the most pronounced in 2014 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates (X units) was the main destination for electrical musical instrument exports from Vietnam, accounting for a X% share of total exports. It was followed by the United States (X units), with a X% share of total exports. Germany (X units) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual growth rate of volume to the United Arab Emirates stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Germany (X% per year).

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for electrical musical or keyboard instruments exports from Vietnam, comprising X% of total exports. The second position in the ranking was held by the United States ($X), with a X% share of total exports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (X% per year) and Germany (X% per year).

Export Prices by Country

In 2022, the average electrical musical instrument export price amounted to $X per unit, rising by X% against the previous year. Overall, the export price recorded tangible growth. The most prominent rate of growth was recorded in 2017 an increase of X%. The export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to South Korea ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports into Vietnam

Electrical musical instrument imports into Vietnam shrank to X units in 2022, which is down by X% on the previous year. In general, imports recorded a mild shrinkage. The pace of growth was the most pronounced in 2015 with an increase of X%. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports failed to regain momentum.

In value terms, electrical musical instrument imports reduced to $X in 2022. Overall, imports recorded a pronounced slump. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, imports attained the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest supplier of electrical musical instrument to Vietnam, with a X% share of total imports. Moreover, electrical musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Indonesia (X units), threefold. Japan (X units) ranked third in terms of total imports with an X% share.

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

In value terms, China ($X) constituted the largest supplier of electrical musical or keyboard instruments to Vietnam, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports. It was followed by Japan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average electrical musical instrument import price amounted to $X per unit, flattening at the previous year. Over the period under review, the import price, however, continues to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2018 an increase of X%. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Japan ($X per unit) and Malaysia ($X per unit), while the price for Mexico ($X per unit) and Indonesia ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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