Vietnam: Percussion Musical Instrument Market 2024

Percussion Musical Instrument Market Size in Vietnam

In 2022, the Vietnamese percussion musical instrument market decreased by -0.7% to $X for the first time since 2019, thus ending a two-year rising trend. In general, consumption faced a deep downturn. The most prominent rate of growth was recorded in 2021 when the market value increased by 0.9%. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Percussion Musical Instrument Production in Vietnam

In value terms, percussion musical instrument production fell modestly to $X in 2022 estimated in export price. Overall, production showed a abrupt decrease. The pace of growth appeared the most rapid in 2021 with an increase of 1.4%. Percussion musical instrument production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Percussion Musical Instrument Exports

Exports from Vietnam

In 2022, approx. X units of percussion musical instruments were exported from Vietnam; growing by 18% against the previous year. Over the period under review, exports, however, saw a abrupt setback. The pace of growth was the most pronounced in 2020 with an increase of 150%. Over the period under review, the exports reached the peak figure at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, percussion musical instrument exports soared to $X in 2022. Overall, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 when exports increased by 116%. Over the period under review, the exports attained the maximum at $X in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units), the United Arab Emirates (X units) and Japan (X units) were the main destinations of percussion musical instrument exports from Vietnam, with a combined 46% share of total exports. Chile, the United States, the UK, Canada, Switzerland, Spain, New Caledonia, Australia, China and Luxembourg lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the biggest increases were recorded for New Caledonia (with a CAGR of +41.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), the UK ($X) and Japan ($X) constituted the largest markets for percussion musical instrument exported from Vietnam worldwide, together accounting for 41% of total exports. The United Arab Emirates, the United States, Spain, Canada, New Caledonia, Switzerland, Chile, Australia, China and Luxembourg lagged somewhat behind, together accounting for a further 37%.

Luxembourg, with a CAGR of +50.7%, saw 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 percussion musical instrument export price amounted to $X per unit, increasing by 24% against the previous year. Overall, the export price recorded a resilient expansion. The pace of growth was the most pronounced in 2014 an increase of 39% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices stood at a somewhat lower figure.

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 the UK ($X per unit), while the average price for exports to Chile ($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 UK (+18.3%), while the prices for the other major destinations experienced more modest paces of growth.

Percussion Musical Instrument Imports

Imports into Vietnam

In 2022, imports of percussion musical instruments into Vietnam amounted to X units, leveling off at 2021 figures. Overall, imports enjoyed modest growth. The pace of growth appeared the most rapid in 2015 when imports increased by 81% against the previous year. As a result, imports reached the peak of X units. From 2016 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, percussion musical instrument imports expanded modestly to $X in 2022. In general, total imports indicated modest growth from 2012 to 2022: its value 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, imports decreased by -1.8% against 2020 indices. The pace of growth was the most pronounced in 2015 when imports increased by 59% against the previous year. 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 percussion musical instrument to Vietnam, accounting for a 48% share of total imports. Moreover, percussion musical instrument imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), fourfold. Thailand (X units) ranked third in terms of total imports with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +3.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+4.4% per year) and Thailand (+9.6% per year).

In value terms, China ($X) constituted the largest supplier of percussion musical instruments to Vietnam, comprising 45% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 13% share of total imports. It was followed by Thailand, with a 6.9% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +3.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (+5.2% per year) and Thailand (+9.9% per year).

Import Prices by Country

In 2022, the average percussion musical instrument import price amounted to $X per unit, stabilizing at the previous year. In general, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 28%. Over the period under review, average import prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+11.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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