Western Africa: Upright Piano Market 2024

Upright Piano Market Size in Western Africa

The West African upright piano market was finally on the rise to reach $X in 2022, after two years of decline. The total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 2019 indices. The level of consumption peaked at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Upright Piano Production in Western Africa

In value terms, upright piano production fell to $X in 2022 estimated in export price. Overall, production continues to indicate a remarkable increase. The pace of growth was the most pronounced in 2016 when the production volume increased by 80%. Over the period under review, production hit record highs at $X in 2019; afterwards, it flattened through to 2022.

Upright Piano Exports

Exports in Western Africa

In 2022, shipments abroad of acoustic new upright pianos increased by 67% to X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, showed a deep downturn. The most prominent rate of growth was recorded in 2014 when exports increased by 213%. The volume of export peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, upright piano exports contracted to $X in 2022. In general, exports, however, showed a pronounced reduction. The pace of growth appeared the most rapid in 2015 when exports increased by 144% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

In 2022, Nigeria (X units) was the largest exporter of acoustic new upright pianos, generating 55% of total exports. Cote d'Ivoire (X units) took the second position in the ranking, distantly followed by Ghana (X units) and Senegal (X units). All these countries together took near 45% share of total exports.

Exports from Nigeria decreased at an average annual rate of -24.1% from 2012 to 2022. At the same time, Ghana (+11.6%) and Cote d'Ivoire (+5.2%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +11.6% from 2012-2022. By contrast, Senegal (-6.7%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+23 p.p.), Ghana (+14 p.p.) and Senegal (+3.9 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Nigeria (-41.7 p.p.) displayed negative dynamics.

In value terms, Cote d'Ivoire ($X) remains the largest upright piano supplier in Western Africa, comprising 67% of total exports. The second position in the ranking was held by Ghana ($X), with a 31% share of total exports. It was followed by Nigeria, with a 1.7% share.

In Cote d'Ivoire, upright piano exports increased at an average annual rate of +39.7% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (+21.9% per year) and Nigeria (-34.7% per year).

Export Prices by Country

The export price in Western Africa stood at $X per unit in 2022, dropping by -40.6% against the previous year. Over the period under review, the export price, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2013 an increase of 602%. Over the period under review, the export prices hit record highs at $X per unit in 2021, and then dropped remarkably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cote d'Ivoire ($X per unit), while Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+32.7%), while the other leaders experienced mixed trends in the export price figures.

Upright Piano Imports

Imports in Western Africa

In 2022, after two years of decline, there was significant growth in purchases abroad of acoustic new upright pianos, when their volume increased by 47% to X units. In general, imports, however, continue to indicate a pronounced shrinkage. The growth pace was the most rapid in 2019 with an increase of 141% against the previous year. The volume of import peaked at X units in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, upright piano imports skyrocketed to $X in 2022. Overall, imports, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2019 with an increase of 250%. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Nigeria represented the key importing country with an import of around X units, which recorded 64% of total imports. Ghana (X units) took the second position in the ranking, followed by Cote d'Ivoire (X units) and Cabo Verde (X units). All these countries together took approx. 22% share of total imports. Burkina Faso (X units), Guinea (X units) and Senegal (X units) held a minor share of total imports.

From 2012 to 2022, average annual rates of growth with regard to upright piano imports into Nigeria stood at -4.3%. At the same time, Guinea (+11.6%) and Burkina Faso (+3.4%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +11.6% from 2012-2022. Cote d'Ivoire, Ghana and Cabo Verde experienced a relatively flat trend pattern. By contrast, Senegal (-5.9%) illustrated a downward trend over the same period. While the share of Ghana (+2.9 p.p.), Guinea (+2.3 p.p.), Cote d'Ivoire (+2.1 p.p.) and Burkina Faso (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-10.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported acoustic new upright pianos in Western Africa, comprising 86% of total imports. The second position in the ranking was taken by Guinea ($X), with a 4.5% share of total imports. It was followed by Ghana, with a 3.7% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -3.6%. The remaining importing countries recorded the following average annual rates of imports growth: Guinea (+24.8% per year) and Ghana (-1.8% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per unit, picking up by 31% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when the import price increased by 45% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Guinea ($X per unit), while Senegal ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guinea (+11.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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