Global Upright Piano Market 2024

Upright Piano Market Size

In 2022, after two years of decline, there was significant growth in the global upright piano market, when its value increased by 46% to $X. Overall, the total consumption indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Upright Piano Production

In value terms, upright piano production amounted to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2016 with an increase of 50%. As a result, production attained the peak level of $X. From 2017 to 2022, global production growth remained at a somewhat lower figure.

Upright Piano Exports

Exports

In 2022, the amount of acoustic new upright pianos exported worldwide contracted sharply to X units, waning by -19.4% on 2021 figures. In general, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2016 with an increase of 43% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the global exports remained at a lower figure.

In value terms, upright piano exports declined to $X in 2022. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 28% against the previous year. As a result, the exports reached the peak of $X, and then reduced in the following year.

Exports by Country

Japan represented the key exporter of acoustic new upright pianos in the world, with the volume of exports finishing at X units, which was approx. 52% of total exports in 2022. It was distantly followed by China (X units), Indonesia (X units) and Germany (X units), together comprising a 27% share of total exports. The following exporters - Hong Kong SAR (X units), the Czech Republic (X units), Malaysia (X units), the United States (X units) and the UK (X units) - together made up 11% of total exports.

Exports from Japan increased at an average annual rate of +3.0% from 2012 to 2022. At the same time, Hong Kong SAR (+17.2%) and the UK (+4.1%) displayed positive paces of growth. Moreover, Hong Kong SAR emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.2% from 2012-2022. By contrast, the United States (-1.8%), the Czech Republic (-2.1%), Malaysia (-4.0%), Germany (-6.6%), China (-8.5%) and Indonesia (-10.0%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Japan and Hong Kong SAR increased by +21 and +2.3 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Japan ($X), Indonesia ($X) and Germany ($X) were the countries with the highest levels of exports in 2022, together accounting for 78% of global exports. China, the Czech Republic, Malaysia, the United States, Hong Kong SAR and the UK lagged somewhat behind, together comprising a further 14%.

Hong Kong SAR, with a CAGR of +14.5%, saw the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average upright piano export price amounted to $X per unit, growing by 11% against the previous year. Over the period under review, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the average export price increased by 57% against the previous year. The global export price peaked at $X per unit in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (+13.2%), while the other global leaders experienced more modest paces of growth.

Upright Piano Imports

Imports

In 2022, the amount of acoustic new upright pianos imported worldwide reduced to X units, waning by -13.9% on the previous year's figure. Overall, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 20%. Global imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, upright piano imports shrank to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 26%. As a result, imports reached the peak of $X, and then fell in the following year.

Imports by Country

China prevails in imports structure, amounting to X units, which was approx. 53% of total imports in 2022. The United States (X units) took an 8.4% share (based on physical terms) of total imports, which put it in second place, followed by Germany (5.6%). The following importers - Australia (X units), France (X units), the UK (X units), Malaysia (X units), Canada (X units), Japan (X units) and Italy (X units) - each reached a 15% share of total imports.

China was also the fastest-growing in terms of the acoustic new upright pianos imports, with a CAGR of +2.7% from 2012 to 2022. At the same time, Australia (+1.8%) displayed positive paces of growth. The UK, the United States and Italy experienced a relatively flat trend pattern. By contrast, Canada (-1.5%), Germany (-3.0%), France (-3.4%), Japan (-5.7%) and Malaysia (-7.5%) illustrated a downward trend over the same period. China (+13 p.p.) significantly strengthened its position in terms of the global imports, while Germany and Malaysia saw its share reduced by -1.9% and -2.3% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported acoustic new upright pianos worldwide, comprising 30% of global imports. The second position in the ranking was taken by the United States ($X), with a 13% share of global imports. It was followed by Germany, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value in China amounted to +4.4%. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+2.5% per year) and Germany (-0.6% per year).

Import Prices by Country

In 2022, the average upright piano import price amounted to $X per unit, rising by 8.5% against the previous year. In general, the import price recorded a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+7.0%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :