Global Keyboard Stringed Instrument Market 2024

Keyboard Stringed Instrument Market Size

In 2022, the global keyboard stringed instrument market increased by 0.8% to $X for the first time since 2019, thus ending a two-year declining trend. Overall, consumption saw a relatively flat trend pattern. Over the period under review, the global market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption remained at a lower figure.

Keyboard Stringed Instrument Production

In value terms, keyboard stringed instrument production expanded sharply to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +3.4% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2020 with an increase of 37% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, global production growth remained at a lower figure.

Keyboard Stringed Instrument Exports

Exports

In 2022, overseas shipments of keyboard stringed instruments increased by 5.2% to X units, rising for the third consecutive year after four years of decline. Over the period under review, exports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2014 with an increase of 70%. The global exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, keyboard stringed instrument exports surged to $X in 2022. Overall, exports, however, continue to indicate a mild slump. The most prominent rate of growth was recorded in 2014 when exports increased by 46% against the previous year. Over the period under review, the global exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

In 2022, China (X units), distantly followed by the United States (X units), Italy (X units), the United Arab Emirates (X units) and the Philippines (X units) represented the key exporters of keyboard stringed instruments, together constituting 66% of total exports. The following exporters - Thailand (X units), South Korea (X units), the UK (X units), Oman (X units) and the Netherlands (X units) - together made up 15% of total exports.

From 2012 to 2022, the biggest increases were recorded for the Philippines (with a CAGR of +162.3%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest keyboard stringed instrument supplying countries worldwide were the Philippines ($X), China ($X) and Italy ($X), together comprising 50% of global exports.

Among the main exporting countries, the Philippines, with a CAGR of +272.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

The average keyboard stringed instrument export price stood at $X per unit in 2022, growing by 27% against the previous year. In general, the export price recorded a prominent expansion. The growth pace was the most rapid in 2018 an increase of 71% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a somewhat lower figure.

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 the Philippines ($X per unit), while Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Oman (+15.6%), while the other global leaders experienced more modest paces of growth.

Keyboard Stringed Instrument Imports

Imports

In 2022, the amount of keyboard stringed instruments imported worldwide stood at X units, remaining relatively unchanged against the previous year. Over the period under review, imports, however, continue to indicate a abrupt descent. The most prominent rate of growth was recorded in 2013 with an increase of 30%. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of global imports remained at a lower figure.

In value terms, keyboard stringed instrument imports dropped to $X in 2022. Overall, imports, however, recorded a pronounced reduction. The growth pace was the most rapid in 2013 with an increase of 31% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of global imports failed to regain momentum.

Imports by Country

In 2022, Iran (X units), distantly followed by Thailand (X units) and the United States (X units) represented the largest importers of keyboard stringed instruments, together achieving 35% of total imports. The Dominican Republic (X units), Vietnam (X units), Guatemala (X units), the UK (X units), the Philippines (X units), Qatar (X units), China (X units), Mozambique (X units), South Africa (X units) and Fiji (X units) held a minor share of total imports.

Imports into Iran increased at an average annual rate of +74.6% from 2012 to 2022. At the same time, Qatar (+219.0%), Thailand (+34.6%), Vietnam (+23.8%), the United States (+22.1%), Guatemala (+19.2%), Mozambique (+16.2%), China (+7.9%) and Fiji (+6.5%) displayed positive paces of growth. Moreover, Qatar emerged as the fastest-growing importer imported in the world, with a CAGR of +219.0% from 2012-2022. By contrast, the Philippines (-1.0%), the UK (-5.0%), the Dominican Republic (-13.4%) and South Africa (-25.3%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Iran, Thailand, the United States, Vietnam, Guatemala, Qatar, Mozambique, China and Fiji increased by +21, +7.4, +5.5, +3.3, +3.2, +2.8, +2.2, +2 and +1.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Iran ($X) constitutes the largest market for imported keyboard stringed instruments worldwide, comprising 16% of global imports. The second position in the ranking was held by the Philippines ($X), with a 5.9% share of global imports. It was followed by South Africa, with a 3.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Iran amounted to +47.2%. The remaining importing countries recorded the following average annual rates of imports growth: the Philippines (+22.8% per year) and South Africa (-7.1% per year).

Import Prices by Country

In 2022, the average keyboard stringed instrument import price amounted to $X per unit, declining by -9.2% against the previous year. In general, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, keyboard stringed instrument import price decreased by +0.9% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 66%. Global import price peaked at $X per unit in 2021, and then contracted in the following year.

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 the Philippines ($X per unit), while Fiji ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+24.4%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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