Upright Piano Market

The global market for acoustic new upright pianos is forecasted to experience steady growth, with market volumes expected to reach 426K units and market value to hit $1B by 2030. Consumption, production, imports, and exports trends are analyzed, with key insights into market performance, countries with the highest volumes and values, growth rates, and average prices. China, Japan, and Indonesia emerge as key players in the market, with notable fluctuations in consumption and production recorded over the years.

Market Forecast

Driven by increasing demand for acoustic new upright pianos worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.1% for the period from 2022 to 2030, which is projected to bring the market volume to 426K units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +4.0% for the period from 2022 to 2030, which is projected to bring the market value to $1B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Acoustic New Upright Pianos

In 2022, global upright piano consumption declined modestly to 334K units, falling by -2.2% against 2021 figures. In general, the total consumption indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +7.5% against 2020 indices. Global consumption peaked at 341K units in 2021, and then dropped slightly in the following year.

The global upright piano market size amounted to $755M in 2022, rising by 5.1% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, the total consumption indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +22.6% against 2020 indices. Global consumption peaked in 2022 and is likely to see steady growth in the immediate term.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (116K units), Japan (68K units) and Indonesia (20K units), with a combined 61% share of global consumption. The United States, the UK, the Czech Republic, Germany, Armenia, Australia and Macao SAR lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of +24.9%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, Japan ($265M) led the market, alone. The second position in the ranking was held by China ($115M). It was followed by the Czech Republic.

From 2012 to 2022, the average annual growth rate of value in Japan totaled +3.3%. In the other countries, the average annual rates were as follows: China (+7.7% per year) and the Czech Republic (+3.3% per year).

In 2022, the highest levels of upright piano per capita consumption was registered in Macao SAR (7.6 units per 1000 persons), followed by Armenia (2.1 units per 1000 persons), the Czech Republic (1.1 units per 1000 persons) and Japan (0.5 units per 1000 persons), while the world average per capita consumption of upright piano was estimated at less than 0.1 units per 1000 persons.

From 2012 to 2022, the average annual growth rate of the upright piano per capita consumption in Macao SAR amounted to +22.8%. In the other countries, the average annual rates were as follows: Armenia (-0.0% per year) and the Czech Republic (+2.0% per year).

Production

World Production of Acoustic New Upright Pianos

In 2022, the amount of acoustic new upright pianos produced worldwide expanded notably to 210K units, picking up by 6.6% on 2021. The total output volume increased at an average annual rate of +1.0% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2016 with an increase of 11% against the previous year. Over the period under review, global production hit record highs at 221K units in 2020; however, from 2021 to 2022, production remained at a lower figure.

In value terms, upright piano production dropped slightly to $702M in 2022 estimated in export price. The total output value increased at an average annual rate of +1.2% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2017 when the production volume increased by 18% against the previous year. Over the period under review, global production hit record highs at $716M in 2021, and then contracted modestly in the following year.

Production By Country

The countries with the highest volumes of production in 2022 were Japan (98K units), Indonesia (68K units) and the Czech Republic (13K units), with a combined 85% share of global production. The UK, Armenia, Macao SAR and Germany lagged somewhat behind, together accounting for a further 11%.

From 2012 to 2022, the biggest increases were recorded for Macao SAR (with a CAGR of +306.6%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Acoustic New Upright Pianos

In 2022, the amount of acoustic new upright pianos imported worldwide contracted to 262K units, declining by -13.1% against the year before. In general, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 54% against the previous year. Global imports peaked at 302K units in 2021, and then declined in the following year.

In value terms, upright piano imports declined slightly to $433M in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of 26%. As a result, imports attained the peak of $456M, and then shrank slightly in the following year.

Imports By Country

China prevails in imports structure, resulting at 134K units, which was approx. 51% of total imports in 2022. The United States (21K units) ranks second in terms of the total imports with an 8.1% share, followed by Germany (4.9%). The Netherlands (7.7K units), the UK (7.5K units), Malaysia (6.8K units), Australia (6.3K units), France (5.9K units), Canada (4.9K units) and Japan (4.2K units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to upright piano imports into China stood at +2.7%. At the same time, the Netherlands (+9.2%), the UK (+3.1%) and Australia (+1.8%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the world, with a CAGR of +9.2% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Canada (-1.6%), Germany (-3.9%), France (-4.0%), Malaysia (-4.6%) and Japan (-5.7%) illustrated a downward trend over the same period. China (+12 p.p.) and the Netherlands (+1.7 p.p.) significantly strengthened its position in terms of the global imports, while Malaysia and Germany saw its share reduced by -1.6% and -2.5% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($126M) constitutes the largest market for imported acoustic new upright pianos worldwide, comprising 29% of global imports. The second position in the ranking was held by the United States ($55M), with a 13% share of global imports. It was followed by Germany, with an 8.6% share.

In China, upright piano imports increased at an average annual rate of +4.4% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: the United States (+2.5% per year) and Germany (-1.3% per year).

Import Prices By Country

The average upright piano import price stood at $1,652 per unit in 2022, picking up by 9.3% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 an increase of 32% against the previous year. Over the period under review, average import prices hit record highs at $2,196 per unit in 2016; however, from 2017 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Australia ($3,050 per unit), while China ($945 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Australia (+3.3%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Acoustic New Upright Pianos

In 2022, shipments abroad of acoustic new upright pianos decreased by -11.9% to 139K units, falling for the third consecutive year after two years of growth. Over the period under review, exports continue to indicate a slight decline. The pace of growth appeared the most rapid in 2016 when exports increased by 66%. As a result, the exports reached the peak of 223K units. From 2017 to 2022, the growth of the global exports remained at a lower figure.

In value terms, upright piano exports dropped to $475M in 2022. The total export value increased at an average annual rate of +1.4% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by 29% against the previous year. As a result, the exports attained the peak of $527M, and then fell in the following year.

Exports By Country

In 2022, Indonesia (49K units) and Japan (35K units) represented the largest exporters of acoustic new upright pianosin the world, together reaching near 60% of total exports. China (18K units) took the next position in the ranking, distantly followed by Germany (7.7K units). All these countries together took approx. 18% share of total exports. The Netherlands (4.6K units), Malaysia (4.2K units), Hong Kong SAR (3.6K units), the Czech Republic (3.1K units) and the United States (2.6K units) held a minor share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by the Netherlands (with a CAGR of +24.9%), while the other global leaders experienced more modest paces of growth.

In value terms, the largest upright piano supplying countries worldwide were Japan ($196M), Indonesia ($116M) and Germany ($52M), with a combined 77% share of global exports. China, the Czech Republic, the Netherlands, Malaysia, the United States and Hong Kong SAR lagged somewhat behind, together accounting for a further 16%.

The Netherlands, with a CAGR of +23.8%, saw the highest rates of growth with regard to the value of exports, among 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 $3,424 per unit, picking up by 2.3% against the previous year. Over the period under review, export price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +3.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, upright piano export price increased by +33.3% against 2020 indices. The most prominent rate of growth was recorded in 2017 when the average export price increased by 66% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

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 Germany ($6,727 per unit), while Hong Kong SAR ($1,320 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform