ECOWAS: Upright Piano Market 2024

Upright Piano Market Size in ECOWAS

In 2022, the ECOWAS upright piano market decreased by X% to $X, falling for the second year in a row after three years of growth. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Upright Piano Production in ECOWAS

In value terms, upright piano production totaled $X in 2022 estimated in export price. Overall, production showed a prominent expansion. The pace of growth was the most pronounced in 2015 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Upright Piano Exports

Exports in ECOWAS

In 2022, after two years of decline, there was significant decline in overseas shipments of acoustic new upright pianos, when their volume decreased by X% to X units. Overall, exports, however, showed pronounced growth. The pace of growth appeared the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, upright piano exports contracted remarkably to $X in 2022. In general, exports, however, continue to indicate a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Ghana (X units), followed by Cote d'Ivoire (X units) were the largest exporters of acoustic new upright pianos, together creating X% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Ghana (with a CAGR of X%).

In value terms, Ghana ($X) remains the largest upright piano supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Ghana stood at X%.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per unit, dropping by X% against the previous year. Overall, the export price, however, saw a resilient increase. The pace of growth was the most pronounced in 2013 an increase of X% against the previous year. Over the period under review, the export prices attained the peak figure at $X per unit in 2021, and then contracted in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Ghana ($X per unit), while Cote d'Ivoire stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%).

Upright Piano Imports

Imports in ECOWAS

In 2022, supplies from abroad of acoustic new upright pianos decreased by X% to X units, falling for the third year in a row after two years of growth. Over the period under review, imports faced a abrupt descent. The pace of growth was the most pronounced in 2019 with an increase of X% 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 fell sharply to $X in 2022. Overall, imports faced a deep contraction. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana (X units) and Cote d'Ivoire (X units) represented roughly X% of total imports in 2022. Cabo Verde (X units) ranks next in terms of the total imports with a X% share, followed by Guinea (X%) and Benin (X%). Burkina Faso (X units), Gambia (X units), Mali (X units) and Nigeria (X units) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Cote d'Ivoire ($X) constitutes the largest market for imported acoustic new upright pianos in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with a X% share of total imports. It was followed by Guinea, with an X% share.

In Cote d'Ivoire, upright piano imports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Guinea (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per unit in 2022, declining by X% against the previous year. Overall, the import price showed a perceptible slump. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.

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

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

Source: IndexBox Platform

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