Saudi Arabia: Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size in Saudi Arabia

The Saudi electrical musical instrument market stood at $X in 2023, stabilizing at the previous year. In general, consumption, however, showed a tangible expansion. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2023, consumption stood at a somewhat lower figure.

Electrical Musical Instrument Production in Saudi Arabia

In value terms, electrical musical instrument production rose slightly to $X in 2023 estimated in export price. In general, production, however, enjoyed resilient growth. The pace of growth was the most pronounced in 2016 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 2023, production remained at a lower figure.

Electrical Musical Instrument Exports

Exports from Saudi Arabia

In 2023, approx. X units of electrical musical or keyboard instruments were exported from Saudi Arabia; shrinking by X% compared with the previous year. Overall, exports showed a deep slump. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, electrical musical instrument exports fell rapidly to $X in 2023. In general, exports saw a drastic downturn. The growth pace was the most rapid in 2022 when exports increased by X% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Sweden (X units), Egypt (X units) and the Netherlands (X units) were the main destinations of electrical musical instrument exports from Saudi Arabia.

From 2017 to 2023, the biggest increases were recorded for Sweden (with a CAGR of X%), while shipments for the other leaders experienced mixed trend patterns.

In value terms, the largest markets for electrical musical instrument exported from Saudi Arabia were Sweden ($X), Egypt ($X) and the Netherlands ($X).

In terms of the main countries of destination, Egypt, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average electrical musical instrument export price stood at $X per unit in 2023, growing by X% against the previous year. Over the period under review, the export price saw a modest expansion. The pace of growth was the most pronounced in 2021 an increase of X%. As a result, the export price attained the peak level of $X per unit. From 2022 to 2023, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2023, amid the top suppliers, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Sweden ($X per unit) was amongst the lowest.

From 2017 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (X%).

Electrical Musical Instrument Imports

Imports into Saudi Arabia

In 2023, supplies from abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the fifth year in a row after seven years of growth. Over the period under review, imports showed a pronounced descent. The pace of growth was the most pronounced in 2016 when imports increased by X%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2023, imports stood at a somewhat lower figure.

In value terms, electrical musical instrument imports amounted to $X in 2023. In general, imports recorded a modest increase. The most prominent rate of growth was recorded in 2019 when imports increased by X%. As a result, imports attained the peak of $X. From 2020 to 2023, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X units), the United States (X units) and Indonesia (X units) were the main suppliers of electrical musical instrument imports to Saudi Arabia, together accounting for X% of total imports.

From 2015 to 2023, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced a decline.

In value terms, China ($X) constituted the largest supplier of electrical musical or keyboard instruments to Saudi Arabia, comprising X% of total imports. The second position in the ranking was taken by Indonesia ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2015 to 2023, the average annual growth rate of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Indonesia (X% per year) and the United States (X% per year).

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2023, approximately equating the previous year. Overall, the import price showed a significant increase. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. The import price peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was China ($X per unit), while the price for Mexico ($X per unit) was amongst the lowest.

From 2015 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform