Global Electrical Musical Instrument Market 2024

Electrical Musical Instrument Market Size

After eight years of growth, the global electrical musical instrument market decreased by X% to $X in 2023. Over the period under review, the total consumption indicated a noticeable expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, consumption increased by X% against 2014 indices. As a result, consumption reached the peak level of $X, and then dropped in the following year.

Electrical Musical Instrument Production

In value terms, electrical musical instrument production expanded slightly to $X in 2023 estimated in export price. In general, production, however, showed a tangible increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, global production hit record highs at $X in 2021; however, from 2022 to 2023, production failed to regain momentum.

Electrical Musical Instrument Exports

Exports

In 2023, shipments abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the second year in a row after four years of growth. Over the period under review, exports, however, continue to indicate pronounced growth. The pace of growth was the most pronounced in 2018 with an increase of X%. The global exports peaked at X units in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, electrical musical instrument exports shrank to $X in 2023. In general, exports, however, enjoyed tangible growth. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the global exports hit record highs at $X in 2022, and then shrank in the following year.

Exports by Country

In 2023, China (X units) represented the major exporter of electrical musical or keyboard instruments, comprising X% of total exports. It was distantly followed by Indonesia (X units), comprising a X% share of total exports. The United States (X units), Germany (X units), Belgium (X units), the Netherlands (X units), Malaysia (X units) and India (X units) followed a long way behind the leaders.

From 2012 to 2023, average annual rates of growth with regard to electrical musical instrument exports from China stood at X%. At the same time, India (X%), Malaysia (X%), Indonesia (X%), Belgium (X%), the Netherlands (X%) and Germany (X%) displayed positive paces of growth. Moreover, India emerged as the fastest-growing exporter exported in the world, with a CAGR of X% from 2012-2023. By contrast, the United States (X%) illustrated a downward trend over the same period. Indonesia (X p.p.), Malaysia (X p.p.), Belgium (X p.p.) and the Netherlands (X p.p.) significantly strengthened its position in terms of the global exports, while the United States and China saw its share reduced by X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest electrical musical instrument supplying countries worldwide were China ($X), Indonesia ($X) and the United States ($X), together accounting for X% of global exports. Germany, the Netherlands, Malaysia, Belgium and India lagged somewhat behind, together accounting for a further X%.

In terms of the main exporting countries, India, with a CAGR of X%, 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

In 2023, the average electrical musical instrument export price amounted to $X per unit, growing by X% against the previous year. Overall, the export price recorded a mild increase. The growth pace was the most rapid in 2015 when the average export price increased by X%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2023, the export prices stood at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the other global leaders experienced more modest paces of growth.

Electrical Musical Instrument Imports

Imports

In 2023, purchases abroad of electrical musical or keyboard instruments decreased by X% to X units, falling for the second year in a row after four years of growth. Over the period under review, total imports indicated a modest expansion from 2012 to 2023: its volume increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. As a result, imports reached the peak of X units. From 2022 to 2023, the growth of global imports remained at a somewhat lower figure.

In value terms, electrical musical instrument imports fell to $X in 2023. Overall, total imports indicated a perceptible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of X%. Global imports peaked at $X in 2022, and then shrank in the following year.

Imports by Country

The United States represented the key importing country with an import of around X units, which accounted for X% of total imports. It was distantly followed by Germany (X units), the UK (X units) and India (X units), together constituting a X% share of total imports. The Netherlands (X units), Canada (X units), Japan (X units), France (X units), Brazil (X units), Russia (X units), Mexico (X units), China (X units) and Belgium (X units) held a little share of total imports.

The United States experienced a relatively flat trend pattern with regard to volume of imports of electrical musical or keyboard instruments. At the same time, China (X%), Russia (X%), the Netherlands (X%), Germany (X%), Belgium (X%), Canada (X%), the UK (X%) and India (X%) displayed positive paces of growth. Moreover, China emerged as the fastest-growing importer imported in the world, with a CAGR of X% from 2012-2023. Mexico and France experienced a relatively flat trend pattern. By contrast, Japan (X%) and Brazil (X%) illustrated a downward trend over the same period. Germany (X p.p.) and the Netherlands (X p.p.) significantly strengthened its position in terms of the global imports, while Brazil, the United States and Japan saw its share reduced by X%, X% and X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United States ($X), Germany ($X) and the Netherlands ($X) appeared to be the countries with the highest levels of imports in 2023, with a combined X% share of global imports. Japan, the UK, France, China, Belgium, Canada, India, Brazil, Russia and Mexico lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, China, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

The average electrical musical instrument import price stood at $X per unit in 2023, rising by X% against the previous year. Over the period from 2012 to 2023, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2014 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2023, the average import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by China (X%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform