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Puerto Rico - Pianos and Other Keyboard Stringed Musical Instruments - Market Analysis, Forecast, Size, Trends and Insights
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Piano Market Size in Puerto Rico
The Puerto Rican piano market was finally on the rise to reach $X in 2021, after two years of decline. Over the period under review, consumption, however, continues to indicate a perceptible curtailment. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.
Piano Production in Puerto Rico
In value terms, piano production amounted to $X in 2021 estimated in export price. In general, production, however, showed a mild contraction. The pace of growth was the most pronounced in 2016 with an increase of 22% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2021, production stood at a somewhat lower figure.
Piano Exports
Exports by Country
Japan was the largest exporting country with an export of about X tons, which finished at 48% of total exports. Indonesia (X tons) ranks second in terms of the total exports with a 21% share, followed by South Korea (9.5%), China (7.9%) and Germany (4.7%). The Czech Republic (X tons) followed a long way behind the leaders.
From 2012 to 2021, average annual rates of growth with regard to piano exports from Japan stood at +1.6%. At the same time, South Korea (+26.7%) and China (+3.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in the world, with a CAGR of +26.7% from 2012-2021. Germany, Indonesia and the Czech Republic experienced a relatively flat trend pattern. While the share of South Korea (+8.1 p.p.) increased significantly in terms of the global exports from 2012-2021, the share of Japan (-2.3 p.p.) and Indonesia (-5.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the largest piano supplying countries from Puerto Rico were Japan ($X), Germany ($X) and Indonesia ($X), with a combined 72% share of total exports. China, the Czech Republic and South Korea lagged somewhat behind, together comprising a further 12%.
South Korea, with a CAGR of +10.6%, saw the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Piano Imports
Imports by Country
China dominates imports structure, resulting at X tons, which was approx. 53% of total imports in 2021. The United States (X tons) took the second position in the ranking, followed by Germany (X tons) and Vietnam (X tons). All these countries together took near 14% share of total imports. Australia (X tons), France (X tons), Italy (X tons), Canada (X tons), the UK (X tons), Malaysia (X tons), Hong Kong SAR (X tons), the Netherlands (X tons) and Japan (X tons) held a minor share of total imports.
China was also the fastest-growing in terms of the pianos and other keyboard stringed musical instruments imports, with a CAGR of +18.2% from 2012 to 2021. At the same time, the Netherlands (+5.7%), Italy (+3.8%), the United States (+2.0%) and Australia (+1.8%) displayed positive paces of growth. Canada experienced a relatively flat trend pattern. By contrast, the UK (-1.2%), Malaysia (-2.3%), France (-2.9%), Germany (-3.0%), Hong Kong SAR (-3.2%), Japan (-7.0%) and Vietnam (-10.7%) illustrated a downward trend over the same period. While the share of China (+36 p.p.) increased significantly in terms of the global imports from 2012-2021, the share of Hong Kong SAR (-1.6 p.p.), the United States (-1.6 p.p.), France (-2 p.p.), Japan (-2.3 p.p.), Vietnam (-2.9 p.p.) and Germany (-4.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($X) constitutes the largest market for imported pianos and other keyboard stringed musical instruments into Puerto Rico, comprising 29% of global imports. The second position in the ranking was held by the United States ($X), with a 12% share of global imports. It was followed by Germany, with a 7% share.
From 2012 to 2021, the average annual growth rate of value in China amounted to +9.4%. In the other countries, the average annual rates were as follows: the United States (-0.5% per year) and Germany (-1.1% per year).
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the piano market in Puerto Rico. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 32201110 - Acoustic new upright pianos (including automatic pianos)
- Prodcom 32201130 - Acoustic grand pianos (including automatic pianos)
- Prodcom 32201150 - Keyboard stringed instruments (including harpsichords, s pinets and clavichords)
Country coverage:
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Puerto Rico
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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