Piano Market Overview in the European Union
In value terms, piano production stood at $170M in 2010 estimated in export prices. Overall, piano production continues to indicate an abrupt curtailment. The pace of growth appeared the most rapid in 2010 when production volume decreased by -0.6% year-to-year. Over the period under review, piano production attained its maximum level at $232M in 2007; however, from 2008 to 2010, production remained at a lower figure.
The Czech Republic (15K units) constituted the country with the largest volume of piano production, comprising approx. 66% of total volume. Moreover, piano production in the Czech Republic exceeded the figures recorded by the second-largest producer, Germany (5.8K units), threefold. The third position in this ranking was occupied by France (73 units), with a 0.3% share.
From 2007 to 2010, the average annual growth rate of volume in the Czech Republic was relatively modest. In the other countries, the average annual rates were as follows: Germany (-36.1% per year) and France (0.0% per year).
The revenue of the piano market in the European Union amounted to $174M in 2010, lowering by -16.5% 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). In general, piano consumption continues to indicate an abrupt descent. The most prominent rate of growth was recorded in 2008 when the market value increased by 19% year-to-year. In that year, the piano market attained its peak level of $280M. From 2009 to 2010, the growth of the piano market remained at a lower figure.
From 2007 to 2010, the most notable rate of growth in terms of piano consumption, amongst the main consuming countries, was attained by the Czech Republic (+144.7% per year), while piano consumption for the other leaders experienced mixed trends in the consumption figures.
In value terms, the largest piano markets in the European Union were the Czech Republic ($44M), France ($34M) and the UK ($16M), together comprising 54% of the total market.
The Czech Republic (+154.0% per year) recorded the highest rates of growth with regard to market size, in terms of the main consuming countries over the period under review, while piano market for the other leaders experienced more modest paces of growth.
In 2010, the highest levels of piano per capita consumption was registered in the Czech Republic (947 units per million persons), followed by the Netherlands (299 units per million persons), Belgium (236 units per million persons) and France (183 units per million persons), while the world average per capita consumption of piano was estimated at 105 units per million persons.
From 2007 to 2010, the average annual growth rate of the piano per capita consumption in the Czech Republic stood at +143.3%. In the other countries, the average annual rates were as follows: the Netherlands (+0.4% per year) and Belgium (-45.2% per year).