Global Pianos Industry

LONDON, Feb. 9, 2017 /PRNewswire/ -- This report analyzes the worldwide markets for Pianos in Units by the following Segments: Acoustic Pianos (Grand Pianos, & Upright Pianos), and Digital Pianos. Additionally, the US market is analyzed in terms of both value (US$) and volume (units) for Acoustic Pianos (Grand and Upright), Digital Pianos, and Electronic Player Piano. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual estimates and forecasts are provided for the period 2015 through 2022. Also, a six-year historic analysis is provided for these markets. Market data and analytics are derived from primary and secondary research. Company profiles are primarily based on public domain information including company URLs. The report profiles 57 companies including many key and niche players such as -

Baldwin Piano & Organ Co.
C. Bechstein Pianofortefabrik AG
Casio Computer Co. Ltd.
Fazioli Pianoforti s.p.a
Guangzhou Pearl River Piano Group, Ltd.



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I. INTRODUCTION, METHODOLOGY & PRODUCT DEFINITIONS

Study Reliability and Reporting Limitations I-1 Disclaimers.............. I-2 Data Interpretation & Reporting Level I-2 Quantitative Techniques & Analytics I-3 Product Definitions and Scope of Study I-3 Acoustic Pianos.............. I-3 Grand Pianos.............. I-3 Upright Pianos.............. I-4 Digital Pianos.............. I-4

II. EXECUTIVE SUMMARY

1. INDUSTRY OVERVIEW.............. II-1 Pianos: An Intricate Musical Instrument Adapting to Challenging Times..............II-1 Table 1: Global Musical Instruments Market by Type (2015): Percentage Share Breakdown of Revenues for Digital Musical Instruments; Guitars; Pianos; String and Percussion Instruments; and Wind Instruments (includes corresponding Graph/Chart).............. II-3 Pianos Market Highlights..............II-3 Piano Production: Historical Transition from the West to the East II-4 The United States: The Hitherto World's Number One in Fine Quality Piano Manufacturing..............II-4 Asian Producers Enjoy Significant Competitive Advantages over Western Counterparts..............II-4 A Comparison between the US and Asian Markets II-5 China: The Current World Leader in Piano Manufacturing II-5 Japan: Market with Sophisticated Production Units II-6 South Korea: Largely Export-Oriented Market II-6 Global Market Outlook..............II-7 The United States Continues to be a Major Market for Pianos II-7 Asia: Fastest Growing Market Housing the World's Largest Piano Manufacturing Companies..............II-7 Table 2: Global Pianos Market - Geographic Regions Ranked by CAGR (Unit Sales) for 2015-2022: Asia-Pacific, Rest of World, Latin America, Europe, Japan, USA, and Canada (includes corresponding Graph/Chart) II-8 China and Russia Offer Exciting Growth Potential amidst Challenges.............. II-8 China: Open Economy Boosts Market Leadership II-9

2. COMPETITION.............. II-10 Competitive Landscape: Highly Fragmented and Intensely Competitive.............. II-10 Popular Piano Brands Worldwide in a Nutshell II-10 Concert Pianists Prefer Longstanding Favorite Brands II-11 Market Majors Endeavor to Attract Youngsters II-11 Companies Struggle to Remain Relevant Amidst Shifting Demographics.............. II-12 Price Sensitivity Axes the Spirits of the Industry II-12 Creating an Artificial Urgency: An Emerging Business Model II-12 Pianos Play Rhythm on the Net..............II-13 Mimic Labels: Developed to Take Advantage of Buyers II-13 Music Stores Bank on Special Events to Magnetize Returns II-13 Look and Design of the Piano: Important Determinants II-13 Raw Materials: Increasing Environmental Concerns Add to Manufacturers Woes.............. II-13

3. MARKET TRENDS, ISSUES & DRIVERS II-14 Digital Pianos Cannibalize the Traditional Grand and Upright Pianos Market.............. II-14 Acoustic and Digital Pianos: Various Parameters Compared II-15 Merits of Digital Pianos..............II-15 Demerits Associated with Digital Pianos II-15 Growing Prominence of Hybrid Pianos Benefits Market Expansion II-16 Piano Innovations & Advancements: Re-invigorating Market Growth II-17 Traditional Piano Innovations II-17 Noteworthy Innovations in Mechanical and Acoustic Pianos II-17 Digital Piano Innovations..............II-18 Select Digital Piano Innovations of Leading Manufacturers II-19 Player Pianos.............. II-19 Piano Software Advancements..............II-19 Computer Technology: An Enormous Help for Fine Tuning II-20 Virtual Acoustics: A Software Marvel for Musical Instruments II-20 Non-Musical Instrument Alternatives on the Rise, Dent Long Term Growth Prospects..............II-20 Environment Sensitivity: A Major Issue in Piano's Performance II-20 Rising Popularity of Customized Pianos Bodes Well for Market Adoption.............. II-21 Cultural, Economic, and Demographic Factors Define New Norms of Growth around the World..............II-21

4. TRADE STATISTICS.............. II-23 Table 3: Global Imports of Upright Pianos, Including Automatic (2015): Percentage Share Breakdown of Revenue for Leading Importing Countries (includes corresponding Graph/Chart) II-23

Table 4: Global Exports of Upright Pianos, Including Automatic (2015): Percentage Share Breakdown of Revenue for Leading Exporting Countries (includes corresponding Graph/Chart) II-23

Table 5: Global Imports of Grand Pianos, Including Automatic (2015): Percentage Share Breakdown of Revenue for Leading Importing Countries (includes corresponding Graph/Chart) II-24

Table 6: Global Exports of Grand Pianos, Including Automatic (2015): Percentage Share Breakdown of Revenue for Leading Exporting Countries (includes corresponding Graph/Chart) II-24

5. PRODUCT OVERVIEW.............. II-25 Pianos: A Historical Perspective II-25 The Victorian Grand Piano..............II-25 The Victorian Square Grand Piano II-25 The American Victorian Upright Piano II-25 The 20th Century American Upright Piano II-26 20th Century Grand and Baby Grand Pianos II-26 The Upright Player Piano..............II-26 Mirror Pianos.............. II-26 Post-Depression Upright Pianos..............II-26 English Pianos.............. II-26 Categorization of Pianos..............II-26 Acoustic - A Conventional Piano II-26 Grand Pianos.............. II-27 Upright Pianos.............. II-28 Vertical Pianos Versus Grand Pianos II-28 Digital Piano - Instrument with Electronic Sound Chips II-28 Hybrid Digital/Acoustic Pianos..............II-28 Electronic Player Pianos..............II-29 Vintage Pianos.............. II-30 Synthesizers.............. II-30 Piano Manufacturing Process..............II-30 Modern Techniques Used in Piano Manufacturing II-32 Piano Design.............. II-32 Piano Size.............. II-32 Piano Quality.............. II-32 Piano Styling and Finishes..............II-33 Piano Sheen.............. II-33 Piano Color.............. II-33 Stencil Pianos.............. II-33 Dumping.............. II-33 Maintenance of Pianos: Challenges Associated with Old Pianos II-33 Effect of Dryness..............II-34 Rising Key Tops.............. II-34 Loose Grips on Tuning Pins..............II-34

6. PRODUCT INNOVATIONS/INTRODUCTIONS II-35 Yamaha Unveils Digital Pianos and Portable Keyboards II-35 Kawai & Onkyo Unveil CS-X1 Prototype Digital Piano II-35 Yamaha Launches New Grand Models of TransAcoustic Pianos II-35 Yamaha Launches Disklavier ENSPIRE™ II-35 Roland Unveils FP-30 Digital Piano II-35 Nord to Unveil New Piano3..............II-35 Roland and Karimoku Furniture Unveil KIYOLA 'Made In Japan' Series KF-10.............. II-35 Steinway & Sons Launches Heliconia Piano II-36 Steinway & Sons Introduces Spirio Player Piano System II-36 Steinway & Sons Unveils Its 600,000th Piano II-36 Korg to Launch Streamlined Version of B1 Digital Piano II-36 Roland Introduces Compact Digital Pianos II-36 CASIO Launches Celviano Grand Hybrid Digital Pianos II-36 Casio America Introduces Compact Grand Piano CGP-700 II-36 The ONE Music Group Launches The ONE Smart Piano II-36 Yamaha Launches Clavinova CVP-700 Series II-37 Korg Launches HAVIAN30 Digital Ensemble Piano II-37 Yamaha Launches Two P-Series Portable Digital Pianos II-37 Casio Introduces New Digital Pianos to Celviano and Privia Lines II-37 Yamaha Corporation Receives Good Design Awards for its Pianos II-37 Roland Unveils Entry Level Digital Pianos II-37 Yamaha Unveils U1TA upright piano II-37 Heintzman Launches the Royal Series of Pianos II-37 Korg Launches New LP-180 Digital Piano II-37

7. RECENT INDUSTRY ACTIVITY..............II-38 Guangzhou Pearl River Piano Acquires Schimmel II-38 Steinway & Sons Opens Global Flagship Store in Manhattan II-38 Paulson & Co. Acquires Steinway Musical Instruments Inc. II-38

8. FOCUS ON SELECT MAJOR PLAYERS..............II-39 Baldwin Piano & Organ Co. (US) II-39 C. Bechstein Pianofortefabrik AG (Germany) II-39 Casio Computer Co. Ltd. (Japan)..............II-39 Fazioli Pianoforti s.p.a. (Italy) II-40 Guangzhou Pearl River Piano Group, Ltd. (China) II-40 Julius Bluthner Pianofortefabrik GmbH (Germany) II-40 Kawai Musical Instruments Mfg. Co., Ltd. (Japan) II-41 Kawai America Corporation (US)..............II-41 Korg Inc. (Japan).............. II-41 Mason and Hamlin Piano Company (US) II-42 Petrof Spol s.r.o. (Czech Republic) II-42 Roland Corporation (Japan)..............II-42 Samick Musical Instruments Co. Ltd. (South Korea) II-43 Schulze Pollmann (Italy)..............II-43 Steinway Musical Instruments, Inc. (US) II-44 Walter Piano Company, Inc. (US)..............II-44 Yamaha Corporation (Japan)..............II-44 Kemble & Company Ltd. (UK)..............II-45 Young Chang Co. Ltd. (Korea)..............II-45

9. GLOBAL MARKET PERSPECTIVE..............II-46 Table 7: World Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart) II-46

Table 8: World Historic Review for Musical Instruments (Pianos) by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart).............. II-47

Table 9: World 14-Year Perspective for Musical Instruments (Pianos) by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-48 Worldwide Pianos Market By Product Segment II-49 Table 10: World Recent Past, Current & Future Analysis for Acoustic Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart)..............II-49

Table 11: World Historic Review for Acoustic Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) II-50

Table 12: World 14-Year Perspective for Acoustic Pianos by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-51

Table 13: World Recent Past, Current & Future Analysis for Acoustic Pianos by Product Segment - Grand Pianos and Upright Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. II-52

Table 14: World Historic Review for Acoustic Pianos by Product Segment - Grand Pianos and Upright Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) II-53

Table 15: World 14-Year Perspective for Acoustic Pianos by Product Segment - Percentage Breakdown of Unit Sales for Grand Pianos and Upright Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-54

Table 16: World Recent Past, Current & Future Analysis for Grand Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. II-55

Table 17: World Historic Review for Grand Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) II-56

Table 18: World 14-Year Perspective for Grand Pianos by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-57

Table 19: World Recent Past, Current & Future Analysis for Upright Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart)..............II-58

Table 20: World Historic Review for Upright Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) II-59

Table 21: World 14-Year Perspective for Upright Pianos by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-60

Table 22: World Recent Past, Current & Future Analysis for Digital Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart)..............II-61

Table 23: World Historic Review for Digital Pianos by Geographic Region - US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) II-62

Table 24: World 14-Year Perspective for Digital Pianos by Geographic Region - Percentage Breakdown of Unit Sales for US, Canada, Japan, Europe, Asia-Pacific (excluding Japan), Latin America and Rest of World Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) II-63

III. MARKET

1. THE UNITED STATES.............. III-1 A.Market Analysis.............. III-1 Despite Declining Student Interest and Lower Retailer Volumes, Piano Sales Continue to Sustain Growth III-1 Demand Characteristics..............III-2 The United States' Penchant for Music III-2 Acoustic Piano Market: Under Pressure from Digital Pianos III-2 Educating Masses about Benefits of Learning Music: Need of the Hour.............. III-3 Steady Recovery in Housing Construction to Benefit Market Demand.............. III-4 Table 25: Residential Construction in the US (2007-2017P): Number of Housing Starts by Type - Single-Family Units and Multi-Family Units (in '000) (includes corresponding Graph/Chart).............. III-5

Table 26: Projected Growth (%) of the US Construction Market over the Period 2012-2020 by Sector (includes corresponding Graph/Chart)..............III-6 Sales of Asian & European Pianos Cannibalize US Made Pianos III-6 Gray Market Pianos Continue to Impact Market Prospects III-8 The US Piano Player: A Demographic Profile III-8 Competition: Noteworthy Trends III-9 Foreign Companies Tune Music Out of Domestic Piano Makers III-9 Trend towards Outsourcing..............III-10 Musical Outlets Get Big for Bigger Business III-10 Piano Manufacturers Face New Challenges III-10 Imports Depress Domestic Production III-11 Competition from China and Indonesia III-11 'Foreign' Components: An Important Means of Streamlining Costs III-11 Imports and Exports Statistics III-12 Table 27: US Exports of Upright Pianos (2015): Percentage Share Breakdown of Revenue by Destination Country (includes corresponding Graph/Chart)..............III-12

Table 28: US Imports of Upright Pianos (2015): Percentage Share Breakdown of Revenue by Country of Origin (includes corresponding Graph/Chart)..............III-13

Table 29: US Exports of Grand Pianos (2015): Percentage Share Breakdown of Revenue by Destination Country (includes corresponding Graph/Chart)..............III-13

Table 30: US Imports of Grand Pianos (2015): Percentage Share Breakdown of Revenue by Country of Origin (includes corresponding Graph/Chart)..............III-14

Table 31: US Imports of Piano Parts and Accessories (2015): Percentage Share Breakdown of Revenue by Country of Origin (includes corresponding Graph/Chart) III-14

Table 32: US Exports of Piano Parts and Accessories (2015): Percentage Share Breakdown of Revenue by Destination Country (includes corresponding Graph/Chart) III-15 Product Launches..............III-16 Strategic Corporate Development III-16 Select Key Players..............III-17 B.Market Analytics..............III-19 Table 33: US Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-19

Table 34: US Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-20

Table 35: US 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-21

Table 36: US Recent Past, Current & Future Analysis for Electronic Player Piano Market Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart) III-22

Table 37: US Historic Review for Electronic Player Piano Market Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart).............. III-23

Table 38: US Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-24

Table 39: US Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart) III-25

Table 40: US 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Value Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-26

Table 41: US Recent Past, Current & Future Analysis for Electronic Player Piano Market Independently Analyzed with Annual Sales Figures in US$ Million for Years 2015 through 2022 (includes corresponding Graph/Chart) III-27

Table 42: US Historic Review for Electronic Player Piano Market Independently Analyzed with Annual Sales Figures in US$ Million for Years 2009 through 2014 (includes corresponding Graph/Chart)..............III-28

2. CANADA.............. III-29 A.Market Analysis.............. III-29 Burgeoning Demand for Musical Instruments Favors Market Growth III-29 Steady Growth in Music Stores and Schools III-29 Youngsters Attracted More towards Music III-30 Virtual Trade of Instruments III-30 Imports and Exports Statistics III-30 Table 43: Canadian Exports of Upright Pianos (2015): Percentage Share Breakdown of Revenue by Destination Country (includes corresponding Graph/Chart) III-30

Table 44: Canadian Imports of Upright Pianos (2015): Percentage Share Breakdown of Revenue by Country of Origin (includes corresponding Graph/Chart) III-31

Table 45: Canadian Exports of Grand Pianos (2015): Percentage Share Breakdown of Revenue by Destination Country (includes corresponding Graph/Chart) III-31

Table 46: Canadian Imports of Grand Pianos (2015): Percentage Share Breakdown of Revenue by Country of Origin (includes corresponding Graph/Chart) III-32 Product Launch.............. III-32 B.Market Analytics..............III-33 Table 47: Canadian Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-33

Table 48: Canadian Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-34

Table 49: Canadian 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-35

3. JAPAN.............. III-36 A.Market Analysis.............. III-36 High Cultural Values Associated with Music Education to Sustain Market Growth..............III-36 Domestic Production Restricted to Expensive Models Due to High Labor Cost..............III-37 Piano Quality Rank High for Japanese III-37 Digital and Used Pianos Find their Way in Japan III-37 Digital Pianos Outsell Acoustic Pianos III-37 Japanese Musical Instruments Market: A Macro Perspective III-37 Key Growth Drivers..............III-38 Regulations and Procedural Requirements Governing Musical Instruments.............. III-38 Yamaha: The Oldest Piano Manufacturer of Japan III-38 Product Launches..............III-39 Select Key Players..............III-41 B.Market Analytics..............III-43 Table 50: Japanese Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-43

Table 51: Japanese Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-44

Table 52: Japanese 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-45

4. EUROPE.............. III-46 A.Market Analysis.............. III-46 Superior Quality of European Pianos Drive Market Adoption III-46 European Consumers Demand Outstanding Quality and Craftsmanship III-46 'Feel' and 'Figure': Key Purchase Determinants III-47 B.Market Analytics..............III-48 Table 53: European Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Geographic Region - France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of European Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart)..............III-48

Table 54: European Historic Review for Musical Instruments (Pianos) by Geographic Region - France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of European Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart).............. III-49

Table 55: European 14-Year Perspective for Musical Instruments (Pianos) by Geographic Region - Percentage Breakdown of Unit Sales for France, Germany, Italy, United Kingdom, Spain, Russia, and Rest of European Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-50

Table 56: European Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-51

Table 57: European Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-52

Table 58: European 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-53

4a. FRANCE.............. III-54 Market Analysis.............. III-54 Table 59: French Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-54

Table 60: French Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-55

Table 61: French 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-56

4b. GERMANY.............. III-57 A.Market Analysis.............. III-57 Germany: Largest Piano Market in Europe III-57 Germany Lose out to China in Terms of Production III-57 Channels of Distribution..............III-58 Select Key Players..............III-58 B.Market Analytics..............III-59 Table 62: German Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-59

Table 63: German Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-60

Table 64: German 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-61

4c. ITALY.............. III-62 A.Market Analysis.............. III-62 Select Key Players..............III-62 B.Market Analytics..............III-63 Table 65: Italian Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-63

Table 66: Italian Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-64

Table 67: Italian 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-65

4d. THE UNITED KINGDOM..............III-66 A.Market Analysis.............. III-66 Influx of Cheap Pianos from Far East Dents Prospects for Local Manufacturers..............III-66 Table 68: UK Musical Instruments Market (2015): Percentage Share Breakdown of Revenue for Accessories; Amplification Equipment; Audio Recording Equipment; Brass & Woodwind Instruments; Guitars; Orchestral Stringed Instruments; Percussion Instruments; and Pianos, Keyboards, Organs (includes corresponding Graph/Chart) III-66 Product Launch.............. III-67 Kemble & Company Ltd. - A Major UK-Based Company III-67 B.Market Analytics..............III-68 Table 69: UK Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-68

Table 70: UK Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-69

Table 71: UK 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-70

4e. SPAIN.............. III-71 Market Analysis.............. III-71 Table 72: Spanish Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-71

Table 73: Spanish Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-72

Table 74: Spanish 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-73

4f. RUSSIA.............. III-74 A.Market Analysis.............. III-74 Rising Demand for Professional Sound and Musical Instruments Drive Higher Market Growth..............III-74 B.Market Analytics..............III-75 Table 75: Russian Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-75

Table 76: Russian Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-76

Table 77: Russian 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-77

4g. REST OF EUROPE.............. III-78 A.Market Analysis.............. III-78 Petrof Spol S.R.O. - A Major Czech-Based Company III-78 B.Market Analytics..............III-79 Table 78: Rest of Europe Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-79

Table 79: Rest of Europe Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-80

Table 80: Rest of Europe 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-81

5. ASIA-PACIFIC.............. III-82 A.Market Analysis.............. III-82 Asia-Pacific: Rising Affluence Drive Healthy Market Growth III-82 Table 81: Global Pianos Market - Geographic Regions Ranked by CAGR (Unit Sales) for 2015-2022: Asia-Pacific, Rest of World, Latin America, Europe, Japan, USA, and Canada (includes corresponding Graph/Chart) III-82 B.Market Analytics..............III-83 Table 82: Asia-Pacific Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Geographic Region - Australia, China and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-83

Table 83: Asia-Pacific Historic Review for Musical Instruments (Pianos) by Geographic Region - Australia, China and Rest of Asia-Pacific Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-84

Table 84: Asia-Pacific 14-Year Perspective for Musical Instruments (Pianos) by Geographic Region - Percentage Breakdown of Unit Sales for Australia, China and Rest of Asia-Pacific Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart)..............III-85

Table 85: Asia-Pacific Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-86

Table 86: Asia-Pacific Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-87

Table 87: Asia-Pacific 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-88

5a. AUSTRALIA.............. III-89 A.Market Analysis.............. III-89 Australia: One of the Leading Makers of Exquisitely Crafted Professional Pianos..............III-89 Musical Instruments Market: A Macro Perspective III-89 Key End Users.............. III-89 Influence of America on Australian Musical Instruments Market III-90 Imports Dominate Pianos Market in Australia III-90 B.Market Analytics..............III-91 Table 88: Australian Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-91

Table 89: Australian Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-92

Table 90: Australian 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-93

5b. CHINA.............. III-94 A.Market Analysis.............. III-94 China: The Emerging Giant in the Global Piano Market III-94 Increasing Investments: Key to Industry Growth III-95 China: From Humble Beginnings to the World's Largest Producer and Consumer of Pianos III-96 Competitive Landscape..............III-97 Strategic Corporate Development III-98 Select Key Players..............III-98 B.Market Analytics..............III-100 Table 91: Chinese Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-100

Table 92: Chinese Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-101

Table 93: Chinese 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-102

5c. REST OF ASIA-PACIFIC..............III-103 A.Market Analysis.............. III-103 Select Key Markets in the Region III-103 South Korea.............. III-103 Piano Market Revives After Turbulent Times III-103 Korean Pianos Quality Improve with Time III-103 Korean and Japanese Instruments - A Comparison III-104 Select Korean Producers..............III-104 Indonesia.............. III-104 Three Leading Global Manufacturers Dominate Indonesia's Piano Industry.............. III-104 India.............. III-105 Indian Piano Market Offers Significant Growth Potential III-105 Select Key Players..............III-106 B.Market Analytics..............III-107 Table 94: Rest of Asia-Pacific Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-107

Table 95: Rest of Asia-Pacific Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-108

Table 96: Rest of Asia-Pacific 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-109

6. LATIN AMERICA.............. III-110 A.Market Analysis.............. III-110 Mexico: A Niche Piano Market in the Region III-110 B.Market Analytics..............III-111 Table 97: Latin America Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-111

Table 98: Latin America Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-112

Table 99: Latin America 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-113

7. REST OF WORLD.............. III-114 Market Analysis.............. III-114 Table 100: Rest of World Recent Past, Current & Future Analysis for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2015 through 2022 (includes corresponding Graph/Chart).............. III-114

Table 101: Rest of World Historic Review for Musical Instruments (Pianos) by Product Segment - Acoustic Pianos (Grand and Upright), and Digital Piano Markets Independently Analyzed with Annual Sales Figures in Units for Years 2009 through 2014 (includes corresponding Graph/Chart) III-115

Table 102: Rest of World 14-Year Perspective for Musical Instruments (Pianos) by Product Segment - Percentage Breakdown of Unit Sales for Acoustic Pianos (Grand and Upright), and Digital Piano Markets for Years 2009, 2016 & 2022 (includes corresponding Graph/Chart) III-116

IV. COMPETITIVE LANDSCAPE

Total Companies Profiled: 57 (including Divisions/Subsidiaries - 68)

The United States (17) Canada (2) Japan (6) Europe (30) - France (1) - Germany (16) - The United Kingdom (3) - Italy (3) - Rest of Europe (7) Asia-Pacific (Excluding Japan) (13)
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