1 Introduction of Acoustic Grand Piano Market
Acoustic pianos create sound through the mechanical action of hammers striking strings. This process results in rich, natural harmonics and a unique resonance that is a difficult timbre to replicate electronically. Acoustic grand piano is a type of acoustic piano. Acoustic grand piano has a frame and strings that are extended horizontally. It has a longer body and thus takes up more space. After playing the keys and releasing your fingers, gravity resets the keys and brings them back to their resting positions.
2 Global Acoustic Grand Piano Market Value and Volume
The market volume for acoustic grand pianos was 25,366 units in 2018, and it is projected to reach 39,338 units by 2028. From 2018 to 2028, the market is expected to grow by 13,972 units, indicating a significant increase in the sales of acoustic grand pianos over this period.
Figure Global Acoustic Grand Piano Sales (Units) and Growth Rate 2018-2028
The market value for acoustic grand pianos was 699.47 M USD in 2018, and it is projected to reach 1179.74 M USD by 2028. From 2018 to 2028, the market value is expected to grow by 480.27 M USD, indicating a significant increase in the value of acoustic grand pianos over this period.
Figure Global Acoustic Grand Piano Value (M USD) and Growth Rate 2018-2028
3 Different Types of Acoustic Grand Piano Market
In 2022, the market share for each type of acoustic grand piano was as follows: $10,000-25,000 accounted for 53.07%, $25,000-60,000 for 23.62%, $60,000-125,000 for 7.41%, 125,000+ for 5.55%, and others for 10.34%. The largest market share was for the $10,000-25,000 price range, while the smallest was for the 125,000+ price range.
Table Different Types of Acoustic Grand Piano
Types | Description |
$10,000 – 25,000 | Distinguish based on product price. Refers to products priced between US$10,000 and US$25,000. |
$25,000 – 60,000 | Distinguish based on product price. Refers to products priced between $25,000 and $60,000. |
$60,000 – 125,000 | Distinguish based on product price. Refers to products priced between $60,000 and $125,000. |
$125,000 + | Distinguish based on product price. Refers to products with a price greater than $25,000. |
Figure Global Acoustic Grand Piano Market Share by Types in 2022
4 Different Applications of Acoustic Grand Piano Market
In 2022, the market share for each application of acoustic grand pianos was as follows: Performance accounted for 50.97%, learning and teaching for 38.16%, and entertainment for 10.87%. The largest market share was for performance, while the smallest was for entertainment.
Table Different Applications of Acoustic Grand Piano
Applications | Description |
Performance | Differentiated according to the field of use and purpose. It mainly refers to products used in piano recitals, concerts, and large-scale performance events. |
Learning and Teaching | Refers to products purchased by downstream customers for the purpose of learning piano. It mainly includes piano training institutions and products purchased by consumers for learning piano. |
Entertainment | It mainly refers to the purchase of products by some music lovers. This group of people is mainly rich and high-income people. |
Figure Global Acoustic Grand Piano Market Share by Applications in 2022
5 Acoustic Grand Piano Market Dynamics
‘Drivers and Opportunities’
Table Drivers and Opportunities
Item | Description |
Pay more and more attention to piano training | With the government’s support for education and the concept of quality education taking root in the hearts of the people, music education, including piano education, will become increasingly important. Piano is an important means of quality education for children. Piano can develop children’s intelligence and promote children’s brain development. Starting to learn piano in childhood can develop, strengthen and improve image thinking, so that children can form good thinking habits, which are both logical and image-rich, and their thinking is quick and active. Therefore, more and more parents let their children learn piano. By learning piano, they can promote their brain development, exercise their finger flexibility and body coordination, cultivate their sentiments, improve their appreciation of music, and make their lives more fulfilling, more tasteful. Therefore, with the improvement of people’s consumption level and the emphasis on children’s music quality education, more and more children are beginning to choose to learn piano. Small and medium-sized Acoustic Grand Piano is one of the products commonly used by people learning piano. Currently, as people pay more and more attention to piano training, the demand for Acoustic Grand Piano in training institutions and families is increasing. This will be one of the driving factors driving the development of the industry market. |
The scale of the music concert market continues to expand | With the continuous development of the economy and the continuous improvement of income levels, consumers’ disposable income has increased. As people’s disposable income increases, as consumers’ consumption concepts change, consumers pay more and more attention to spiritual entertainment consumption, and consumers’ consumption expenditure in the entertainment field continues to expand. In developed economic regions such as Europe and the United States, due to high income levels, consumers have high purchasing power. According to data from the U.S. Bureau of Labor Statistics Consumer Expenditure Survey (BLS CEX), entertainment expenditure accounted for 5.3% of the average annual total expenditure of U.S. households in 2018. Americans spend considerable money on entertainment. For consumers, music concerts can satisfy their spiritual entertainment experience needs to a certain extent. A music concert is a person with a certain status and influence in music performance who holds individual or collective performance activities in a fixed venue. Compared with upright pianos and electronic pianos, the Acoustic Grand Piano is mainly used in large-scale performances or professional performances. During the playing process, the action of the Acoustic Grand Piano is more sensitive. After striking the string, the hammer needs to return to its original position in time to prepare for the next strike. In addition, the Acoustic Grand Piano pedal has more detailed and comprehensive functions, and the volume is also louder and clearer. Therefore, the Acoustic Grand Piano is widely used by professionals and large-scale performance events. Currently, as consumers pay more and more attention to spiritual entertainment consumption and the popularity of pianos increases, more and more piano and other music concerts are held in various regions around the world, and the market scale continues to expand. As the scale of the music concert market continues to expand, the demand for Acoustic Grand Piano in this field continues to increase, thus driving market development. |
‘Limits and Challenges’
Table Limits and Challenges
Item | Description |
High technical barriers | The most important technical feature of a piano is that it must have excellent musical characteristics. Musical characteristics are concentrated in two aspects, namely acoustic quality and playing touch, forming distinctive musical instrument characteristics. The Acoustic Grand Piano is composed of thousands of parts and is manufactured through more than hundreds of processes. Every component of the piano and every process of piano production are closely related to the quality of the piano, which requires production companies to accurately grasp the entire set of production technologies and processes. At the same time, the manufacturing of Acoustic Grand Piano also requires long-term production experience accumulation. Many production links and processes require years or even decades of work experience accumulation to ensure that the quality of the piano produced is close to perfect. Various piano companies are constantly improving their production processes to improve product manufacturing accuracy and product quality stability. High technical barriers are one of the challenges facing industry development. |
Branding and Marketing Barriers | Acoustic Grand Piano consumption is still high-end consumption. Especially in developing countries and regions. Brand is one of the factors consumers pay most attention to when purchasing Acoustic Grand Piano. Brand awareness and reputation have a huge impact on the purchasing behavior of downstream customers. From the perspective of downstream buyers, piano buyers are mainly people with relatively high education levels and relatively high income levels who pursue music and cultural life. These people have a higher awareness of piano brands. The creation of a famous brand requires a long period of accumulation, usually decades or even hundreds of years. A famous brand is a comprehensive reflection of many factors such as corporate quality, brand culture, process technology, management services and market network. Without the long-term accumulation of experience in manufacturing piano core components and spare parts, it will be difficult for new companies to form a strong brand in the short term. In addition, since piano sales mainly adopt the dealer model, establishing a broad marketing network and good dealer cooperation also requires a certain amount of initial investment. Therefore, piano companies with high brand influence and popularity, as well as extensive and solid marketing networks, will occupy an advantageous position in market competition. For industry companies, brand and marketing barriers are one of the difficulties faced by industry market development. |
6 Acoustic Grand Piano Raw Materials Analysis
From the parts point of view, the acoustic grand piano consists of six major parts: piano case, strings, bracket, soundboard, action system (keyboard, damper, hammer) and pedal system (ejector and pedal). The entire action system consists of thousands of parts, and these carefully arranged components are neatly combined to form a complete polyphonic lever system. From a raw material perspective, wood, cast iron, and hardware accessories are the main raw materials for the company.
7 Acoustic Grand Piano Market Channel Analysis
The market distributors for acoustic grand pianos include FAUST HARRISON PIANOS, BOULEVARD PRO, ROCKAWAY MUSIC CO., Rimmers Music, and Biggars Music.
Table Acoustic Grand Piano Market Channel Analysis
Item | Description |
FAUST HARRISON PIANOS | Web: faustharrisonpianos.com Tel: (212) 489-3600 Add: 207 W 58TH ST NEW YORK, NY 10019 |
BOULEVARD PRO | Web: www.blvdpro.com Tel: (201) 262-7740 Add: 1275 VALLEY BROOK AVE UNIT F LYNDHURST, NJ 07071 |
ROCKAWAY MUSIC CO. | Web: www.rockawaymusic.com Tel: (973) 984-8800 Add: 1745 RTE. 10 EAST MORRIS PLAINS, NJ 07950 |
Rimmers Music | Web: www.rimmersmusic.co.uk Tel: 01772 622111 Add: Unit 18 Centurion Ind. Estate, Farington, Leyland, Preston, PR25 4GU |
Biggars Music | Web: biggars.co.uk Tel: 0141 332 8676 Add: Unit 3, Block B, 74 Kelvin Ave, Hillington GLASGOW, G52 4LT |
8 Acoustic Grand Piano Major Downstream Customers Analysis
The downstream application fields of piano production are mainly performance, learning and training and other fields. With the continuous development of the economy, people’s living standards continue to improve, and the market demand for products continues to increase. On the one hand, with the increase in income and the increase in piano popularity, the number of children and adults learning piano continues to expand, and the market for acoustic grand piano is increasing. In addition, with the growing demand for high-end consumption and consumers paying more and more attention to spiritual entertainment, music performances have increased, and the demand for acoustic grand piano in performance venues and other fields has increased. The expanding downstream market demand actively promotes the development of the Acoustic Grand Piano industry market.
9 Introduction to Major Industry Players
‘Yamaha’
In 2023, Yamaha’s sales of acoustic grand pianos were 10,953 units, with a price per unit of $22,965. The total value was $251.54 million, and the gross margin was 40.51%.
Since its founding in 1887, Yamaha has continued to provide a wide range of products and services centered on “sound and music” and continues to create “touch” in various situations by meeting a wide range of needs related to music, education, and culture. The company has always recognized that through the technology, experience and appeal acquired in its long history, it will continue to meet challenges with enthusiasm and will surely create “touch” for users. The company’s business scope includes pianos, keyboards, brass instruments, drums, guitars, synthesizers, audiovisuals, strings, music, audio, musical instruments, etc.
Table Acoustic Grand Piano Product or Service Characteristics and Specifications
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GB1K AND GC SERIES These aren’t just baby grands. Yamaha designers, engineers and craftsmen were challenged to bring out the expressive tone, subtle colors and dynamics of a conservatory grand from a more compact instrument. The GB1K and GC Series put the unmistakable sound of a Yamaha grand piano in more places, and in reach of more people, than ever before. FEATURES
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Table Yamaha Acoustic Grand Piano Sales, Price, Value, Gross Margin 2018-2023
Yamaha | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Sales (Units) | 7916 | 8146 | 8514 | 9872 | 10419 | 10953 |
Price (USD/Unit) | 21868 | 22080 | 22579 | 22533 | 22961 | 22965 |
Value (M USD) | 173.10 | 179.87 | 192.24 | 222.45 | 239.22 | 251.54 |
Gross (M USD) | 69.27 | 72.90 | 76.80 | 89.34 | 96.60 | 101.90 |
Gross Margin | 40.02% | 40.53% | 39.95% | 40.16% | 40.38% | 40.51% |
‘Kawai’
In 2023, Kawai’s sales of acoustic grand pianos were 5,903 units, with a price per unit of $36,765. The total value was $217.04 million, and the gross margin was 38.63%.
Kawai is a piano manufacturing company. Kawai is one of the best brands in acoustic and digital pianos and is the instrument of choice for pianists around the world. The company’s business scope includes the manufacturing and sales of acoustic pianos and digital piano instruments; the development and sales of computer music software; and the promotion of music appreciation through lectures and concerts.
Table Acoustic Grand Piano Product or Service Characteristics and Specifications
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KAWAI GX-2 Limited Edition The GX-2 BLAK – 60th Anniversary Edition grand piano is a unique blend of modern manufacturing and traditional artistry. This piano features beautiful clarity of tone and award-winning craftsmanship, making it a true testament to Kawai’s expertise. The limited edition design ensures that it will be a cherished heirloom for generations. Kawai GX-2 Limited Edition | 60th Anniversary Length: 5’11” (180 cm) Width: 5’1″ (152 cm) Height: 3’4″ (102 cm) Weight: 714 lbs. (324 kg) The GX-2 60th Anniversary Edition was created to celebrate the arrival of Kawai in the United States. This limited-edition grand piano, featuring hand-painted accents in the centuries-old Japanese method of lacquering known as “Urushi”, is a stunning combination of artistry and advanced technology. The GX-2 is itself among one of the finest grand pianos in the world and offers the very highest level of piano touch and tone, which beautifully conveys the musical intentions of the player. The 60th Anniversary Edition presents a one-of-a-kind work of art that is unmatched in both beauty and performance that will endure for many years to come. |
Table Kawai Sales, Price, Value, Gross Margin 2018-2023
Kawai | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Sales (Units) | 5038 | 4954 | 4755 | 5589 | 5751 | 5903 |
Price (USD/Unit) | 36424 | 36491 | 35999 | 36737 | 36564 | 36765 |
Value (M USD) | 183.50 | 180.78 | 171.19 | 205.31 | 210.27 | 217.04 |
Gross (M USD) | 70.02 | 69.11 | 65.09 | 78.53 | 80.58 | 83.84 |
Gross Margin | 38.16% | 38.23% | 38.02% | 38.25% | 38.32% | 38.63% |
10 Global Acoustic Grand Piano Market Sales by Regions
In 2023, the sales of acoustic grand pianos by region were as follows: North America with 10,692 units, Europe with 6,534 units, Asia Pacific with 11,284 units, South America with 1,555 units, and Middle East & Africa with 717 units. Compared to 2018, North America increased by 2,200 units, Europe by 779 units, Asia Pacific by 2,216 units, South America by 165 units, and Middle East & Africa by 56 units.
Table Global Acoustic Grand Piano Sales (Units) by Regions (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
North America | 8492 | 8726 | 7810 | 9962 | 10257 | 10692 |
Europe | 5755 | 5873 | 5576 | 6154 | 6318 | 6534 |
Asia Pacific | 9068 | 9351 | 9248 | 10378 | 10744 | 11284 |
South America | 1390 | 1422 | 1360 | 1462 | 1506 | 1555 |
Middle East & Africa | 661 | 673 | 647 | 692 | 699 | 717 |
Total | 25366 | 26045 | 24641 | 28648 | 29524 | 30782 |
11 Global Acoustic Grand Piano Market Value by Regions
In 2023, the value of Acoustic Grand Pianos by region was as follows: North America with $324.86 million, Europe with $218.32 million, Asia Pacific with $292.39 million, South America with $46.93 million, and Middle East & Africa with $20.36 million. Compared to 2018, North America increased by $82.47 million, Europe by $38.32 million, Asia Pacific by $73.03 million, South America by $6.95 million, and Middle East & Africa by $2.63 million.
Table Global Acoustic Grand Piano Value (M USD) by Regions (2018-2023)
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
North America | 242.39 | 250.99 | 231.53 | 296.51 | 309.72 | 324.86 |
Europe | 180.00 | 185.09 | 182.50 | 202.92 | 209.72 | 218.32 |
Asia Pacific | 219.36 | 227.58 | 234.14 | 263.86 | 275.29 | 292.39 |
South America | 39.98 | 41.03 | 40.21 | 43.33 | 45.16 | 46.93 |
Middle East & Africa | 17.73 | 18.20 | 17.99 | 19.28 | 19.76 | 20.36 |
Total | 699.47 | 722.90 | 706.37 | 825.91 | 859.65 | 902.86 |
