World Musical Instruments - Pianos Market

World Musical Instruments - Pianos Market

This report analyzes the worldwide markets for Musical Instruments - Pianos in Thousands of Units. The major product segments analyzed are Acoustic Pianos (Grand Pianos, & Upright Pianos), and Digital Pianos. The report provides separate comprehensive analytics for the US, Canada, Japan, Europe, Asia-Pacific, Latin America, and Rest of World. Annual forecasts are provided for each region for the period of 2000 through 2015. The report profiles 88 companies including many key and niche players worldwide such as Baldwin Piano & Organ Co., Casio Computer Co. Ltd., Guangzhou Pearl River Piano Group, Ltd., Kawai Musical Instruments Mfg. Co., Ltd., Petrof Spol s.r.o., Roland Corporation, Samick Musical Instruments Co. Ltd., Steinway Musical Instruments, Inc., Yamaha Corp., Kemble & Company Ltd.5, and Young Chang Co. Ltd. Market data and analytics are derived from primary and secondary research. Company profiles are mostly extracted from URL research and reported select online sources.

MUSICAL INSTRUMENTS (PIANOS) MCP-2788
A GLOBAL STRATEGIC BUSINESS REPORT


CONTENTS


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. Piano Industry - At A Glance II-1

2. Industry Overview II-2
Piano Industry Strung ‘Too’ Far II-2
2006 - A Disastrous Year for the Piano Market II-2
Former Communist Bloc Markets Offer Exciting Growth Potential
Amidst Challenges II-3
United States: Major Market for Pianos II-3
Asia: Home to the Major Players II-4
China: The Emerging Giant II-4
Japan: Market with Sophisticated Production Units II-4
South Korea: Largely Export-Oriented Market II-4

3. Global Market Review II-5
Regional Perspective II-5
China Accounts for Lion’s Share II-5
Comparative Analysis of Four Major Regions - China, US,
Japan and Europe II-5
Global Market Scenario II-5
Table 1: World Music Products Market (2005 & 2006): Breakdown
by Sales and Per Capita II-6
Table 2: World Music Products Market (2006): Percentage
Breakdown of Value Sales by Leading Markets - North America,
Europe, Asia, South America and Australia (includes
corresponding Graph/Chart) II-6

4. Major Trends & Factors Influencing the Market II-7
Major Trends II-7
Traditional Pianos Face Challenge from Digital II-7
Electronic Pianos Pose Major Threat to Traditional Pianos II-7
Price Sensitivity Axes the Spirits of the Industry II-7
Creating an Artificial Urgency: An Emerging Business Model II-7
Piano Plays Mesmerizing Notes with the Young. II-8
Pianos Play Rhythm on the Net II-8
Computer Technology: An Enormous Help for Fine Tuning II-8
Virtual Acoustics - A Software Marvel for Musical Instruments II-8
Factors Influencing the Market II-8
Non-Musical Instrument Alternatives On the Rise II-8
Environment Sensitivity: A Major Issue in Piano’s Performance II-9
Mimic Labels: Developed to Take Advantage of Buyers II-9
Music Stores Bank on Special Events to Magnetize Returns II-9
Look and Design of the Piano - An Important Determinant II-9
Raw Materials: Increasing Environmental Concerns II-9
Education Expenditures - Playing a Major Role II-10
Preference for Music - A Perception of Increase in Self-Esteem II-10
Cultural and Demographic Factors Define New Norms of Growth
Around the World II-10
Table 3: World Musical Instruments Market (2006): Top 10
Countries by Population, Median Age and Sales - US, Japan,
Germany, UK, China, France, Canada, Australia, Italy and
South Korea (includes corresponding Graph/Chart) II-11

Table 4: Global Music Market (2006): Breakdown of Top 10
Countries by Per Capita Sales - US, Canada, Japan, Hong
Kong, Australia, Switzerland, Belgium, Denmark, Norway and
UK (includes corresponding Graph/Chart) II-12
Population within an Age Group: Influencing the Piano Market II-12
Table 5: Percentage Breakdown of Total Population According
to Per Capita Spending on Music for Select Countries - 2003
& 2004 II-12
Piano Sales - Strongly Exposed to Economic Cycles II-13
Consumer Confidence: Other Dominant Factor II-13

5. Competitive Landscape II-14
Where Do the World’s Best Pianos Come from? II-14
A Comparison between the US and Asian Markets II-14

6. Musical Instrument Industry - A Closer Look II-16
An Overview II-16
Table 6: Worldwide Market for Musical Instruments (2003 &
2005): Percentage Breakdown of Value Sales by Geographic
Region/Country- North America, Europe, Japan, China, and
Asia-Pacific (includes corresponding Graph/Chart) II-16
Table 7: Sales of Select Leading Player in Musical Instrument
Industry: 2005 (includes corresponding Graph/Chart) II-17
Segmental Overview II-17
Table 8: Worldwide Market for Musical Instruments (2003, 2004
& 2005): Percentage Value Breakdown by Product Category for
String & Percussion Instruments, Pianos, Home-use Keyboards,
Wind & Educational Instruments and Music Production Equipment
(includes corresponding Graph/Chart) II-18

7. Piano - An Intricate Musical Instrument^# II-19
The Lasting Symphony II-19
‘Stepping’ Tones of Piano II-19
Major Developments in the History of Pianos II-19
The Victorian Grand Piano II-19
The Victorian Square Grand Piano II-20
The American Victorian Upright Piano II-20
The 20th Century American Upright Piano II-20
20th Century Grand and Baby Grand Pianos II-20
The Upright Player Piano II-20
Mirror Pianos II-20
Post Depression Upright Pianos II-20
English Pianos II-20
Categorization of Pianos II-20
Acoustic - A Conventional Piano. II-21
Grand Pianos II-21
Table 9: Baby Grand Pianos: Leading Brands and their Models II-22

Table 10: Parlor Grand Pianos: Leading Brands and their
Models II-22

Table 11: Classic Grand Pianos: Leading Brands and their
Models II-22

Table 12: Select Grand Piano Models from Pearl River II-23
Upright Pianos II-23
Table 13: Select Upright Piano Models from Kawai, Yamaha,
and Pearl River II-23
Vertical Pianos Versus Grand Pianos II-23
Digital Piano - Instrument with Electronic Sound Chips II-24
Merits of Digital Pianos II-24
Demerits Associated with Digital Pianos II-24
Select Digital Piano Models from Kawai II-25
Hybrid Digital/Acoustic Pianos II-25
Electronic Player Pianos II-26
Vintage Pianos II-26
An Insight into Piano Manufacturing Process II-26
Modern Techniques Used in Piano Manufacturing II-28
Piano Design II-28
Piano Size II-28
Piano Quality II-28
Piano Styling and Finishes II-29
Piano Sheen II-29
Piano Color II-29
Stencil Pianos II-29
Dumping II-29
Maintenance of Pianos II-29

8. Product Innovations/Introductions II-30
Adagio Pianos Introduces the 8865 High-Gloss Piano II-30
Korg Unveils C-720 II-30
Cunningham Piano’s House Brand Restored II-30
QRS Music Technologies Announces the Introduction of GlokeysTM II-30
Japanese Inventors Develop Automatic Player Piano II-31
Roland Announces the Introduction of DP-970 Digital Piano II-31
Roland Announces the Introduction of MP-70 Digital Piano II-31
Baldwin Boosts Presence in the Digital Market II-31

9. Recent Industry Activity II-32
Yamaha Acquires Boesendorfer II-32
Yamaha Acquires Stake in Yamaha-Kemble Music UK II-32
Yamaha to Expand Production Capacity of Pianos in China II-32
Kawai Musical to Establish Electronic Piano Production Unit
in Indonesia II-32
Yamaha Announces Several Restructuring Initiatives as Part of
Growth Plan II-33
Yamaha to Enter into Indian Musical Instruments Market II-33
Gibson Guitar Acquires Dongbei Piano Co Ltd II-33
Yamaha Setting Up Second Production Plant II-33
QRS Music Technologies Signs Letter of Intent II-34
Steinway Pacts with Pearl River II-34
Gibson Forays into China Market II-34
Petrof Enters into an Agreement with GIC II-34
Weber Piano Shutters II-34

10. Focus on Select Major Players II-35
Baldwin Piano & Organ Co. (US) II-35
Casio Computer Co. Ltd. (Japan) II-35
Guangzhou Pearl River Piano Group, Ltd. (China) II-35
Kawai Musical Instruments Mfg. Co., Ltd. (Japan) II-35
Petrof Spol s.r.o. (Czech Republic) II-36
Roland Corporation (Japan) II-36
Samick Musical Instruments Co. Ltd. (South Korea) II-37
Steinway Musical Instruments, Inc. (US) II-37
Yamaha Corporation (Japan) II-38
Kemble & Company Ltd. (UK) II-38
Young Chang Co. Ltd. (South Korea) II-39

11. Global Market Perspective II-40
Table 14: 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 2000 through 2010
(includes corresponding Graph/Chart) II-40

Table 15: World Long-term Projections 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 2011 through 2015 (includes corresponding
Graph/Chart) II-41

Table 16: World 10-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
2003, 2008 & 2012 (includes corresponding Graph/Chart) II-42

Table 17: 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 2000 through 2010 (includes
corresponding Graph/Chart) II-43

Table 18: World Long-term Projections 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 2011 through 2015 (includes corresponding Graph/Chart) II-44

Table 19: World 10-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 2003, 2008 & 2012
(includes corresponding Graph/Chart) II-45

Table 20: 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 2000 through 2010 (includes corresponding
Graph/Chart) II-46

Table 21: World Long-term Projections for Acoustic Pianos by
Product Segment - Grand Pianos and Upright Piano Markets
Independently Analyzed with Annual Sales Figures in Units for
Years 2011 through 2015 (includes corresponding Graph/Chart) II-46

Table 22: World 10-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 2003, 2008 & 2012 II-46

Table 23: 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 2000 through 2010 (includes corresponding
Graph/Chart) II-47

Table 24: World Long-term Projections 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 2011 through 2015 (includes corresponding Graph/Chart) II-48

Table 25: World 10-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 2003, 2008 & 2012
(includes corresponding Graph/Chart) II-49

Table 26: 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 2000 through 2010 (includes
corresponding Graph/Chart) II-50

Table 27: World Long-term Projections 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 2011 through 2015 (includes corresponding Graph/Chart) II-51

Table 28: World 10-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 2003,2008 & 2012
(includes corresponding Graph/Chart) II-52

Table 29: 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 2000 through 2010 (includes
corresponding Graph/Chart) II-53

Table 30: World Long-term Projections 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 2011 through 2015 (includes corresponding Graph/Chart) II-54

Table 31: World 10-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 2003, 2008 & 2012
(includes corresponding Graph/Chart) II-55

III. MARKET

1. The United States III-1
A.Market Analysis III-1
The United States’ Penchant for Music III-1
Acoustic Piano Market: Under Pressure from Digital Pianos III-1
Foreign Companies Tune Music Out of Domestic III-2
Table 32: US High-End Piano Market (2003-2005): Market
Share Breakdown by Company - Steinway, and Others (includes
corresponding Graph/Chart) III-2
Steinway Musical Instruments Likely to Witness Spiraling
Piano Sales III-3
Trend Towards Outsourcing III-3
Musical Outlets Get Big for Bigger Business III-3
Piano Manufacturers Face New Challenges III-4
Imports Depress Domestic Production III-4
Demand for Asian Pianos in the US III-4
Advantages III-5
Disadvantages III-5
Demand for European Pianos in the US III-5
Demand Characteristics III-6
Competition from China and Indonesia III-6
‘Foreign’ Components - An Important Means of Streamlining
Costs III-6
Imports/Exports III-7
Table 33: US Exports of Upright Pianos for 2004: Breakdown
of Volume and Value by Geographic Region for Canada, Japan,
Australia, United Kingdom, Germany, Poland, Indonesia,
Turkey, Taiwan, Mexico, Brazil, and Others (Quantity in
Units and Value in US$ Thousand) (includes corresponding
Graph/Chart) III-7

Table 34: US Imports of Grand Pianos for 2004: Breakdown of
Volume and Value by Geographic Region for China, Japan,
Indonesia, Korea, Czech Republic, Germany and Others
(Quantity in Units and Value in US$ Thousand) (includes
corresponding Graph/Chart) III-8

Table 35: US Exports of Grand Pianos for 2004: Breakdown of
Volume and Value by Geographic Region for Canada, Japan,
Mexico, Korea, United Kingdom, Brazil, Poland, Malaysia,
Barbados, Italy, and Others (Quantity in Units and Value in
US$ Thousand) (includes corresponding Graph/Chart) III-8

Table 36: Imports of Used Grand Piano into the US for 2004:
Breakdown of Volume and Value by Geographic Region for
Japan, Korea, Germany, China, Austria, United Kingdom,
Belgium, and Others (Quantity in Units and Value in US$
Thousand) (includes corresponding Graph/Chart) III-9

Table 37: US Imports of Upright Pianos for 2004: Breakdown
of Volume and Value by Geographic Region for China,
Indonesia, Japan, Czech Republic, Italy, Germany, Korea,
and Others (Quantity in Units and Value in US$ Thousand)
(includes corresponding Graph/Chart) III-9

Table 38: Imports of Used Upright Piano into the US for
2004: Breakdown of Volume and Value by Geographic Region
for Korea, South, China, Philippines, Federal Rep. of
Germany, and Others (Quantity in Units and Value in US$
Thousand) III-10

Table 39: US Imports of Parts and Accessories for Pianos
for 2004: Breakdown of Value by Geographic Region for
Germany, Japan, China, Mexico, Indonesia, Taiwan,
Philippines, United Kingdom, Brazil, Canada, and Others in
US$ Thousand) (includes corresponding Graph/Chart) III-10

Table 40: US Exports of Parts and Accessories for Pianos
for 2004: Breakdown of Value by Geographic Region for
Indonesia, Japan, China, Canada, United Kingdom, Germany,
Hong Kong, Mexico, Bahamas, Netherlands and Others in US$
Thousand) (includes corresponding Graph/Chart) III-11
Gray Market - A Review III-11
US Dealers and Manufacturers Face the Heat III-11
Quality and Price Trade Off III-11
Potential Clients of Gray Market Pianos III-12
Demographics of the US Piano Player III-12
Target Profile III-12
More Than a Quarter of the US Population - Dynamic Music
Makers III-12
Pianos and Guitars - Topping the Favorite Instrument Charts III-13
Parents - Crucial Decision Makers. III-13
Piano Ownership Common in Upper-Income Households III-13
Product Launches III-13
Strategic Corporate Development III-13
Select Players III-14
B.Market Analytics III-15
Table 41: US Recent Past, Current & Future Analysis for
Musical Instruments (Pianos) by Product Segment - Acoustic
Pianos (Grand and Upright), Electronic Player, and Digital
Piano Markets Independently Analyzed with Annual Sales
Figures in Units for Years 2000 through 2010 (includes
corresponding Graph/Chart) III-15

Table 42: US Long-term Projections for Musical Instruments
(Pianos) by Product Segment - Acoustic Pianos (Grand and
Upright), Electronic Player, and Digital Piano Markets
Independently Analyzed with Annual Sales Figures in Units
for Years 2011 through 2015 (includes corresponding
Graph/Chart) III-16

Table 43: US Historic Review for Musical Instruments
(Pianos) by Product Segment - Acoustic Pianos (Grand and
Upright), Electronic Player, and Digital Piano Markets
Independently Analyzed with Annual Sales Figures in Units
for Years 1991 through 2000 (includes corresponding
Graph/Chart) III-16

Table 44: US 15-Year Perspective for Musical Instruments
(Pianos) by Product Segment - Percentage Breakdown of Unit
Sales for Acoustic Pianos (Grand and Upright), Electronic
Player, and Digital Piano Markets for Years 1998, 2008 &
2012 (includes corresponding Graph/Chart) III-17

Table 45: US Recent Past, Current & Future Analysis for
Musical Instruments (Pianos) by Product Segment - Acoustic
Pianos (Grand and Upright), Electronic Player, and Digital
Piano Markets Independently Analyzed with Annual Sales
Figures in US$ Million for Years 2001 through 2010 (includes
corresponding Graph/Chart) III-18

Table 46: US Long-term Projections for Musical Instruments
(Pianos) by Product Segment - Acoustic Pianos (Grand and
Upright), Electronic Player, and Digital Piano Markets
Independently Analyzed with Annual Sales Figures in US$
Million for Years 2011 through 2015 (includes corresponding
Graph/Chart) III-18

Table 47: US Historic Review for Musical Instruments
(Pianos) by Product Segment - Acoustic Pianos (Grand and
Upright), Electronic Player, and Digital Piano Markets
Independently Analyzed with Annual Sales Figures in US$
Million for Years 1991 through 2000 (includes corresponding
Graph/Chart) III-19

Table 48: US 15-Year Perspective for Musical Instruments
(Pianos) by Product Segment - Percentage Breakdown of Value
Sales for Acoustic Pianos (Grand and Upright), Electronic
Player, and Digital Piano Markets for Years 1998, 2008 &
2012 (includes corresponding Graph/Chart) III-19

2. Canada III-20
A.Market Analysis III-20
Imports and Exports III-20
Table 49: Canadian Piano Imports by Grand and Upright
Pianos given in Thousand Canadian Dollars (includes
corresponding Graph/Chart) III-20

Table 50: Canadian Piano Exports by Grand and Upright
Pianos given in Thousand Canadian Dollars (includes
corresponding Graph/Chart) III-20
Musical Instruments - A Burgeoning Industry III-21
Dramatic Growth in Music Stores and Schools III-21
Youngsters Attracted More Towards Music III-21
Virtual Trade of Instruments III-22
B.Market Analytics III-22
Table 51: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-22

Table 52: Canadian Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-23

Table 53: Canadian 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-23

3. Japan III-24
A.Market Analysis III-24
Musical Quality Rank High for Japanese III-25
Digital and Used Pianos Find their Way in Japan III-25
Digital Pianos Outsell Acoustic Pianos III-25
Yamaha - The Pianist III-25
Table 54: Japanese Piano Market (2003-2005): Market Volume
Share Breakdown by Company for Yamaha, Kawai, and Others
(includes corresponding Graph/Chart) III-26
An Insight into Japanese Musical Instruments Market III-26
Growth Drivers III-26
Regulations and Procedural Requirements Governing Musical
Instruments III-27
Product Launches III-27
Strategic Corporate Development III-28
Select Players III-28
B.Market Analytics III-30
Table 55: Japanese Recent Past, Current & Future Market
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 2000 through 2010 (includes corresponding
Graph/Chart) III-30

Table 56: Japanese Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-31

Table 57: Japanese 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-31

4. Europe III-32
A.Market Analysis III-32
Outlook III-32
European Consumers Carry Class III-32
Eastern Europe: Quality ‘Concerns’ III-32
‘Feel’ and ‘Figure’: Key Purchase Determinants III-32
Strategic Corporate Development III-33
B.Market Analytics III-33
Table 58: 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 2000 through 2010 (includes
corresponding Graph/Chart) III-33

Table 59: European Long-term Projections 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 2011 through 2015 (includes corresponding
Graph/Chart) III-34

Table 60: European 10-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 Europe Markets for Years
2003, 2008 & 2012 (includes corresponding Graph/Chart) III-35

Table 61: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-36

Table 62: European Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-36

Table 63: European 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-37

4a. France III-38
Market Analysis III-38
Table 64: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-38

Table 65: French Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-39

Table 66: French 10-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 2003, 2008 & 2012 (includes
corresponding Graph/Chart) III-39

4b. Germany III-40
A.Market Analysis III-40
Quality Vs. Price III-40
Market Review III-40
Channels of Distribution III-40
Select Players III-41
B.Market Analytics III-42
Table 67: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-42

Table 68: German Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-42

Table 69: German 10-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 2003, 2008 & 2012 (includes
correspondingGraph/Chart) III-43

4c. Italy III-44
Market Analysis III-44
Table 70: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-44

Table 71: Italian Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-45

Table 72: Italian 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-45

4d. The United Kingdom III-46
A.Market Analysis III-46
Kamble’s Tie-Up With Yamaha Widens Market Opportunities III-46
Strategic Corporate Development III-46
Kemble & Company Ltd. - A Major Player III-46
B.Market Analytics III-47
Table 73: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-47

Table 74: UK Long-term Projections 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 2011 through
2015 (includes corresponding Graph/Chart) III-47

Table 75: UK 10-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 2003, 2008 & 2012 (includes
corresponding Graph/Chart) III-48

4e. Spain III-49
Market Analysis III-49
Table 76: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-49

Table 77: Spanish Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-50

Table 78: Spanish 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-50

4f. Russia III-51
A.Market Analysis III-51
Musical Instruments in Russia - Competitive Scenario III-51
Major Consumer Groups III-51
B.Market Analytics III-52
Table 79: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-52

Table 80: Russian Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-52

Table 81: Russian 10-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 2003 2008 &
2012 (includes corresponding Graph/Chart) III-53

4g. Rest of Europe III-54
A.Market Analysis III-54
Strategic Corporate Developments III-54
Petrof Spol s.r.o. (Czech Republic) - A Major Player III-54
B.Market Analytics III-55
Table 82: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-55

Table 83: Rest of Europe Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-56

Table 84: Rest of Europe 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-56

5. Asia Pacific III-57
Market Analysis III-57
Table 85: Asia-Pacific Recent Past, Current & Future
Analysis for Musical Instruments (Pianos) by Geographic
Region - China and Rest of Asia-Pacific Markets
Independently Analyzed with Annual Sales Figures in Units
for Years 2000 through 2010 (includes corresponding
Graph/Chart) III-57

Table 86: Asia-Pacific Long-term Projections for Musical
Instruments (Pianos) by Geographic Region - China and Rest
of Asia-Pacific Markets Independently Analyzed with Annual
Sales Figures in Units for Years 2011 through 2015
(includes corresponding Graph/Chart) III-58

Table 87: Asia-Pacific 10-Year Perspective for Musical
Instruments (Pianos) by Geographic Region - Percentage
Breakdown of Unit Sales for China and Rest of Asia- Pacific
Markets for Years 2003, 2008 & 2012 III-58

Table 88: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-59

Table 89: Asia-Pacific Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-59

Table 90: Asia-Pacific 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-60

5a. China III-61
A.Market Analysis III-61
From the Humble Beginnings III-61
Enter the Dragon III-61
Chinese Piano Market - An Overview III-62
Table 91: Chinese Musical Instruments Market (2006):
Percentage Breakdown of Volume Production by Major
Instruments - Guitars, Wind Instruments and Pianos
(includes corresponding Graph/Chart) III-62
Market Potential - Prosperity in Store III-63
The Market Boosters III-63
Made in China Pianos - Ousting the Best III-64
Chinese Piano Makers - The Giant Killers III-64
Yamaha in China III-64
Increasing Investments - Key to Industry Growth III-64
Chipping the ‘Used’ Market III-65
Imports And Exports III-65
Table 92: Chinese Piano Unit Imports by Grand and Upright
Pianos (2004,2005) III-65

Table 93: Chinese Piano Imports by Grand and Upright Pianos
(2004,2005) - Values Given in US$ Millions III-65

Table 94: Chinese Piano Unit Exports by Grand and Upright
Pianos (2004,2005) III-65

Table 95: Chinese Piano Exports by Grand and Upright Pianos
(2004,2005) - Values Given in US$ Millions III-65
Cheap Labor: Low Skill Levels Limit Productivity III-66
Market Access Limited by Inadequacy of Distribution
Infrastructure & Tariffs III-66
Strategic Corporate Developments III-66
Select Players III-67
B.Market Analytics III-69
Table 96: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-69

Table 97: Chinese Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-69

Table 98: Chinese 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-70

5b. Rest of Asia-Pacific III-71
A.Market Analysis III-71
Key Markets III-71
South Korea - A Major Market III-71
Korean Pianos Improve with Time III-71
Korean and Japanese Instruments - A Comparison III-71
Select Korean Producers III-72
Australia III-73
An Overview of Musical Instruments Market III-73
Analysis by Key End Users III-73
Influence of America on Australian Musical Instruments Market III-74
A Cross Section of Imports III-74
Australian Piano Industry III-75
Indonesia III-75
Overview of the Musical Instrument Industry III-75
Indonesian Piano Industry III-75
Strategic Corporate Developments III-75
B.Market Analytics III-76
Table 99: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-76

Table 100: Rest of Asia-Pacific Long-term Projections 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 2011 through 2015 (includes corresponding
Graph/Chart) III-76

Table 101: Rest of Asia-Pacific 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-77

6. Latin America III-78
A.Market Analysis III-78
An Overview of Mexican Piano Market III-78
B.Market Analytics III-78
Table 102: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-78

Table 103: Latin America Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-79

Table 104: Latin America 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-79

7. Rest of World III-80
Market Analysis III-80
Table 105: 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 2000 through 2010 (includes corresponding
Graph/Chart) III-80

Table 106: Rest of World Long-term Projections 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 2011
through 2015 (includes corresponding Graph/Chart) III-81

Table 107: Rest of World 10-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 2003, 2008 &
2012 (includes corresponding Graph/Chart) III-81

IV. COMPETITIVE LANDSCAPE