Cyprus Musical Instrument Industry Outlook 2020

Key Market Indicators

Revenue from Cypriot musical instrument sales plummeted by 100% in 2020, to €0 million from €0.1 million in 2019. Export of Cypriot musical instruments is expected to decrease by 0.5% year-on-year, reaching $115,070 in 2026 from $118,680 in 2021. Since 1994, Cypriot supply has decreased by 14.4% annually. In 2021, the country ranked 78th, with Swaziland overtaking at $118,680. Germany, the United States and Japan came in second, third and fourth respectively. Import of Cypriot musical instruments is expected to grow 1% annually, reaching $3.48 million in 2026 from $3.29 million in 2021. Since 1994, Cypriot demand has risen 4% yearly. In 2021, the country ranked 74th, with Qatar overtaking at $3.29 million. Germany, China and Japan placed second, third and fourth respectively. Since 2014, Cypriot market has stayed flat.

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