I've been looking at an Indonesia-made piano and I came across this recent announcement from Yamaha.
It's actually quite sobering when put into context of the overall piano industry. Yamaha doesn't mince any words.
In recent years, the piano market has experienced a significant decline in demand due to environmental changes in China, which is the largest market. Additionally, the market conditions remain weak in other regions following the COVID-19 pandemic. Considering this situation, in order to reorganize the production system to align with the scale of its business, Yamaha Corporation (hereinafter referred to as “the Company”) announces that it has decided to terminate production at PT. Yamaha Indonesia (hereinafter referred to as YI) and PT. Yamaha Musical Products Asia (hereinafter referred to as YMPA), which are the piano production bases in Indonesia, and to initiate the process of liquidating the companies.
[...]
YMPA plans to terminate production by March 2025, while YI aims to conclude production by December 2025, with both companies proceeding with liquidation procedures.
My understanding is that Indonesia has developed quite a bit of local piano expertise over the years and so this could be pretty gut-wrenching for the local industry there.