The piano world’s biggest name just had a jarring quarter. Yamaha has cut its full-year business forecast after piano sales plunged 21% year-on-year, a decline felt across almost every major market.

The company’s first-quarter profits fell short of expectations, with the piano segment the biggest drag, compounded by rising tariff costs. In China, once a growth engine for acoustic pianos, the steep downturn is showing faint signs of stabilizing - but global demand remains muted.
 

Beyond pianos, other categories painted a mixed picture: electronic instruments dipped 1%, wind/string/brass instruments managed a 2% lift, and guitars stood out with an 8% boost.

The regional scorecard shows losses across the board:
 

Japan: down 2%

North America: down 3%

Europe: down 2%

China: down 16%
 

Trade tariffs are also striking a sour chord. Yamaha forecasts a ¥5 billion (~$34 million) net negative impact for the year, stemming from ¥11.2 billion (~$76 million) in added costs, partially offset by ¥6.2 billion (~$42 million) in countermeasures.
 

The revised outlook specifically lowers expectations for both piano sales and European performance - a reality check for an industry that’s long seen Yamaha as an unshakable leader.