Republic of Korea: Market for Domestic Electro-Thermic Appliances other than Heaters, Dryers, Irons, Ovens, Toasters and Coffee Machines 2024

Market Size for Domestic Electro-Thermic Appliances other than Heaters, Dryers, Irons, Ovens, Toasters and Coffee Machines in Republic of Korea

The South Korean market for domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines dropped rapidly to $X in 2022, declining by X% against the previous year. Over the period under review, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Production of Domestic Electro-Thermic Appliances other than Heaters, Dryers, Irons, Ovens, Toasters and Coffee Machines in Republic of Korea

In value terms, production of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines dropped to $X in 2022 estimated in export price. In general, production recorded a pronounced decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by X%. Production of peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

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Exports of Domestic Electro-Thermic Appliances other than Heaters, Dryers, Irons, Ovens, Toasters and Coffee Machines

Exports from Republic of Korea

In 2022, exports of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines from South Korea plummeted to X units, declining by X% compared with the previous year's figure. Overall, exports recorded a deep reduction. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, the exports of hit record highs at X units in 2016; however, from 2017 to 2022, the exports remained at a lower figure.

In value terms, exports of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines contracted markedly to $X in 2022. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2019 when exports increased by X%. Over the period under review, the exports of attained the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Japan (X units), Vietnam (X units) and the United States (X units) were the main destinations of exports of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines from South Korea, with a combined X% share of total exports. Switzerland, China, Latvia, Australia, India, Malaysia, Austria, Russia and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Switzerland (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), Vietnam ($X) and the United States ($X) were the largest markets for domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines exported from South Korea worldwide, together accounting for X% of total exports. Switzerland, China, Latvia, Australia, India, Malaysia, Austria, Russia and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Switzerland, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines stood at $X per unit in 2022, growing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2017 when the average export price increased by X%. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Malaysia ($X per unit) and Switzerland ($X per unit), while the average price for exports to Austria ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Switzerland (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Domestic Electro-Thermic Appliances other than Heaters, Dryers, Irons, Ovens, Toasters and Coffee Machines

Imports into Republic of Korea

After six years of growth, purchases abroad of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines decreased by X% to X units in 2022. Overall, imports, however, posted a prominent expansion. The pace of growth appeared the most rapid in 2013 when imports increased by X%. Over the period under review, imports of hit record highs at X units in 2021, and then shrank markedly in the following year.

In value terms, imports of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines contracted markedly to $X in 2022. Over the period under review, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2021, and then contracted remarkably in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines to South Korea, with a X% share of total imports. It was followed by Germany (X units), with a X% share of total imports. The third position in this ranking was taken by Austria (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Austria (X% per year).

In value terms, China ($X) constituted the largest supplier of domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines to South Korea, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by Austria, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Austria (X% per year).

Import Prices by Country

The average import price for domestic electro-thermic appliances other than heaters, dryers, irons, ovens, toasters and coffee machines stood at $X per unit in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Romania ($X per unit) and Austria ($X per unit), while the price for China ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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