Republic of Korea: Microwave Oven Market 2024

Microwave Oven Market Size in Republic of Korea

The South Korean microwave oven market rose slightly to $X in 2022, picking up by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Microwave oven consumption peaked in 2022 and is likely to continue growth in the immediate term.

Microwave Oven Production in Republic of Korea

In value terms, microwave oven production totaled $X in 2022 estimated in export price. Overall, production, however, saw a deep slump. The pace of growth appeared the most rapid in 2020 when the production volume increased by X% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

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Microwave Oven Exports

Exports from Republic of Korea

In 2022, the amount of microwave ovens exported from South Korea contracted dramatically to X units, reducing by X% on 2021. In general, exports recorded a sharp shrinkage. The most prominent rate of growth was recorded in 2016 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, microwave oven exports dropped markedly to $X in 2022. Over the period under review, exports faced a sharp decrease. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units), Ecuador (X units) and Portugal (X units) were the main destinations of microwave oven exports from South Korea, with a combined X% share of total exports. Pakistan, Japan, Thailand, the United States, the Philippines, Vietnam, Libya, Mozambique, Iraq and Sri Lanka lagged somewhat behind, together accounting for a further X%.

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

In value terms, the largest markets for microwave oven exported from South Korea were France ($X), Ecuador ($X) and Portugal ($X), together accounting for X% of total exports. Pakistan, Japan, Thailand, the United States, the Philippines, Vietnam, Libya, Mozambique, Sri Lanka and Iraq lagged somewhat behind, together accounting for a further X%.

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

Export Prices by Country

The average microwave oven export price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the export price enjoyed a slight expansion. The pace of growth was the most pronounced in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sri Lanka ($X per unit) and the Philippines ($X per unit), while the average price for exports to Iraq ($X per unit) and Libya ($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 Portugal (X%), while the prices for the other major destinations experienced more modest paces of growth.

Microwave Oven Imports

Imports into Republic of Korea

In 2022, the amount of microwave ovens imported into South Korea expanded sharply to X units, with an increase of X% against the previous year. Overall, imports enjoyed strong growth. The pace of growth appeared the most rapid in 2013 with an increase of X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, microwave oven imports totaled $X in 2022. Over the period under review, imports recorded a resilient expansion. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest supplier of microwave oven to South Korea, accounting for a X% share of total imports. Moreover, microwave oven imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), fivefold.

From 2012 to 2022, the average annual growth rate of volume from China stood at X%.

In value terms, China ($X) constituted the largest supplier of microwave ovens to South Korea, comprising X% of total imports. The second position in the ranking was held by Malaysia ($X), with an X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%.

Import Prices by Country

In 2022, the average microwave oven import price amounted to $X per unit, which is down by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2020 when the average import price increased by X% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2021, and then contracted modestly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%).

Source: IndexBox Platform

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