Republic of Korea: Accumulator Market 2024

Accumulator Market Size in Republic of Korea

For the sixth consecutive year, the South Korean accumulator market recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption enjoyed a buoyant increase. Accumulator consumption peaked in 2022 and is likely to see gradual growth in the near future.

Accumulator Production in Republic of Korea

In value terms, accumulator production dropped slightly to $X,872.5B in 2022 estimated in export price. Overall, production, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of X%. Accumulator production peaked at $X,962.5B in 2019; however, from 2020 to 2022, production failed to regain momentum.

Accumulator Exports

Exports from Republic of Korea

In 2022, exports of electric accumulators from South Korea was estimated at X units, approximately mirroring 2021 figures. In general, total exports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2020 indices. 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 units in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

In value terms, accumulator exports soared to $X in 2022. Overall, exports showed a prominent increase. The growth pace was the most rapid in 2017 when exports increased by X% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Germany (X units), the United States (X units) and Japan (X units) were the main destinations of accumulator exports from South Korea, together comprising X% of total exports. China, India, Hungary, Poland, Australia, Italy, Slovakia, Taiwan (Chinese), France and Mexico lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Mexico (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for electric accumulators exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with an X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average accumulator export price amounted to $X per unit, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the near future.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (X%), while the prices for the other major destinations experienced mixed trend patterns.

Accumulator Imports

Imports into Republic of Korea

Accumulator imports into South Korea surged to X units in 2022, increasing by X% compared with the previous year. Overall, imports posted a significant increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, accumulator imports skyrocketed to $X in 2022. In general, imports saw a significant expansion. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, China (X units) was the main accumulator supplier to South Korea, with a X% share of total imports. It was followed by the United States (X units), with a X% share of total imports. The third position in this ranking was taken by Vietnam (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of electric accumulators to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2022, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average accumulator import price stood at $X per unit in 2022, rising by X% against the previous year. Overall, import price indicated noticeable growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, accumulator import price increased by X% against 2019 indices. The growth pace was the most rapid in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Vietnam ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and the United States ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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