Republic of Korea: Power Tool Market 2024

Power Tool Market Size in Republic of Korea

The South Korean power tool market was estimated at $X in 2022, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, consumption reached the peak level of $X. From 2014 to 2022, the growth of the market failed to regain momentum.

Power Tool Production in Republic of Korea

In value terms, power tool production declined slightly to $X in 2022 estimated in export price. In general, the total production indicated a moderate expansion from 2012 to 2022: its value 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, production increased by X% against 2016 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth failed to regain momentum.

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Power Tool Exports

Exports from Republic of Korea

After two years of growth, shipments abroad of power tools decreased by X% to X units in 2022. Overall, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports attained the peak of X units, and then fell significantly in the following year.

In value terms, power tool exports declined modestly to $X in 2022. The total export value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then declined slightly in the following year.

Exports by Country

Russia (X units), the United States (X units) and Turkey (X units) were the main destinations of power tool exports from South Korea, with a combined X% share of total exports. France, Germany, Italy, Poland, Brazil, the United Arab Emirates, Japan, China, Spain and Israel lagged somewhat behind, together accounting for a further X%.

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

In value terms, Russia ($X), the United States ($X) and Turkey ($X) were the largest markets for power tool exported from South Korea worldwide, together comprising X% of total exports. France, Germany, Italy, Poland, Brazil, the United Arab Emirates, Japan, China, Spain and Israel lagged somewhat behind, together comprising a further X%.

The United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of 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 power tool export price stood at $X per unit in 2022, growing by X% against the previous year. In general, export price indicated a modest increase 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, power tool export price increased by X% against 2020 indices. Over the period under review, the average export prices attained the peak figure at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to China ($X per unit) and the United States ($X per unit), while the average price for exports to France ($X per unit) and Spain ($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 the United Arab Emirates (X%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Republic of Korea

In 2022, after three years of growth, there was significant decline in supplies from abroad of power tools, when their volume decreased by X% to X units. In general, total imports indicated buoyant 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. The most prominent rate of growth was recorded in 2021 when imports increased by X%. As a result, imports reached the peak of X units, and then shrank dramatically in the following year.

In value terms, power tool imports shrank modestly to $X in 2022. Over the period under review, total imports indicated a prominent expansion from 2012 to 2022: its value 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, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) constituted the largest supplier of power tool to South Korea, accounting for a X% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), sixfold. The third position in this ranking was taken by Germany (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of power tools to South Korea, comprising X% of total imports. The second position in the ranking was taken by Malaysia ($X), with a X% share of total imports. It was followed by Germany, 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: Malaysia (X% per year) and Germany (X% per year).

Import Prices by Country

In 2022, the average power tool import price amounted to $X per unit, with an increase of X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The import price peaked at $X per unit in 2013; however, from 2014 to 2022, import prices stood 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 Germany ($X per unit) and Malaysia ($X per unit), while the price for Mexico ($X per unit) and Sweden ($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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