Republic of Korea: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Republic of Korea

The South Korean gear cutting machine market skyrocketed to $X in 2022, with an increase of X% against the previous year. Overall, consumption, however, recorded a deep setback. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Gear Cutting Machine Production in Republic of Korea

In value terms, gear cutting machine production stood at $X in 2022 estimated in export price. Overall, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by X,700%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth failed to regain momentum.

Gear Cutting Machine Exports

Exports from Republic of Korea

In 2022, exports of gear cutting, gear grinding or gear finishing machines from South Korea dropped remarkably to X units, which is down by X% against the previous year's figure. Over the period under review, exports, however, saw slight growth. The growth pace was the most rapid in 2016 with an increase of X%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, gear cutting machine exports shrank significantly to $X in 2022. Overall, exports, however, recorded a measured expansion. The most prominent rate of growth was recorded in 2021 when exports increased by X%. As a result, the exports attained the peak of $X, and then dropped rapidly in the following year.

Exports by Country

India (X units), China (X units) and the United States (X units) were the main destinations of gear cutting machine exports from South Korea, with a combined X% share of total exports.

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

In value terms, China ($X), the United States ($X) and India ($X) constituted the largest markets for gear cutting machine exported from South Korea worldwide, with a combined X% share of total exports. Turkey, Russia, France, Germany, Brazil and Canada lagged somewhat behind, together comprising a further X%.

In terms of the main countries of destination, Germany, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the average gear cutting machine export price amounted to $X per unit, waning by X% against the previous year. In general, export price indicated a noticeable 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, gear cutting machine export price increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Brazil ($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 Germany (X%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Cutting Machine Imports

Imports into Republic of Korea

Gear cutting machine imports into South Korea contracted to X units in 2022, with a decrease of X% compared with 2021. Over the period under review, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2013 with an increase of X% against the previous year. As a result, imports reached the peak of X units. From 2014 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, gear cutting machine imports totaled $X in 2022. Overall, imports recorded a abrupt descent. The most prominent rate of growth was recorded in 2013 when imports increased by X%. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Japan (X units), Germany (X units) and the United States (X units) were the main suppliers of gear cutting machine imports to South Korea, with a combined X% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the United States (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Switzerland ($X), Germany ($X) and the United States ($X) were the largest gear cutting machine suppliers to South Korea, with a combined X% share of total imports. Japan, China, India, Russia and Italy lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gear cutting machine import price stood at $X per unit in 2022, picking up by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Switzerland ($X per unit), while the price for Russia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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