Republic of Korea: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Republic of Korea

The South Korean gearboxes and speed changers market expanded significantly to $X in 2022, growing by X% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is likely to see steady growth in years to come.

Production of Gearboxes and Speed Changers in Republic of Korea

In value terms, gearboxes and speed changers production reduced to $X in 2022 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Gearboxes and speed changers production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Gearboxes and Speed Changers

Exports from Republic of Korea

In 2022, overseas shipments of gearboxes and speed changers decreased by X% to X tons, falling for the third year in a row after three years of growth. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 when exports increased by X%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, gearboxes and speed changers exports shrank to $X in 2022. In general, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of gearboxes and speed changers exports from South Korea, together accounting for X% of total exports. Mexico, India, Brazil, Germany, Indonesia, Canada, Italy and Vietnam lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for gearboxes and speed changers exported from South Korea were the United States ($X), Japan ($X) and China ($X), with a combined X% share of total exports. India, Mexico, Italy, Vietnam, Germany, Brazil, Indonesia and Canada lagged somewhat behind, together accounting for a further X%.

Mexico, with a CAGR of X%, recorded the highest rates of growth with regard to 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

In 2022, the average gearboxes and speed changers export price amounted to $X per ton, jumping by X% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The export price peaked at $X per ton in 2012; however, from 2013 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 Italy ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

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

Imports of Gearboxes and Speed Changers

Imports into Republic of Korea

In 2022, supplies from abroad of gearboxes and speed changers increased by X% to X tons, rising for the second consecutive year after two years of decline. In general, imports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, gearboxes and speed changers imports reached $X in 2022. Overall, imports, however, recorded a mild shrinkage. The pace of growth appeared the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gearboxes and speed changers to South Korea, accounting for a X% share of total imports. Moreover, gearboxes and speed changers imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. The third position in this ranking was taken by Japan (X tons), 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: Germany (X% per year) and Japan (X% per year).

In value terms, Germany ($X), China ($X) and Japan ($X) were the largest gearboxes and speed changers suppliers to South Korea, together comprising X% of total imports. Taiwan (Chinese), the United States, Italy and Slovakia lagged somewhat behind, together comprising a further X%.

Slovakia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of 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 gearboxes and speed changers import price stood at $X per ton in 2022, leveling off at the previous year. In general, the import price continues to indicate a mild reduction. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. The import price peaked at $X per ton in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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