Republic of Korea: Market for Household Washing and Drying Machines 2024

Market Size for Household Washing and Drying Machines in Republic of Korea

The South Korean washing and drying machine market soared to $X in 2022, picking up by X% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Household Washing and Drying Machines in Republic of Korea

In value terms, washing and drying machine production expanded remarkably to $X in 2022 estimated in export price. Overall, production, however, continues to indicate a slight setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by X% against the previous year. Washing and drying machine production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

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Exports of Household Washing and Drying Machines

Exports from Republic of Korea

In 2022, overseas shipments of household washing and drying machines decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports recorded a deep setback. The pace of growth was the most pronounced in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, washing and drying machine exports fell markedly to $X in 2022. Overall, exports saw a abrupt descent. The pace of growth was the most pronounced in 2021 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

The United States (X units), Poland (X units) and China (X units) were the main destinations of washing and drying machine exports from South Korea.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Czech Republic (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 Poland ($X) constituted the largest markets for washing and drying machine exported from South Korea worldwide, together accounting for X% of total exports. Australia, Taiwan (Chinese), the Czech Republic, Italy, the United Arab Emirates, Saudi Arabia, Russia, the UK, Sweden and Mexico lagged somewhat behind, together comprising a further X%.

Among the main countries of destination, the Czech Republic, with a CAGR of X%, saw 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

The average washing and drying machine export price stood at $X per unit in 2022, picking up by X% against the previous year. In general, the export price continues to indicate a buoyant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

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

Imports of Household Washing and Drying Machines

Imports into Republic of Korea

In 2022, supplies from abroad of household washing and drying machines decreased by X% to X units, falling for the fourth consecutive year after three years of growth. Over the period under review, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports attained the peak of X units. From 2019 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, washing and drying machine imports shrank to $X in 2022. Overall, imports, however, showed resilient growth. The most prominent rate of growth was recorded in 2018 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, China (X units) was the main supplier of washing and drying machine to South Korea, accounting for a X% share of total imports. Moreover, washing and drying machine imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), sevenfold. The third position in this ranking was taken by Vietnam (X units), with a X% share.

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

In value terms, China ($X) constituted the largest supplier of household washing and drying machines to South Korea, comprising X% of total imports. The second position in the ranking was taken by Thailand ($X), with a X% share of total imports. It was followed by Poland, with a X% share.

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

Import Prices by Country

In 2022, the average washing and drying machine import price amounted to $X per unit, leveling off at the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2013 when the average import price increased by X% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 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 Poland ($X per unit), while the price for Vietnam ($X per unit) was 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 a decline.

Source: IndexBox Platform

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