Republic of Korea: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

The South Korean market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) soared to $X in 2022, growing by X% against the previous year. Over the period under review, the total consumption indicated a mild 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, consumption increased by X% against 2017 indices. Consumption of peaked in 2022 and is likely to continue growth in the near future.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) shrank to $X in 2022 estimated in export price. Over the period under review, the total production indicated perceptible growth 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 2020 indices. The growth pace was the most rapid in 2014 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2015 to 2022, production of growth remained at a lower figure.

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Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Republic of Korea

In 2022, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from South Korea shrank rapidly to X units, waning by X% against 2021 figures. In general, exports, however, recorded prominent growth. The most prominent rate of growth was recorded in 2014 when exports increased by X%. The exports peaked at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) contracted markedly to $X in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports of remained at a somewhat lower figure.

Exports by Country

Iraq (X units), the United States (X units) and Libya (X units) were the main destinations of exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from South Korea, together accounting for X% of total exports. Egypt, the United Arab Emirates, India, Jordan and Syrian Arab Republic lagged somewhat behind, together accounting for a further X%.

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

In value terms, the United States ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by India ($X), with an X% share of total exports. It was followed by the United Arab Emirates, with a X% share.

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

Export Prices by Country

In 2022, the average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, remaining constant against the previous year. In general, the export price recorded a abrupt decline. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Egypt ($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 Jordan (X%), while the prices for the other major destinations experienced a decline.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Republic of Korea

In 2022, purchases abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) increased by X% to X units, rising for the second year in a row after two years of decline. In general, total imports indicated a strong increase 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, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) rose remarkably to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when imports increased by X%. Imports peaked in 2022 and are expected to retain growth in the near future.

Imports by Country

Japan (X units), the United States (X units) and China (X units) were the main suppliers of imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) 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, the largest internal combustion engine (excl. diesel, moto vehicle and aircraft) suppliers to South Korea were Japan ($X), the United States ($X) and China ($X), together accounting for X% of total imports.

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

Import Prices by Country

In 2022, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per unit, shrinking by X% against the previous year. Over the period under review, the import price recorded a pronounced decrease. The pace of growth was the most pronounced in 2019 when the average import price increased by X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

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

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

Source: IndexBox Platform

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