Republic of Korea: Non-Enclosed Loudspeakers Market 2024

Non-Enclosed Loudspeakers Market Size in Republic of Korea

The South Korean non-enclosed loudspeakers market surged to $X in 2021, jumping by 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a noticeable descent. As a result, consumption attained the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Non-Enclosed Loudspeakers Exports

Exports from Republic of Korea

In 2021, approx. X units of loudspeakers (not in enclosure) were exported from South Korea; jumping by 39% compared with the year before. Overall, exports, however, saw a pronounced decrease. The pace of growth was the most pronounced in 2013 when exports increased by 87% against the previous year. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, non-enclosed loudspeakers exports soared to $X in 2021. Over the period under review, exports, however, saw a perceptible shrinkage. The exports peaked at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Vietnam (X units) was the main destination for non-enclosed loudspeakers exports from South Korea, with a 36% share of total exports. Moreover, non-enclosed loudspeakers exports to Vietnam exceeded the volume sent to the second major destination, Brazil (X units), twofold. The third position in this ranking was taken by the Czech Republic (X units), with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Vietnam totaled +23.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+11.4% per year) and the Czech Republic (-9.8% per year).

In value terms, the largest markets for non-enclosed loudspeakers exported from South Korea were Vietnam ($X), Mexico ($X) and the Czech Republic ($X), with a combined 53% share of total exports. These countries were followed by Brazil, the United States, China, Japan, Slovenia, the Philippines, India, Russia, Malaysia and Turkey, which together accounted for a further 38%.

Slovenia, with a CAGR of +68.7%, 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

The average non-enclosed loudspeakers export price stood at $X per unit in 2021, jumping by 18% against the previous year. In general, the export price, however, continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2015 an increase of 32% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2016 to 2021, the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United States ($X per unit), while the average price for exports to Malaysia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+19.7%), while the prices for the other major destinations experienced more modest paces of growth.

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Non-Enclosed Loudspeakers Imports

Imports into Republic of Korea

Non-enclosed loudspeakers imports into South Korea expanded markedly to X units in 2021, growing by 10% on the year before. Overall, imports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2014 when imports increased by 54% against the previous year. As a result, imports attained the peak of X units. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, non-enclosed loudspeakers imports surged to $X in 2021. In general, imports, however, continue to indicate a perceptible shrinkage. The most prominent rate of growth was recorded in 2014 when imports increased by 66% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of non-enclosed loudspeakers to South Korea, accounting for a 67% share of total imports. Moreover, non-enclosed loudspeakers imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), threefold. Mexico (X units) ranked third in terms of total imports with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to -8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+11.9% per year) and Mexico (+2.4% per year).

In value terms, China ($X) constituted the largest supplier of loudspeakers (not in enclosure) to South Korea, comprising 69% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 9.5% share of total imports. It was followed by Mexico, with a 7.2% share.

From 2012 to 2021, the average annual growth rate of value from China stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+2.4% per year) and Mexico (+6.1% per year).

Import Prices by Country

In 2021, the average non-enclosed loudspeakers import price amounted to $X per unit, with an increase of 27% against the previous year. In general, import price indicated a measured expansion from 2012 to 2021: its price increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-enclosed loudspeakers import price increased by +83.3% against 2019 indices. The pace of growth was the most pronounced in 2020 when the average import price increased by 45%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Mexico ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+6.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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