Republic of Korea: Motor Vehicle Engine Market 2024

Motor Vehicle Engine Market Size in Republic of Korea

The South Korean motor vehicle engine market amounted to $X in 2022, picking up by X% against the previous year. Over the period under review, consumption, however, saw a pronounced reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Motor Vehicle Engine Production in Republic of Korea

In value terms, motor vehicle engine production rose slightly to $X in 2022 estimated in export price. In general, production saw a perceptible downturn. The pace of growth was the most pronounced in 2018 with an increase of X%. Motor vehicle engine production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Motor Vehicle Engine Exports

Exports from Republic of Korea

Motor vehicle engine exports from South Korea fell modestly to X units in 2022, which is down by X% compared with 2021 figures. Over the period under review, exports showed a slight decline. The pace of growth was the most pronounced in 2014 when exports increased by X%. Over the period under review, the exports reached the peak figure at X units in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, motor vehicle engine exports amounted to $X in 2022. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units), Turkey (X units) and Brazil (X units) were the main destinations of motor vehicle engine exports from South Korea, together comprising X% of total exports. Uzbekistan, the Czech Republic, Slovakia, Slovenia, India, China and Russia lagged somewhat behind, together accounting for a further X%.

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

In value terms, the United States ($X) remains the key foreign market for motor vehicle engines (spark-ignition) exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Brazil ($X), with a X% share of total exports. It was followed by Turkey, 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: Brazil (X% per year) and Turkey (X% per year).

Export Prices by Country

The average motor vehicle engine export price stood at $X per unit in 2022, surging by X% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by X%. Over the period under review, the average export prices reached the peak figure in 2022 and is expected to retain growth in the near future.

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

Motor Vehicle Engine Imports

Imports into Republic of Korea

In 2022, supplies from abroad of motor vehicle engines (spark-ignition) increased by X% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, saw a drastic downturn. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, motor vehicle engine imports surged to $X in 2022. Over the period under review, imports, however, continue to indicate a abrupt contraction. The most prominent rate of growth was recorded in 2018 when imports increased by X%. Imports peaked at $X in 2019; however, from 2020 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Mexico (X units) constituted the largest motor vehicle engine supplier to South Korea, accounting for a X% share of total imports. Moreover, motor vehicle engine imports from Mexico exceeded the figures recorded by the second-largest supplier, the United States (X units), fivefold. Japan (X units) ranked third in terms of total imports with a X% share.

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

In value terms, Mexico ($X) constituted the largest supplier of motor vehicle engines (spark-ignition) to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Japan, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Mexico stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average motor vehicle engine import price amounted to $X per unit, surging by X% against the previous year. Overall, the import price, however, showed a mild decline. The most prominent rate of growth was recorded in 2017 an increase of X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Australia ($X per unit), while the price for Austria ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :