Republic of Korea: Multiple Loudspeakers Market 2024

Multiple Loudspeakers Market Size in Republic of Korea

In 2021, the South Korean multiple loudspeakers market decreased by -4.9% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, posted a buoyant expansion. As a result, consumption attained the peak level of $X. From 2018 to 2021, the growth of the market failed to regain momentum.

Multiple Loudspeakers Exports

Exports from Republic of Korea

After two years of decline, overseas shipments of multiple loudspeakers (in enclosure) increased by 1.9% to X units in 2021. In general, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2018 with an increase of 33%. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, multiple loudspeakers exports expanded sharply to $X in 2021. Over the period under review, exports, however, saw a abrupt downturn. The most prominent rate of growth was recorded in 2018 with an increase of 65% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Brazil (X units) was the main destination for multiple loudspeakers exports from South Korea, with a 39% share of total exports. Moreover, multiple loudspeakers exports to Brazil exceeded the volume sent to the second major destination, Russia (X units), twofold. India (X units) ranked third in terms of total exports with a 17% share.

From 2012 to 2021, the average annual growth rate of volume to Brazil amounted to +76.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (-9.7% per year) and India (+19.9% per year).

In value terms, the largest markets for multiple loudspeakers exported from South Korea were Russia ($X), Brazil ($X) and Japan ($X), with a combined 45% share of total exports.

Brazil, with a CAGR of +47.2%, 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 multiple loudspeakers export price stood at $X per unit in 2021, rising by 9.8% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by 39% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, the country with the highest price was Slovakia ($X per unit), while the average price for exports to South Africa ($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 Slovakia (+21.2%), while the prices for the other major destinations experienced more modest paces of growth.

Multiple Loudspeakers Imports

Imports into Republic of Korea

In 2021, the amount of multiple loudspeakers (in enclosure) imported into South Korea declined significantly to X units, which is down by -18.7% against the previous year's figure. In general, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2017 when imports increased by 61% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, multiple loudspeakers imports amounted to $X in 2021. Over the period under review, imports, however, showed a prominent increase. The pace of growth was the most pronounced in 2017 when imports increased by 89% against the previous year. As a result, imports attained the peak of $X. From 2018 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest supplier of multiple loudspeakers to South Korea, with a 89% share of total imports. Moreover, multiple loudspeakers imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), more than tenfold. Indonesia (X units) ranked third in terms of total imports with a 1.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at +12.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+2.6% per year) and Indonesia (+15.3% per year).

In value terms, China ($X) constituted the largest supplier of multiple loudspeakers (in enclosure) to South Korea, comprising 62% of total imports. The second position in the ranking was held by Vietnam ($X), with a 4.2% share of total imports. It was followed by Mexico, with a 2.5% share.

From 2012 to 2021, the average annual growth rate of value from China stood at +14.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+26.1% per year) and Mexico (-0.5% per year).

Import Prices by Country

The average multiple loudspeakers import price stood at $X per unit in 2021, increasing by 24% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.9%. The import price peaked at $X per unit in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Vietnam (+23.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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