Republic of Korea: Road Wheel Market 2024

Road Wheel Market Size in Republic of Korea

The South Korean road wheel market fell to $X in 2022, almost unchanged from the previous year. Over the period under review, the total consumption indicated a measured increase 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 2020 indices. As a result, consumption attained the peak level of $X, leveling off in the following year.

Road Wheel Production in Republic of Korea

In value terms, road wheel production fell to $X in 2022 estimated in export price. In general, production saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 with an increase of X% against the previous year. Road wheel production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

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Road Wheel Exports

Exports from Republic of Korea

In 2022, overseas shipments of road wheels decreased by X% to X tons, falling for the sixth year in a row after five years of growth. Over the period under review, exports saw a pronounced curtailment. The most prominent rate of growth was recorded in 2014 with an increase of X%. The exports peaked at X tons in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

In value terms, road wheel exports rose rapidly to $X in 2022. In general, exports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2014 when exports increased by X% against the previous year. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons) was the main destination for road wheel exports from South Korea, accounting for a X% share of total exports. Moreover, road wheel exports to the United States exceeded the volume sent to the second major destination, Japan (X tons), eightfold. Mexico (X tons) ranked third in terms of total exports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Mexico (X% per year).

In value terms, the United States ($X) remains the key foreign market for road wheels exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Japan ($X), with a X% share of total exports. It was followed by Germany, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (X% per year) and Germany (X% per year).

Export Prices by Country

The average road wheel export price stood at $X per ton in 2022, rising by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 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 Slovakia ($X per ton), while the average price for exports to Mexico ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Slovakia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into Republic of Korea

For the sixth year in a row, South Korea recorded growth in purchases abroad of road wheels, which increased by X% to X tons in 2022. Over the period under review, imports posted a buoyant expansion. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, road wheel imports skyrocketed to $X in 2022. Overall, imports posted strong growth. The growth pace was the most rapid in 2021 with an increase of X%. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, China (X tons) was the main supplier of road wheel to South Korea, with a X% share of total imports. It was followed by Japan (X tons), with a X% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China amounted to X%.

In value terms, China ($X) constituted the largest supplier of road wheels to South Korea, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%.

Import Prices by Country

In 2022, the average road wheel import price amounted to $X per ton, increasing by X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The growth pace was the most rapid in 2016 when the average import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China amounted to $X per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (X%).

Source: IndexBox Platform