Republic of Korea: Starter Motor Market 2024

Starter Motor Market Size in Republic of Korea

In 2022, after two years of decline, there was significant growth in the South Korean starter motor market, when its value increased by X% to $X. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Starter Motor Production in Republic of Korea

In value terms, starter motor production dropped slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated pronounced 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 decreased by X% against 2019 indices. The most prominent rate of growth was recorded in 2016 when the production volume increased by X%. Starter motor production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Starter Motor Exports

Exports from Republic of Korea

In 2022, overseas shipments of starter motors and dual purpose starter generators decreased by X% to X units for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a resilient expansion. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X units, and then reduced remarkably in the following year.

In value terms, starter motor exports declined rapidly to $X in 2022. In general, exports, however, recorded a buoyant expansion. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then reduced remarkably in the following year.

Exports by Country

The United States (X units), Slovakia (X units) and the Czech Republic (X units) were the main destinations of starter motor exports from South Korea, together comprising X% of total exports. Japan, Italy, Turkey, the UK, India, China, Russia and Slovenia lagged somewhat behind, together comprising a further X%.

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

In value terms, the largest markets for starter motor exported from South Korea were the United States ($X), Slovakia ($X) and the Czech Republic ($X), with a combined X% share of total exports. Japan, Italy, Turkey, the UK, India, China, Russia and Slovenia lagged somewhat behind, together comprising a further X%.

Japan, with a CAGR of X%, saw the highest growth rate of 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 starter motor export price stood at $X per unit in 2022, remaining stable against the previous year. Over the period under review, the export price continues to indicate a noticeable reduction. The most prominent rate of growth was recorded in 2019 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Russia ($X per unit) and India ($X per unit), while the average price for exports to Slovenia ($X per unit) and Slovakia ($X per unit) were amongst the lowest.

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

Starter Motor Imports

Imports into Republic of Korea

In 2022, approx. X units of starter motors and dual purpose starter generators were imported into South Korea; with an increase of X% compared with the previous year. The total import volume increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, starter motor imports surged 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 pace of growth appeared the most rapid in 2013 when imports increased by X% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2022, imports failed to regain momentum.

Imports by Country

Japan (X units), the United States (X units) and China (X units) were the main suppliers of starter motor imports to South Korea, with a combined X% share of total imports. India, Germany, the UK, Slovenia and Hungary lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and China ($X) constituted the largest starter motor suppliers to South Korea, with a combined X% share of total imports. India, Germany, the UK, Slovenia and Hungary lagged somewhat behind, together comprising a further X%.

India, with a CAGR of X%, recorded the highest growth rate of the value of imports, among the main suppliers 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 starter motor import price amounted to $X per unit, declining by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. As a result, import price reached the peak level of $X per unit, and then contracted in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per unit) and the UK ($X per unit), while the price for Germany ($X per unit) and Slovenia ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :