Eastern Asia: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Eastern Asia

In 2021, after six years of growth, there was decline in the East Asian market for electrical boards, panels, consoles, desks and cabinets, when its value decreased by -0.7% to $X. The total consumption indicated notable growth from 2012 to 2021: its value increased at an average annual rate of +4.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +61.8% against 2014 indices. Over the period under review, the market reached the peak level at $X in 2020, and then dropped slightly in the following year.

Production of Electrical Boards, Panels, Consoles, Desks and Cabinets in Eastern Asia

In value terms, electric board, desk and panel production contracted slightly to $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +65.3% against 2014 indices. The most prominent rate of growth was recorded in 2016 with an increase of 22%. Over the period under review, production attained the maximum level at $X in 2020, and then declined modestly in the following year.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports in Eastern Asia

Electric board, desk and panel exports surged to X units in 2021, jumping by 32% compared with 2020. The total export volume increased at an average annual rate of +5.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, electric board, desk and panel exports surged to $X in 2021. The total export value increased at an average annual rate of +2.4% over the period from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China prevails in exports structure, accounting for X units, which was approx. 89% of total exports in 2021. It was distantly followed by South Korea (X units), achieving a 7.6% share of total exports. Taiwan (Chinese) (X units) held a minor share of total exports.

From 2012 to 2021, average annual rates of growth with regard to electric board, desk and panel exports from China stood at +5.6%. At the same time, South Korea (+15.8%) and Taiwan (Chinese) (+2.7%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing exporter exported in Eastern Asia, with a CAGR of +15.8% from 2012-2021. While the share of South Korea (+4.3 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) remains the largest electric board, desk and panel supplier in Eastern Asia, comprising 69% of total exports. The second position in the ranking was held by South Korea ($X), with a 12% share of total exports.

From 2012 to 2021, the average annual growth rate of value in China totaled +4.3%. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+8.4% per year) and Taiwan (Chinese) (-1.7% per year).

Export Prices by Country

In 2021, the export price in Eastern Asia amounted to $X per unit, increasing by 2.5% against the previous year. Over the period under review, the export price, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2016 an increase of 18%. Over the period under review, the export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per unit), while China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-1.2%), while the other leaders experienced a decline in the export price figures.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports in Eastern Asia

After two years of decline, purchases abroad of electrical boards, panels, consoles, desks and cabinets increased by 46% to X units in 2021. Overall, imports, however, recorded a mild contraction. The volume of import peaked at X units in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, electric board, desk and panel imports skyrocketed to $X in 2021. In general, imports continue to indicate a relatively flat trend pattern. The level of import peaked at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

South Korea (X units) and Japan (X units) represented roughly 71% of total imports in 2021. Hong Kong SAR (X units) ranks next in terms of the total imports with a 13% share, followed by Taiwan (Chinese) (8.2%) and China (6.8%).

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of +14.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest electric board, desk and panel importing markets in Eastern Asia were China ($X), South Korea ($X) and Japan ($X), with a combined 84% share of total imports.

South Korea, with a CAGR of +5.6%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2021, falling by -5.3% against the previous year. Over the last nine years, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2013 an increase of 44%. Over the period under review, import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+3.5%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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