Republic of Korea: Market for Air conditioning Machines without Refrigeration Unit 2024

Market Size for Air conditioning Machines without Refrigeration Unit in Republic of Korea

The South Korean market for air conditioning machines without refrigeration unit rose slightly to $X in 2022, surging by 4.9% against the previous year. Over the period under review, consumption recorded a noticeable increase. Consumption of peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Production of Air conditioning Machines without Refrigeration Unit in Republic of Korea

In value terms, production of air conditioning machines without refrigeration unit rose slightly to $X in 2022 estimated in export price. In general, production continues to indicate notable growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 39%. Production of peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Air conditioning Machines without Refrigeration Unit

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of air conditioning machines without refrigeration unit, when their volume decreased by -12.2% to X units. In general, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +8.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +17.9% against 2019 indices. The growth pace was the most rapid in 2015 with an increase of 67%. The exports peaked at X units in 2021, and then reduced in the following year.

In value terms, exports of air conditioning machines without refrigeration unit reduced to $X in 2022. Over the period under review, total exports indicated a prominent expansion from 2012 to 2022: its value increased at an average annual rate of +6.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +18.4% against 2020 indices. The most prominent rate of growth was recorded in 2018 when exports increased by 62%. Over the period under review, the exports of hit record highs at $X in 2021, and then reduced in the following year.

Exports by Country

Hungary (X units), Algeria (X units) and Vietnam (X units) were the main destinations of exports of air conditioning machines without refrigeration unit from South Korea, with a combined 60% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Algeria (with a CAGR of +109.7%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for air conditioning machins without refrigeration unit exported from South Korea were Hungary ($X), Algeria ($X) and the United States ($X), together accounting for 68% of total exports. China, Vietnam, Poland, Nigeria and Saudi Arabia lagged somewhat behind, together accounting for a further 24%.

Among the main countries of destination, Poland, with a CAGR of +140.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average export price for air conditioning machines without refrigeration unit stood at $X per unit in 2022, remaining constant against the previous year. Over the period under review, the export price showed a slight setback. The most prominent rate of growth was recorded in 2018 when the average export price increased by 41% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hungary ($X per unit), while the average price for exports to Nigeria ($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 Hungary (+9.6%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Air conditioning Machines without Refrigeration Unit

Imports into Republic of Korea

In 2022, approx. X units of air conditioning machines without refrigeration unit were imported into South Korea; with a decrease of -12.4% compared with the previous year. In general, imports continue to indicate a slight decline. The most prominent rate of growth was recorded in 2013 when imports increased by 60%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of air conditioning machines without refrigeration unit fell sharply to $X in 2022. Over the period under review, imports saw a noticeable shrinkage. The growth pace was the most rapid in 2021 with an increase of 48% against the previous year. Over the period under review, imports of reached the maximum at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X units) constituted the largest air conditioning machins without refrigeration unit supplier to South Korea, with a 57% share of total imports. Moreover, imports of air conditioning machines without refrigeration unit from Thailand exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Italy (X units), with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from Thailand totaled +145.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.1% per year) and Italy (+1.1% per year).

In value terms, the United States ($X), Thailand ($X) and Italy ($X) were the largest air conditioning machins without refrigeration unit suppliers to South Korea, with a combined 66% share of total imports.

Thailand, with a CAGR of +116.5%, recorded the highest rates of growth with regard to 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 import price for air conditioning machines without refrigeration unit amounted to $X per unit, shrinking by -4.4% against the previous year. Over the period under review, the import price showed a slight decrease. The most prominent rate of growth was recorded in 2020 when the average import price increased by 15%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+19.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform