Republic of Korea: Market for Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft 2024

Market Size for Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft in Republic of Korea

The South Korean aircraft internal combustion engine market soared to $X in 2022, rising by 72% against the previous year. In general, consumption continues to indicate a temperate expansion. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft in Republic of Korea

In value terms, aircraft internal combustion engine production stood at $X in 2022 estimated in export price. Overall, production, however, continues to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2013 with an increase of 270% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Exports of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft

Exports from Republic of Korea

In 2022, shipments abroad of spark-ignition reciprocating or rotary internal combustion piston engines for aircraft was finally on the rise to reach X units after two years of decline. Overall, exports, however, continue to indicate a abrupt curtailment. Over the period under review, the exports reached the peak figure at X units in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, aircraft internal combustion engine exports skyrocketed to $X in 2022. In general, exports, however, saw a drastic downturn. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X units) was the main destination for aircraft internal combustion engine exports from South Korea, accounting for a 98% share of total exports. It was followed by the United States (X units), with a 1.6% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of volume to Taiwan (Chinese) amounted to +68.1%.

In value terms, Taiwan (Chinese) ($X) remains the key foreign market for spark-ignition reciprocating or rotary internal combustion piston engines for aircraft exports from South Korea, comprising 82% of total exports. The second position in the ranking was held by the United States ($X), with a 16% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Taiwan (Chinese) stood at +70.9%.

Export Prices by Country

The average aircraft internal combustion engine export price stood at $X per unit in 2022, picking up by 84% against the previous year. Overall, the export price, however, showed a perceptible descent. Over the period under review, the average export prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Taiwan (Chinese) stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+109.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Spark-Ignition Reciprocating Or Rotary Internal Combustion Piston Engines For Aircraft

Imports into Republic of Korea

In 2022, the amount of spark-ignition reciprocating or rotary internal combustion piston engines for aircraft imported into South Korea dropped rapidly to X units, which is down by -22.9% compared with the previous year. Over the period under review, imports recorded a abrupt decline. The growth pace was the most rapid in 2013 when imports increased by 376%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, aircraft internal combustion engine imports surged to $X in 2022. Overall, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 548% against the previous year. Over the period under review, imports reached the peak figure at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

The UK (X units), the United States (X units) and Italy (X units) were the main suppliers of aircraft internal combustion engine imports to South Korea, with a combined 77% share of total imports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +38.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of spark-ignition reciprocating or rotary internal combustion piston engines for aircraft to South Korea, comprising 58% of total imports. The second position in the ranking was held by the UK ($X), with a 17% share of total imports. It was followed by Austria, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +39.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+57.9% per year) and Austria (+41.0% per year).

Import Prices by Country

In 2022, the average aircraft internal combustion engine import price amounted to $X per unit, surging by 371% against the previous year. In general, the import price showed a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Israel ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Israel (+170.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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