Republic of Korea: Market for Diesel Engines (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

In 2022, the South Korean market for diesel engines (other than for motor vehicles and aircraft) increased by 45% to $X, rising for the second year in a row after two years of decline. In general, consumption recorded a temperate increase. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Diesel Engines (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

In value terms, production of diesel engines (other than for motor vehicles and aircraft) totaled $X in 2022 estimated in export price. In general, production, however, saw a perceptible reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 25% against the previous year. Production of peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Exports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Exports from Republic of Korea

In 2022, overseas shipments of diesel engines (other than for motor vehicles and aircraft) decreased by -24.1% to X units for the first time since 2017, thus ending a four-year rising trend. In general, exports showed a deep contraction. The pace of growth appeared the most rapid in 2019 when exports increased by 43% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, exports of diesel engines (other than for motor vehicles and aircraft) rose notably to $X in 2022. Over the period under review, exports saw a deep reduction. The most prominent rate of growth was recorded in 2014 when exports increased by 19% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

China (X units) was the main destination for exports of diesel engines (other than for motor vehicles and aircraft) from South Korea, accounting for a 46% share of total exports. Moreover, exports of diesel engines (other than for motor vehicles and aircraft) to China exceeded the volume sent to the second major destination, the United States (X units), twofold. The third position in this ranking was held by Turkey (X units), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume to China amounted to -12.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+50.1% per year) and Turkey (+21.8% per year).

In value terms, China ($X) remains the key foreign market for diesel engines (other than for motor vehicles and aircraft) exports from South Korea, comprising 48% of total exports. The second position in the ranking was held by the United States ($X), with a 20% share of total exports. It was followed by Turkey, with a 6.6% share.

From 2012 to 2022, the average annual growth rate of value to China totaled -9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+27.7% per year) and Turkey (+5.5% per year).

Export Prices by Country

In 2022, the average export price for diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, growing by 39% against the previous year. Over the period under review, export price indicated a perceptible expansion from 2012 to 2022: its price increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($X per unit), while the average price for exports to Spain ($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 the UK (+11.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel Engines (Other Than For Motor Vehicles And Aircraft)

Imports into Republic of Korea

In 2022, overseas purchases of diesel engines (other than for motor vehicles and aircraft) increased by 26% to X units, rising for the second year in a row after two years of decline. In general, total imports indicated a perceptible increase from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +73.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 38% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

In value terms, imports of diesel engines (other than for motor vehicles and aircraft) rose notably to $X in 2022. Overall, imports, however, recorded a slight contraction. The most prominent rate of growth was recorded in 2021 when imports increased by 36% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Germany (X units), the UK (X units) and Japan (X units) were the main suppliers of imports of diesel engines (other than for motor vehicles and aircraft) to South Korea, together accounting for 60% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of +22.8%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the UK ($X) and Japan ($X) constituted the largest diesel engines (other than for motor vehicles and aircraft) suppliers to South Korea, with a combined 53% share of total imports.

Among the main suppliers, the UK, with a CAGR of +18.1%, recorded the highest growth rate of the value of imports, 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 diesel engines (other than for motor vehicles and aircraft) amounted to $X per unit, reducing by -10.6% against the previous year. Over the period under review, the import price recorded a pronounced descent. The pace of growth was the most pronounced in 2020 an increase of 2% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Italy ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+19.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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