Republic of Korea: Electric Blanket Market 2024

Electric Blanket Market Size in Republic of Korea

In 2021, after two years of growth, there was significant decline in the South Korean electric blanket market, when its value decreased by -36.9% to $X. Over the period under review, consumption, however, recorded a prominent increase. As a result, consumption attained the peak level of $X, and then shrank notably in the following year.

Electric Blanket Production in Republic of Korea

In value terms, electric blanket production reduced to $X in 2021 estimated in export price. Overall, production showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when the production volume increased by 24% against the previous year. Over the period under review, production attained the maximum level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Electric Blanket Exports

Exports from Republic of Korea

In 2021, shipments abroad of electric blankets increased by 54% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports showed noticeable growth. The most prominent rate of growth was recorded in 2018 when exports increased by 113%. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports failed to regain momentum.

In value terms, electric blanket exports skyrocketed to $X in 2021. Over the period under review, exports, however, saw a noticeable decline. The pace of growth was the most pronounced in 2016 with an increase of 99%. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

Taiwan (Chinese) (X units) was the main destination for electric blanket exports from South Korea, with a 48% share of total exports. Moreover, electric blanket exports to Taiwan (Chinese) exceeded the volume sent to the second major destination, the United States (X units), twofold. China (X units) ranked third in terms of total exports with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to Taiwan (Chinese) amounted to +18.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+0.3% per year) and China (+22.7% per year).

In value terms, the largest markets for electric blanket exported from South Korea were Taiwan (Chinese) ($X), the United States ($X) and China ($X), together comprising 57% of total exports. These countries were followed by Mexico, Libya, Vietnam and Qatar, which together accounted for a further 14%.

Libya, with a CAGR of +21.6%, recorded 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

In 2021, the average electric blanket export price amounted to $X per unit, dropping by -10.4% against the previous year. In general, the export price saw a pronounced decrease. The pace of growth appeared the most rapid in 2015 an increase of 27% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2016 to 2021, the average export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Mexico ($X per unit), while the average price for exports to Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Libya (+3.3%), while the prices for the other major destinations experienced mixed trend patterns.

Electric Blanket Imports

Imports into Republic of Korea

In 2021, overseas purchases of electric blankets decreased by -46.9% to X units for the first time since 2016, thus ending a four-year rising trend. Overall, imports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 568%. As a result, imports attained the peak of X units, and then fell remarkably in the following year.

In value terms, electric blanket imports shrank notably to $X in 2021. Over the period under review, imports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2019 with an increase of 482%. Over the period under review, imports attained the maximum at $X in 2020, and then contracted dramatically in the following year.

Imports by Country

Italy (X units), China (X units) and Taiwan (Chinese) (X units) were the main suppliers of electric blanket imports to South Korea, together comprising 84% of total imports.

From 2012 to 2021, the biggest increases were recorded for Italy (with a CAGR of +139.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of electric blankets to South Korea, comprising 54% of total imports. The second position in the ranking was held by China ($X), with an 18% share of total imports. It was followed by Taiwan (Chinese), with a 3.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Italy stood at +135.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+39.0% per year) and Taiwan (Chinese) (+83.2% per year).

Import Prices by Country

The average electric blanket import price stood at $X per unit in 2021, rising by 17% against the previous year. In general, the import price, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2014 an increase of 20%. The import price peaked at $X per unit in 2016; however, from 2017 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (-1.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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