Republic of Korea: Lawn Mower Market 2024

Lawn Mower Market Size in Republic of Korea

In 2022, the South Korean lawn mower market decreased by -3.3% to $X for the first time since 2019, thus ending a two-year rising trend. Over the period under review, the total consumption indicated measured growth from 2012 to 2022: its value increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +74.7% against 2019 indices. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Lawn Mower Exports

Exports from Republic of Korea

Lawn mower exports from South Korea skyrocketed to X units in 2022, increasing by 47% compared with 2021 figures. Overall, exports continue to indicate a significant increase. The pace of growth was the most pronounced in 2019 when exports increased by 6,363%. As a result, the exports reached the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, lawn mower exports skyrocketed to $X in 2022. Over the period under review, exports recorded significant growth. The pace of growth was the most pronounced in 2019 when exports increased by 3,426%. As a result, the exports reached the peak of $X. From 2020 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for lawn mower exports from South Korea, accounting for a 79% share of total exports. Moreover, lawn mower exports to the United States exceeded the volume sent to the second major destination, Canada (X units), sevenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +260.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+29.7% per year) and the Netherlands (+97.7% per year).

In value terms, the United States ($X) remains the key foreign market for mowers for lawns, parks, golf courses or sports grounds exports from South Korea, comprising 80% of total exports. The second position in the ranking was held by Canada ($X), with a 12% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +295.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+42.4% per year) and the Netherlands (+81.7% per year).

Export Prices by Country

The average lawn mower export price stood at $X per unit in 2022, rising by 9.5% against the previous year. Over the period under review, the export price, however, recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 when the average export price increased by 108% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2016; however, from 2017 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to the Netherlands ($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 United States (+9.9%), while the prices for the other major destinations experienced mixed trend patterns.

Lawn Mower Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in overseas purchases of mowers for lawns, parks, golf courses or sports grounds, which increased by 7.8% to X units in 2022. Overall, imports saw a strong expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 35%. Imports peaked in 2022 and are likely to continue growth in years to come.

In value terms, lawn mower imports expanded modestly to $X in 2022. Over the period under review, imports enjoyed a buoyant increase. The growth pace was the most rapid in 2016 with an increase of 39% against the previous year. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

China (X units), the United States (X units) and Japan (X units) were the main suppliers of lawn mower imports to South Korea, with a combined 92% share of total imports.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +27.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), the United States ($X) and China ($X) appeared to be the largest lawn mower suppliers to South Korea, together comprising 90% of total imports.

China, with a CAGR of +30.2%, saw the highest growth rate of the value of imports, in terms of 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 lawn mower import price amounted to $X per unit, reducing by -3.2% against the previous year. In general, the import price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 an increase of 7.6% against the previous year. The import price peaked 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 the UK ($X per unit), while the price for China ($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 (+3.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform