Republic of Korea: Electric Radiator Market 2024

Electric Radiator Market Size in Republic of Korea

The South Korean electric radiator market soared to $X in 2021, rising by 38% against the previous year. Over the period under review, consumption continues to indicate resilient growth. Electric radiator consumption peaked at $X in 2017; however, from 2018 to 2021, consumption stood at a somewhat lower figure.

Electric Radiator Production in Republic of Korea

In value terms, electric radiator production fell to $X in 2021 estimated in export price. In general, the total production indicated a resilient increase from 2012 to 2021: its value increased at an average annual rate of +6.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +59.7% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the production volume increased by 59% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Electric Radiator Exports

Exports from Republic of Korea

In 2021, approx. X units of electric radiators and convection heaters were exported from South Korea; which is down by -6.2% compared with the previous year's figure. Overall, exports, however, recorded a buoyant expansion. The most prominent rate of growth was recorded in 2013 when exports increased by 105% against the previous year. Over the period under review, the exports hit record highs at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, electric radiator exports amounted to $X in 2021. Over the period under review, exports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 62% against the previous year. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Slovakia (X units) and China (X units) were the main destinations of electric radiator exports from South Korea, together comprising 55% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of +149.6%), while the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), the United States ($X) and China ($X) were the largest markets for electric radiator exported from South Korea worldwide, with a combined 61% share of total exports.

Among the main countries of destination, Italy, with a CAGR of +164.4%, saw 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 electric radiator export price stood at $X per unit in 2021, with an increase of 7.8% against the previous year. Overall, the export price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2014 an increase of 46% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Japan ($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 Italy (+9.2%), while the prices for the other major destinations experienced more modest paces of growth.

Electric Radiator Imports

Imports into Republic of Korea

In 2021, overseas purchases of electric radiators and convection heaters were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, imports showed a prominent expansion. The growth pace was the most rapid in 2018 with an increase of 141% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, electric radiator imports surged to $X in 2021. Overall, imports saw buoyant growth. The growth pace was the most rapid in 2016 when imports increased by 116% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) was the main electric radiator supplier to South Korea, with a 92% share of total imports. Moreover, electric radiator imports from China exceeded the figures recorded by the second-largest supplier, France (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +14.7%.

In value terms, China ($X) constituted the largest supplier of electric radiators and convection heaters to South Korea, comprising 76% of total imports. The second position in the ranking was held by France ($X), with a 5.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +16.3%.

Import Prices by Country

The average electric radiator import price stood at $X per unit in 2021, rising by 28% against the previous year. Over the period under review, import price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +2.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, electric radiator import price increased by +33.5% against 2019 indices. The pace of growth was the most pronounced in 2017 an increase of 43% against the previous year. As a result, import price attained the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+3.5%).

Source: IndexBox Platform

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