Republic of Korea: Market for Electrical Lighting Or Visual Signaling Equipment For Motor Vehicles And Cycles 2024

Market Size for Electrical Lighting Or Visual Signaling Equipment For Motor Vehicles And Cycles in Republic of Korea

In 2022, the South Korean market for electrical lighting or visual signaling equipment for motor vehicles and cycles increased by X% to $X, rising for the fifth year in a row after two years of decline. In general, consumption continues to indicate a prominent increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Electrical Lighting Or Visual Signaling Equipment For Motor Vehicles And Cycles in Republic of Korea

In value terms, lighting equipment for motor vehicles production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when the production volume increased by X% against the previous year. Lighting equipment for motor vehicles production peaked at $X in 2020; afterwards, it flattened through to 2022.

Exports of Electrical Lighting Or Visual Signaling Equipment For Motor Vehicles And Cycles

Exports from Republic of Korea

In 2022, overseas shipments of electrical lighting or visual signaling equipment for motor vehicles and cycles decreased by X% to X units, falling for the fifth consecutive year after two years of growth. In general, exports, however, posted a notable increase. The pace of growth was the most pronounced in 2016 when exports increased by X%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, lighting equipment for motor vehicles exports declined to $X in 2022. Over the period under review, total exports indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2013 when exports increased by X% against the previous year. The exports peaked at $X in 2016; however, from 2017 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for lighting equipment for motor vehicles exports from South Korea, accounting for a X% share of total exports. Moreover, lighting equipment for motor vehicles exports to the United States exceeded the volume sent to the second major destination, the Czech Republic (X units), threefold. The third position in this ranking was taken by Japan (X units), with an X% share.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (X% per year) and Japan (X% per year).

In value terms, the United States ($X) remains the key foreign market for electrical lighting or visual signaling equipment for motor vehicles and cycles exports from South Korea, comprising X% of total exports. The second position in the ranking was held by the Czech Republic ($X), with a X% share of total exports. It was followed by Japan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (X% per year) and Japan (X% per year).

Export Prices by Country

In 2022, the average export price for electrical lighting or visual signaling equipment for motor vehicles and cycles amounted to $X per unit, with an increase of X% against the previous year. Over the period under review, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, lighting equipment for motor vehicles export price increased by X% against 2017 indices. The most prominent rate of growth was recorded in 2015 an increase of X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Slovenia ($X per unit) and Russia ($X per unit), while the average price for exports to the United States ($X per unit) and Germany ($X per unit) were amongst the lowest.

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

Imports of Electrical Lighting Or Visual Signaling Equipment For Motor Vehicles And Cycles

Imports into Republic of Korea

In 2022, purchases abroad of electrical lighting or visual signaling equipment for motor vehicles and cycles increased by X% to X units, rising for the seventh consecutive year after two years of decline. Over the period under review, imports showed a resilient increase. The most prominent rate of growth was recorded in 2016 when imports increased by X% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.

In value terms, lighting equipment for motor vehicles imports contracted slightly to $X in 2022. Overall, imports recorded a prominent increase. The most prominent rate of growth was recorded in 2016 when imports increased by X%. Over the period under review, imports reached the maximum at $X in 2021, and then reduced in the following year.

Imports by Country

In 2022, China (X units) constituted the largest lighting equipment for motor vehicles supplier to South Korea, accounting for a X% share of total imports. Moreover, lighting equipment for motor vehicles imports from China exceeded the figures recorded by the second-largest supplier, Germany (X units), threefold. Vietnam (X units) ranked third in terms of total imports with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Vietnam (X% per year).

In value terms, China ($X) constituted the largest supplier of electrical lighting or visual signaling equipment for motor vehicles and cycles to South Korea, comprising X% of total imports. The second position in the ranking was held by Germany ($X), with a X% share of total imports. It was followed by Vietnam, with an X% share.

From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average import price for electrical lighting or visual signaling equipment for motor vehicles and cycles stood at $X per unit in 2022, reducing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2014 an increase of X%. Over the period under review, average import prices hit record highs at $X per unit in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Mexico ($X per unit) and Slovakia ($X per unit), while the price for China ($X per unit) and Vietnam ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

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