Republic of Korea: Power Tool Market 2024

Power Tool Market Size in Republic of Korea

The South Korean power tool market contracted slightly to $X in 2021, dropping by -1.9% against the previous year. The market value increased at an average annual rate of +3.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market failed to regain momentum.

Power Tool Production in Republic of Korea

In value terms, power tool production stood at $X in 2021 estimated in export price. Overall, the total production indicated tangible growth from 2012 to 2021: its value increased at an average annual rate of +3.0% 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 +61.8% against 2016 indices. The growth pace was the most rapid in 2013 when the production volume increased by 58%. As a result, production reached the peak level of $X. From 2014 to 2021, production growth remained at a lower figure.

Power Tool Exports

Exports from Republic of Korea

In 2021, shipments abroad of power tools increased by 32% to X units, rising for the second consecutive year after two years of decline. Overall, exports showed pronounced growth. The growth pace was the most rapid in 2016 when exports increased by 92%. Over the period under review, the exports reached the peak figure at X units in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, power tool exports skyrocketed to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Uzbekistan (X units), the United States (X units) and China (X units) were the main destinations of power tool exports from South Korea, with a combined 15% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Uzbekistan (with a CAGR of +372.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for power tool exported from South Korea were the United States ($X), Uzbekistan ($X) and France ($X), together comprising 24% of total exports.

Among the main countries of destination, Uzbekistan, with a CAGR of +296.9%, 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

In 2021, the average power tool export price amounted to $X per unit, growing by 12% against the previous year. Overall, the export price, however, saw a perceptible shrinkage. The most prominent rate of growth was recorded in 2018 when the average export price increased by 129%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2019; however, from 2020 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 France ($X per unit), while the average price for exports to China ($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 France (+19.8%), while the prices for the other major destinations experienced more modest paces of growth.

Power Tool Imports

Imports into Republic of Korea

Power tool imports into South Korea surged to X units in 2021, with an increase of 31% against 2020. Overall, total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +8.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +44.5% against 2018 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, power tool imports skyrocketed to $X in 2021. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +18.6% against 2019 indices. The pace of growth was the most pronounced in 2016 with an increase of 18%. Over the period under review, imports reached the peak figure in 2021 and are likely to see gradual growth in the near future.

Imports by Country

In 2021, China (X units) constituted the largest supplier of power tool to South Korea, accounting for a 82% share of total imports. Moreover, power tool imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), ninefold. The third position in this ranking was held by Germany (X units), with a 2.9% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-3.9% per year) and Germany (+2.3% per year).

In value terms, China ($X) constituted the largest supplier of power tools to South Korea, comprising 63% of total imports. The second position in the ranking was held by Malaysia ($X), with an 11% share of total imports. It was followed by Germany, with a 7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +12.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (-1.2% per year) and Germany (+7.5% per year).

Import Prices by Country

In 2021, the average power tool import price amounted to $X per unit, waning by -11% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 29% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Hungary ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+11.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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