Republic of Korea: Market for Equipment For Internal Combustion Engines 2025

Market Size for Equipment For Internal Combustion Engines in Republic of Korea

In 2022, after four years of growth, there was significant decline in the South Korean internal combustion engine equipment market, when its value decreased by -27% to $X. In general, consumption saw a pronounced downturn. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Exports of Equipment For Internal Combustion Engines

Exports from Republic of Korea

In 2022, shipments abroad of equipment for internal combustion engines increased by 8.7% to X units, rising for the second year in a row after three years of decline. In general, exports, however, continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2015 when exports increased by 70% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, internal combustion engine equipment exports contracted rapidly to $X in 2022. Over the period under review, exports, however, saw a deep contraction. The most prominent rate of growth was recorded in 2015 when exports increased by 96%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Colombia (X units), Chile (X units) and the Netherlands (X units) were the main destinations of internal combustion engine equipment exports from South Korea, together comprising 47% of total exports. The United States, Singapore, Guatemala, Malaysia, Yemen, Poland, Honduras, South Africa and the United Arab Emirates lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Yemen (with a CAGR of +415.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for internal combustion engine equipment exported from South Korea were Chile ($X), the Netherlands ($X) and the United States ($X), together accounting for 58% of total exports. Colombia, Malaysia, Singapore, Poland, Honduras, South Africa, Guatemala, Yemen and the United Arab Emirates lagged somewhat behind, together accounting for a further 25%.

Yemen, with a CAGR of +167.4%, saw the highest growth rate of the value of exports, in terms of 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

The average internal combustion engine equipment export price stood at $X per unit in 2022, shrinking by -32.5% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 49%. Over the period under review, the average export prices reached the maximum at $X per unit in 2021, and then declined significantly in the following year.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Yemen ($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 Honduras (+7.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Equipment For Internal Combustion Engines

Imports into Republic of Korea

In 2022, supplies from abroad of equipment for internal combustion engines decreased by -26.6% to X units, falling for the second year in a row after three years of growth. In general, imports continue to indicate a slight decline. The pace of growth appeared the most rapid in 2020 with an increase of 61% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, internal combustion engine equipment imports shrank sharply to $X in 2022. Over the period under review, imports showed a pronounced curtailment. The most prominent rate of growth was recorded in 2020 with an increase of 35%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), Germany (X units) and the United States (X units) were the main suppliers of internal combustion engine equipment imports to South Korea, with a combined 81% share of total imports. India, China, Mexico and France lagged somewhat behind, together accounting for a further 14%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +44.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest internal combustion engine equipment suppliers to South Korea were Japan ($X), Germany ($X) and the United States ($X), together comprising 81% of total imports. India, China, Mexico and France lagged somewhat behind, together comprising a further 14%.

In terms of the main suppliers, India, with a CAGR of +40.2%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average internal combustion engine equipment import price stood at $X per unit in 2022, rising by 2.8% against the previous year. In general, the import price, however, recorded a noticeable descent. The most prominent rate of growth was recorded in 2021 when the average import price increased by 20% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Mexico ($X per unit) and the United States ($X per unit), while the price for France ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Mexico (-3.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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