Republic of Korea: Gear Cutting Machine Market 2024

Gear Cutting Machine Market Size in Republic of Korea

In 2021, the South Korean gear cutting machine market increased by 26% to $X, rising for the second consecutive year after two years of decline. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2017; however, from 2018 to 2021, consumption failed to regain momentum.

Gear Cutting Machine Production in Republic of Korea

In value terms, gear cutting machine production dropped sharply to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a dramatic shrinkage. Gear cutting machine production peaked at $X in 2020, and then declined remarkably in the following year.

Gear Cutting Machine Exports

Exports from Republic of Korea

In 2021, approx. X units of gear cutting, gear grinding or gear finishing machines were exported from South Korea; increasing by 41% on 2020. In general, exports saw a strong expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 75% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

In value terms, gear cutting machine exports skyrocketed to $X in 2021. Overall, exports showed resilient growth. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

Indonesia (X units), China (X units) and Vietnam (X units) were the main destinations of gear cutting machine exports from South Korea, together accounting for 55% of total exports.

From 2012 to 2021, the biggest increases were recorded for Indonesia (with a CAGR of +29.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for gear cutting, gear grinding or gear finishing machines exports from South Korea, comprising 32% of total exports. The second position in the ranking was taken by Turkey ($X), with a 10% share of total exports. It was followed by Indonesia, with a 9.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China amounted to +17.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+7.5% per year) and Indonesia (+32.1% per year).

Export Prices by Country

The average gear cutting machine export price stood at $X per unit in 2021, increasing by 29% against the previous year. Over the period under review, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, gear cutting machine export price increased by +43.2% against 2019 indices. The most prominent rate of growth was recorded in 2016 an increase of 75% against the previous year. Over the period under review, the average export prices reached the maximum at $X per unit in 2017; however, from 2018 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Ireland ($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 Ireland (+363.0%), while the prices for the other major destinations experienced more modest paces of growth.

Gear Cutting Machine Imports

Imports into Republic of Korea

In 2021, supplies from abroad of gear cutting, gear grinding or gear finishing machines increased by 50% to X units, rising for the second consecutive year after two years of decline. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 170%. Imports peaked at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, gear cutting machine imports stood at $X in 2021. Overall, imports, however, continue to indicate a deep setback. The pace of growth appeared the most rapid in 2013 when imports increased by 33% against the previous year. As a result, imports reached the peak of $X. From 2014 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, India (X units) was the main supplier of gear cutting machine to South Korea, with a 93% share of total imports. It was followed by Germany (X units), with a 2.5% share of total imports. The third position in this ranking was held by China (X units), with a 1.8% share.

From 2012 to 2021, the average annual growth rate of volume from India totaled +33.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-17.4% per year) and China (-26.5% per year).

In value terms, Germany ($X) constituted the largest supplier of gear cutting, gear grinding or gear finishing machines to South Korea, comprising 34% of total imports. The second position in the ranking was taken by Japan ($X), with a 10% share of total imports. It was followed by China, with a 4.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany totaled -14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-7.4% per year) and China (+2.1% per year).

Import Prices by Country

In 2021, the average gear cutting machine import price amounted to $X per unit, declining by -33.3% against the previous year. Over the period under review, the import price continues to indicate a deep downturn. The growth pace was the most rapid in 2019 when the average import price increased by 146%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices remained at a lower figure.

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 Germany ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+38.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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