Republic of Korea: Market for Gearboxes and Speed Changers 2024

Market Size for Gearboxes and Speed Changers in Republic of Korea

In 2022, the South Korean gearboxes and speed changers market increased by X% to $X, rising for the second year in a row after two years of decline. Overall, the total consumption indicated a strong 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, consumption increased by X% against 2020 indices. Gearboxes and speed changers consumption peaked in 2022 and is expected to retain growth in the immediate term.

Production of Gearboxes and Speed Changers in Republic of Korea

In value terms, gearboxes and speed changers production declined modestly to $X in 2022 estimated in export price. Over the period under review, production, however, enjoyed a buoyant expansion. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. Gearboxes and speed changers production peaked at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Exports of Gearboxes and Speed Changers

Exports from Republic of Korea

In 2022, shipments abroad of gearboxes and speed changers decreased by X% to X tons, falling for the third year in a row after three years of growth. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of X%. The exports peaked at X tons in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

In value terms, gearboxes and speed changers exports dropped to $X in 2022. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X tons), Japan (X tons) and China (X tons) were the main destinations of gearboxes and speed changers exports from South Korea, with a combined X% share of total exports. Mexico, India, Brazil, Germany, Indonesia, Canada, Italy and Vietnam lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for Mexico (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for gearboxes and speed changers exported from South Korea were the United States ($X), Japan ($X) and China ($X), together comprising X% of total exports. India, Mexico, Italy, Vietnam, Germany, Brazil, Indonesia and Canada lagged somewhat behind, together comprising a further X%.

Mexico, with a CAGR of X%, 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 gearboxes and speed changers export price stood at $X per ton in 2022, growing by X% against the previous year. Overall, the export price, however, recorded a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2022, 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 Italy ($X per ton), while the average price for exports to Brazil ($X per ton) was amongst the lowest.

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

Imports of Gearboxes and Speed Changers

Imports into Republic of Korea

In 2022, supplies from abroad of gearboxes and speed changers increased by X% to X tons, rising for the second consecutive year after two years of decline. Overall, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Imports peaked at X tons in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, gearboxes and speed changers imports amounted to $X in 2022. In general, imports, however, recorded a mild shrinkage. The most prominent rate of growth was recorded in 2021 when imports increased by X%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of gearboxes and speed changers to South Korea, with a X% share of total imports. Moreover, gearboxes and speed changers imports from China exceeded the figures recorded by the second-largest supplier, Germany (X tons), twofold. Japan (X tons) ranked third in terms of total imports with a 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 Japan (X% per year).

In value terms, the largest gearboxes and speed changers suppliers to South Korea were Germany ($X), China ($X) and Japan ($X), together accounting for X% of total imports. Taiwan (Chinese), the United States, Italy and Slovakia lagged somewhat behind, together accounting for a further X%.

Slovakia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average gearboxes and speed changers import price stood at $X per ton in 2022, approximately equating the previous year. In general, the import price recorded a slight slump. The most prominent rate of growth was recorded in 2013 an increase of X%. Over the period under review, average import prices reached the peak figure at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for China ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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