Republic of Korea: Engine Generator Market 2024

Engine Generator Market Size in Republic of Korea

In 2022, the South Korean engine generator market increased by 49% to $X, rising for the second year in a row after six years of decline. Overall, consumption, however, showed a deep slump. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2022, consumption remained at a lower figure.

Engine Generator Production in Republic of Korea

In value terms, engine generator production dropped to $X in 2022 estimated in export price. In general, production recorded a abrupt downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 53%. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Engine Generator Exports

Exports from Republic of Korea

In 2022, the amount of generators for internal combustion engines exported from South Korea declined remarkably to X units, dropping by -33.1% on the previous year. In general, exports showed a pronounced curtailment. The most prominent rate of growth was recorded in 2016 when exports increased by 164% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, engine generator exports dropped rapidly to $X in 2022. Overall, exports saw a mild downturn. The growth pace was the most rapid in 2016 when exports increased by 142%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for engine generator exports from South Korea, accounting for a 51% share of total exports. Moreover, engine generator exports to the United States exceeded the volume sent to the second major destination, Slovakia (X units), threefold. India (X units) ranked third in terms of total exports with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-6.7% per year) and India (+2.3% per year).

In value terms, the United States ($X) remains the key foreign market for generators for internal combustion engines exports from South Korea, comprising 51% of total exports. The second position in the ranking was taken by Slovakia ($X), with a 16% share of total exports. It was followed by India, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +9.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (-6.0% per year) and India (+3.0% per year).

Export Prices by Country

In 2022, the average engine generator export price amounted to $X per unit, increasing by 15% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 32% against the previous year. The export price peaked in 2022 and is likely to see steady growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Germany ($X per unit) and Australia ($X per unit), while the average price for exports to India ($X per unit) and Slovakia ($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 Germany (+0.8%), while the prices for the other major destinations experienced more modest paces of growth.

Engine Generator Imports

Imports into Republic of Korea

In 2022, engine generator imports into South Korea soared to X units, growing by 18% against the previous year. In general, imports, however, showed a deep downturn. The pace of growth was the most pronounced in 2015 when imports increased by 19% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, engine generator imports soared to $X in 2022. Overall, imports, however, continue to indicate a abrupt setback. Imports peaked at $X in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Australia (X units) and France (X units) were the main suppliers of engine generator imports to South Korea, with a combined 64% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +115.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest engine generator suppliers to South Korea were China ($X), Australia ($X) and France ($X), together comprising 64% of total imports.

Australia, with a CAGR of +119.1%, recorded 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

In 2022, the average engine generator import price amounted to $X per unit, with an increase of 8.4% against the previous year. Over the period under review, import price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 an increase of 35% against the previous year. As a result, import price reached the peak level of $X per unit. From 2020 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Romania (+2.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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