Republic of Korea: Market for Household Washing and Drying Machines 2025

Market Size for Household Washing and Drying Machines in Republic of Korea

The South Korean washing and drying machine market declined to $X in 2021, which is down by -11.7% against the previous year. In general, the total consumption indicated a modest expansion from 2012 to 2021: its value increased at an average annual rate of +1.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -13.4% against 2019 indices. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Production of Household Washing and Drying Machines in Republic of Korea

In value terms, washing and drying machine production reduced to $X in 2021 estimated in export price. Overall, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 29%. As a result, production reached the peak level of $X. From 2018 to 2021, production growth failed to regain momentum.

Exports of Household Washing and Drying Machines

Exports from Republic of Korea

In 2021, shipments abroad of household washing and drying machines decreased by -2.8% to X tons, falling for the fourth year in a row after two years of growth. In general, exports continue to indicate a abrupt decrease. The most prominent rate of growth was recorded in 2016 when exports increased by 52% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, washing and drying machine exports reached $X in 2021. Overall, exports recorded a perceptible reduction. The pace of growth was the most pronounced in 2016 with an increase of 38%. As a result, the exports attained the peak of $X. From 2017 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United States (X tons), Poland (X tons) and China (X tons) were the main destinations of washing and drying machine exports from South Korea, with a combined 30% share of total exports. These countries were followed by the Czech Republic, Australia, Italy, Taiwan (Chinese), Sweden, the United Arab Emirates, the UK, the Dominican Republic, Russia and Saudi Arabia, which together accounted for a further 35%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +63.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, China ($X), the United States ($X) and Poland ($X) were the largest markets for washing and drying machine exported from South Korea worldwide, with a combined 35% share of total exports. These countries were followed by Australia, the Czech Republic, Italy, Taiwan (Chinese), Russia, the UK, Sweden, Saudi Arabia, the United Arab Emirates and the Dominican Republic, which together accounted for a further 35%.

The Czech Republic, with a CAGR of +59.0%, recorded 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

In 2021, the average washing and drying machine export price amounted to $X per ton, increasing by 3.6% against the previous year. Over the last nine years, it increased at an average annual rate of +2.4%. The most prominent rate of growth was recorded in 2019 an increase of 18% against the previous year. Over the period under review, the average export prices attained the maximum in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to the Dominican Republic ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Russia (+10.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Household Washing and Drying Machines

Imports into Republic of Korea

In 2021, purchases abroad of household washing and drying machines decreased by -44.2% to X tons, falling for the second year in a row after six years of growth. Over the period under review, imports, however, showed strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 132% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, washing and drying machine imports fell significantly to $X in 2021. In general, imports, however, posted a buoyant increase. The most prominent rate of growth was recorded in 2018 with an increase of 87%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of washing and drying machine to South Korea, accounting for a 75% share of total imports. Moreover, washing and drying machine imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X tons), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from China totaled +14.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+19.3% per year) and Poland (+46.5% per year).

In value terms, China ($X) constituted the largest supplier of household washing and drying machines to South Korea, comprising 71% of total imports. The second position in the ranking was held by Thailand ($X), with an 11% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from China stood at +15.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+23.5% per year) and Poland (+40.0% per year).

Import Prices by Country

In 2021, the average washing and drying machine import price amounted to $X per ton, with an increase of 44% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Poland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+3.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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