Republic of Korea: Market for In-Hand Motor Grinders, Sanders And Planers 2024

Market Size for In-Hand Motor Grinders, Sanders And Planers in Republic of Korea

For the third consecutive year, the South Korean market for in-hand motor grinders, sanders and planers recorded growth in sales value, which increased by 19% to $X in 2021. Overall, consumption posted resilient growth. Consumption of peaked in 2021 and is likely to see steady growth in the immediate term.

Exports of In-Hand Motor Grinders, Sanders And Planers

Exports from Republic of Korea

In 2021, shipments abroad of in-hand motor grinders, sanders and planers was finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a noticeable contraction. The pace of growth appeared the most rapid in 2014 with an increase of 42%. The exports peaked at X units in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, exports of in-hand motor grinders, sanders and planers soared to $X in 2021. Overall, exports enjoyed a notable increase. The pace of growth appeared the most rapid in 2018 with an increase of 68% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports of failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for exports of in-hand motor grinders, sanders and planers from South Korea, accounting for a 21% share of total exports. Moreover, exports of in-hand motor grinders, sanders and planers to the United States exceeded the volume sent to the second major destination, China (X units), twofold. Japan (X units) ranked third in terms of total exports with a 6.9% share.

From 2012 to 2021, the average annual growth rate of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-6.3% per year) and Japan (-10.4% per year).

In value terms, the United States ($X) remains the key foreign market for electromechanical tools for working in the hand, with self-contained electric motor exports from South Korea, comprising 25% of total exports. The second position in the ranking was taken by France ($X), with a 9.6% share of total exports. It was followed by Japan, with a 5.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +7.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+12.6% per year) and Japan (-6.4% per year).

Export Prices by Country

The average export price for in-hand motor grinders, sanders and planers stood at $X per unit in 2021, with an increase of 18% against the previous year. Over the period under review, export price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +6.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, export price for in-hand motor grinders, sanders and planers increased by +6.5% against 2018 indices. The most prominent rate of growth was recorded in 2018 when the average export price increased by 37% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was France ($X per unit), while the average price for exports to China ($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 France (+16.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of In-Hand Motor Grinders, Sanders And Planers

Imports into Republic of Korea

In 2021, approx. X units of in-hand motor grinders, sanders and planers were imported into South Korea; increasing by 26% against 2020. In general, total imports indicated a strong expansion from 2012 to 2021: its volume increased at an average annual rate of +8.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +29.1% against 2018 indices. The most prominent rate of growth was recorded in 2014 with an increase of 28%. Over the period under review, imports of reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, imports of in-hand motor grinders, sanders and planers rose markedly to $X in 2021. Overall, imports continue to indicate prominent growth. The pace of growth appeared the most rapid in 2016 when imports increased by 57%. Imports peaked in 2021 and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest electromechanical tools for working in the hand, with self-contained electric motor supplier to South Korea, with a 74% share of total imports. Moreover, imports of in-hand motor grinders, sanders and planers from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), eightfold. The third position in this ranking was taken by Hungary (X units), with a 3.9% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+2.3% per year) and Hungary (+56.3% per year).

In value terms, China ($X) constituted the largest supplier of electromechanical tools for working in the hand, with self-contained electric motor to South Korea, comprising 58% of total imports. The second position in the ranking was taken by Malaysia ($X), with a 14% share of total imports. It was followed by Sweden, with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to +14.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Malaysia (+5.4% per year) and Sweden (+4.7% per year).

Import Prices by Country

The average import price for in-hand motor grinders, sanders and planers stood at $X per unit in 2021, which is down by -9.3% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 40%. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (+12.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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