Republic of Korea: Inflatable Vessel Market 2025

Inflatable Vessel Market Size in Republic of Korea

In 2021, after three years of growth, there was significant decline in the South Korean inflatable vessel market, when its value decreased by -12.1% to $X. In general, consumption, however, recorded a relatively flat trend pattern. Inflatable vessel consumption peaked at $X in 2020, and then declined in the following year.

Inflatable Vessel Production in Republic of Korea

In value terms, inflatable vessel production reduced to $X in 2021 estimated in export price. Overall, production showed a slight decrease. The pace of growth appeared the most rapid in 2019 when the production volume increased by 51% against the previous year. Inflatable vessel production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Inflatable Vessel Exports

Exports from Republic of Korea

In 2021, approx. X units of inflatable vessels for pleasure or sports were exported from South Korea; jumping by 105% on 2020. Over the period under review, exports saw a resilient expansion. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, inflatable vessel exports surged to $X in 2021. In general, exports, however, continue to indicate a perceptible decline. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for inflatable vessel exports from South Korea, with a 77% share of total exports. Moreover, inflatable vessel exports to the United States exceeded the volume sent to the second major destination, Australia (X units), eightfold. The UK (X units) ranked third in terms of total exports with a 4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +27.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (+31.2% per year) and the UK (+81.7% per year).

In value terms, the United States ($X) remains the key foreign market for inflatable vessels for pleasure or sports exports from South Korea, comprising 78% of total exports. The second position in the ranking was taken by Vietnam ($X), with a 7% share of total exports. It was followed by the UK, with a 4.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +4.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Vietnam (-18.9% per year) and the UK (+43.3% per year).

Export Prices by Country

The average inflatable vessel export price stood at $X per unit in 2021, growing by 23% against the previous year. In general, the export price, however, saw a deep setback. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Australia ($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 Belgium (+26.7%), while the prices for the other major destinations experienced a decline.

Inflatable Vessel Imports

Imports into Republic of Korea

In 2021, after two years of growth, there was significant decline in supplies from abroad of inflatable vessels for pleasure or sports, when their volume decreased by -14.6% to X units. Over the period under review, imports, however, continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2019 with an increase of 254%. Over the period under review, imports hit record highs at X units in 2020, and then fell in the following year.

In value terms, inflatable vessel imports reduced remarkably to $X in 2021. In general, imports saw a perceptible slump. The growth pace was the most rapid in 2019 when imports increased by 103% against the previous year. Over the period under review, imports hit record highs at $X in 2020, and then declined markedly in the following year.

Imports by Country

In 2021, China (X units) constituted the largest supplier of inflatable vessel to South Korea, with a 77% share of total imports. Moreover, inflatable vessel imports from China exceeded the figures recorded by the second-largest supplier, Cambodia (X units), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China totaled +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+25.2% per year) and Japan (+117.9% per year).

In value terms, China ($X) constituted the largest supplier of inflatable vessels for pleasure or sports to South Korea, comprising 68% of total imports. The second position in the ranking was held by Cambodia ($X), with a 20% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at -1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Cambodia (+14.7% per year) and Japan (+109.5% per year).

Import Prices by Country

The average inflatable vessel import price stood at $X per unit in 2021, with a decrease of -47.8% against the previous year. In general, the import price showed a abrupt descent. The most prominent rate of growth was recorded in 2016 when the average import price increased by 15% against the previous year. The import price peaked at $X per unit in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Japan ($X per unit), while the price for China ($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 (-1.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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