Republic of Korea: Market for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) 2024

Market Size for Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

The South Korean market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) skyrocketed to $X in 2021, growing by 52% against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Production of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft) in Republic of Korea

In value terms, production of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) expanded notably 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 with an increase of 68%. Production of peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Exports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Exports from Republic of Korea

Exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from South Korea reduced dramatically to X tons in 2021, with a decrease of -29.3% compared with 2020 figures. Overall, exports, however, recorded a strong increase. The growth pace was the most rapid in 2017 when exports increased by 118%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) fell slightly to $X in 2021. Over the period under review, exports, however, enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2017 when exports increased by 172% against the previous year. Over the period under review, the exports of reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Iraq (X tons), the United States (X tons) and the United Arab Emirates (X tons) were the main destinations of exports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from South Korea, together accounting for 61% of total exports.

From 2012 to 2021, the biggest increases were recorded for Iraq (with a CAGR of +108.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) exports from South Korea, comprising 70% of total exports. The second position in the ranking was held by Iraq ($X), with a 3% share of total exports. It was followed by the United Arab Emirates, with a 2.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +7.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Iraq (+46.6% per year) and the United Arab Emirates (+10.9% per year).

Export Prices by Country

The average export price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) stood at $X per ton in 2021, growing by 37% against the previous year. Overall, the export price, however, showed a abrupt downturn. The growth pace was the most rapid in 2018 an increase of 37% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, 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 the United States ($X per ton), while the average price for exports to Libya ($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 Nigeria (+26.0%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Internal Combustion Engines, Excluding Diesel (Other Than For Motor Vehicles And Aircraft)

Imports into Republic of Korea

In 2021, supplies from abroad of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) was finally on the rise to reach X tons after two years of decline. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +5.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 with an increase of 30%. Over the period under review, imports of reached the peak figure at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) rose remarkably to $X in 2021. The total import value increased at an average annual rate of +3.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2017 when imports increased by 20% against the previous year. Over the period under review, imports of hit record highs at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X tons) constituted the largest supplier of internal combustion engine (excl. diesel, moto vehicle and aircraft) to South Korea, accounting for a 46% share of total imports. Moreover, imports of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) from Japan exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The United States (X tons) ranked third in terms of total imports with a 17% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan amounted to +4.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.7% per year) and the United States (+11.9% per year).

In value terms, Japan ($X) constituted the largest supplier of internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) to South Korea, comprising 55% of total imports. The second position in the ranking was taken by the United States ($X), with an 18% share of total imports. It was followed by China, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Japan stood at +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+7.9% per year) and China (+7.3% per year).

Import Prices by Country

In 2021, the average import price for internal combustion engines, excluding diesel (other than for motor vehicles and aircraft) amounted to $X per ton, declining by -2.6% against the previous year. Overall, the import price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 11% against the previous year. As a result, import price attained the peak level of $X per ton. From 2015 to 2021, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per ton), while the price for China ($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 (+2.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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