Republic of Korea: Market for Lead-Acid Accumulators (Excluding Starter Batteries) 2025

Market Size for Lead-Acid Accumulators (Excluding Starter Batteries) in Republic of Korea

In 2022, the South Korean market for lead-acid accumulators (excluding starter batteries) increased by 17% to $X for the first time since 2019, thus ending a two-year declining trend. In general, the total consumption indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Lead-Acid Accumulators (Excluding Starter Batteries) in Republic of Korea

In value terms, lead-acid accumulators (excluding starter batteries) production dropped to $X in 2022 estimated in export price. Overall, the total production indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +6.8% against 2020 indices. The most prominent rate of growth was recorded in 2018 with an increase of 63% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Lead-Acid Accumulators (Excluding Starter Batteries)

Exports from Republic of Korea

In 2022, after three years of growth, there was significant decline in overseas shipments of lead-acid accumulators (excluding starter batteries), when their volume decreased by -16.3% to X units. Over the period under review, exports, however, posted a strong expansion. The most prominent rate of growth was recorded in 2016 when exports increased by 50% against the previous year. The exports peaked at X units in 2021, and then fell significantly in the following year.

In value terms, lead-acid accumulators (excluding starter batteries) exports reduced to $X in 2022. Overall, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +83.4% against 2014 indices. The growth pace was the most rapid in 2013 with an increase of 43%. Over the period under review, the exports hit record highs at $X in 2021, and then fell slightly in the following year.

Exports by Country

The United States (X units) was the main destination for lead-acid accumulators (excluding starter batteries) exports from South Korea, with a 26% share of total exports. Moreover, lead-acid accumulators (excluding starter batteries) exports to the United States exceeded the volume sent to the second major destination, Japan (X units), twofold. The third position in this ranking was taken by the UK (X units), with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+6.6% per year) and the UK (+24.2% per year).

In value terms, the United States ($X) remains the key foreign market for lead-acid accumulators (excluding starter batteries) exports from South Korea, comprising 26% of total exports. The second position in the ranking was taken by Japan ($X), with an 11% share of total exports. It was followed by the UK, with a 6.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to +8.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (+3.0% per year) and the UK (+20.0% per year).

Export Prices by Country

The average export price for lead-acid accumulators (excluding starter batteries) stood at $X per unit in 2022, growing by 17% against the previous year. Overall, the export price, however, recorded a perceptible setback. The pace of growth appeared the most rapid in 2018 an increase of 84% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the countries with the highest prices were Colombia ($X per unit) and Uzbekistan ($X per unit), while the average price for exports to Belgium ($X per unit) and the Netherlands ($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 Colombia (-3.1%), while the prices for the other major destinations experienced a decline.

Imports of Lead-Acid Accumulators (Excluding Starter Batteries)

Imports into Republic of Korea

Lead-acid accumulators (excluding starter batteries) imports into South Korea soared to X units in 2022, jumping by 41% on the year before. Overall, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +67.0% against 2018 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, lead-acid accumulators (excluding starter batteries) imports stood at $X in 2022. The total import value increased at an average annual rate of +4.0% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Vietnam (X units) and Japan (X units) were the main suppliers of lead-acid accumulators (excluding starter batteries) imports to South Korea, with a combined 66% share of total imports. Italy, Greece, the United States and Thailand lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Greece (with a CAGR of +41.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest lead-acid accumulators (excluding starter batteries) suppliers to South Korea were China ($X), Vietnam ($X) and Japan ($X), with a combined 66% share of total imports. Italy, Greece, the United States and Thailand lagged somewhat behind, together accounting for a further 25%.

Greece, with a CAGR of +37.2%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for lead-acid accumulators (excluding starter batteries) stood at $X per unit in 2022, with a decrease of -18.9% against the previous year. Over the period under review, the import price recorded a perceptible reduction. The growth pace was the most rapid in 2018 an increase of 30%. Over the period under review, average import prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Greece (-2.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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