Republic of Korea: Lithium-Ion Accumulator Market 2024

Lithium-Ion Accumulator Market Size in Republic of Korea

In 2021, the South Korean lithium-ion accumulator market increased by 9.7% to $X, rising for the third consecutive year after six years of decline. Over the period under review, consumption recorded a deep slump. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Lithium-Ion Accumulator Production in Republic of Korea

In value terms, lithium-ion accumulator production fell modestly to $X in 2021 estimated in export price. Over the period under review, production recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of 3.6% against the previous year. Lithium-ion accumulator production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Lithium-Ion Accumulator Exports

Exports from Republic of Korea

In 2021, approx. X units of lithium-ion accumulators were exported from South Korea; growing by 13% compared with the previous year's figure. Overall, exports enjoyed a buoyant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 50% against the previous year. Over the period under review, the exports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, lithium-ion accumulator exports surged to $X in 2021. In general, exports showed a remarkable increase. The growth pace was the most rapid in 2017 when exports increased by 51%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

Exports by Country

The United States (X units) was the main destination for lithium-ion accumulator exports from South Korea, accounting for a 34% share of total exports. Moreover, lithium-ion accumulator exports to the United States exceeded the volume sent to the second major destination, China (X units), threefold. Germany (X units) ranked third in terms of total exports with an 11% share.

From 2012 to 2021, the average annual growth rate of volume to the United States amounted to +69.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-5.7% per year) and Germany (+41.9% per year).

In value terms, the United States ($X) emerged as the key foreign market for lithium-ion accumulators exports from South Korea, comprising 27% of total exports. The second position in the ranking was taken by Germany ($X), with an 11% share of total exports. It was followed by China, with a 5.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at +50.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+34.0% per year) and China (-15.6% per year).

Export Prices by Country

The average lithium-ion accumulator export price stood at $X per unit in 2021, increasing by 4.9% against the previous year. Over the period under review, the export price, however, saw a noticeable slump. The pace of growth was the most pronounced in 2018 when the average export price increased by 7.5%. The export price peaked at $X per unit in 2013; however, from 2014 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per unit), while the average price for exports to Hong Kong SAR ($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 Hungary (-4.8%), while the prices for the other major destinations experienced a decline.

Lithium-Ion Accumulator Imports

Imports into Republic of Korea

In 2021, after two years of decline, there was significant growth in overseas purchases of lithium-ion accumulators, when their volume increased by 77% to X units. In general, imports posted a significant expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 115% against the previous year. Imports peaked in 2021 and are likely to see steady growth in years to come.

In value terms, lithium-ion accumulator imports skyrocketed to $X in 2021. Over the period under review, imports continue to indicate significant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, China (X units) constituted the largest supplier of lithium-ion accumulator to South Korea, accounting for a 78% share of total imports. Moreover, lithium-ion accumulator imports from China exceeded the figures recorded by the second-largest supplier, the United States (X units), more than tenfold. The third position in this ranking was taken by Vietnam (X units), with a 2.8% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to +27.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+33.0% per year) and Vietnam (+29.8% per year).

In value terms, China ($X) constituted the largest supplier of lithium-ion accumulators to South Korea, comprising 88% of total imports. The second position in the ranking was taken by Vietnam ($X), with a 1.5% share of total imports. It was followed by the United States, with a 1.1% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled +29.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (+17.8% per year) and the United States (+19.2% per year).

Import Prices by Country

In 2021, the average lithium-ion accumulator import price amounted to $X per unit, surging by 16% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 52%. The import price peaked in 2021 and is likely to see gradual growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+1.8%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform