Republic of Korea: Microwave Oven Market 2024

Microwave Oven Market Size in Republic of Korea

In 2022, the South Korean microwave oven market increased by 3.7% to $X, rising for the third consecutive year after two years of decline. The market value increased at an average annual rate of +3.9% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the immediate term.

Microwave Oven Production in Republic of Korea

In value terms, microwave oven production reached $X in 2022 estimated in export price. Over the period under review, production, however, showed a abrupt contraction. The pace of growth appeared the most rapid in 2017 with an increase of 9.1% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Microwave Oven Exports

Exports from Republic of Korea

In 2022, the amount of microwave ovens exported from South Korea dropped markedly to X units, shrinking by -52.6% against the previous year. Overall, exports saw a significant decrease. The most prominent rate of growth was recorded in 2016 with an increase of 90% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, microwave oven exports declined significantly to $X in 2022. In general, exports faced a dramatic curtailment. The pace of growth was the most pronounced in 2017 with an increase of 13% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

France (X units), Ecuador (X units) and Portugal (X units) were the main destinations of microwave oven exports from South Korea, together comprising 48% of total exports. Pakistan, Japan, Thailand, the United States, the Philippines, Vietnam, Libya, Mozambique, Iraq and Sri Lanka lagged somewhat behind, together comprising a further 37%.

From 2012 to 2022, the biggest increases were recorded for Mozambique (with a CAGR of +91.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Ecuador ($X) and Portugal ($X) appeared to be the largest markets for microwave oven exported from South Korea worldwide, with a combined 48% share of total exports. Pakistan, Japan, Thailand, the United States, the Philippines, Vietnam, Libya, Mozambique, Sri Lanka and Iraq lagged somewhat behind, together accounting for a further 38%.

Mozambique, with a CAGR of +146.0%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average microwave oven export price amounted to $X per unit, rising by 57% against the previous year. Overall, the export price posted a slight increase. The growth pace was the most rapid in 2018 an increase of 76% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in years to come.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Sri Lanka ($X per unit) and the Philippines ($X per unit), while the average price for exports to Iraq ($X per unit) and Libya ($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 Mozambique (+28.3%), while the prices for the other major destinations experienced more modest paces of growth.

Microwave Oven Imports

Imports into Republic of Korea

In 2022, the amount of microwave ovens imported into South Korea rose remarkably to X units, surging by 7% compared with 2021. Overall, imports recorded strong growth. The most prominent rate of growth was recorded in 2013 when imports increased by 38% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, microwave oven imports totaled $X in 2022. Over the period under review, imports recorded strong growth. The growth pace was the most rapid in 2013 when imports increased by 39%. Over the period under review, imports attained the peak figure in 2022 and are likely to see gradual growth in the near future.

Imports by Country

In 2022, China (X units) constituted the largest microwave oven supplier to South Korea, accounting for a 82% share of total imports. Moreover, microwave oven imports from China exceeded the figures recorded by the second-largest supplier, Malaysia (X units), fivefold.

From 2012 to 2022, the average annual rate of growth in terms of volume from China amounted to +16.1%.

In value terms, China ($X) constituted the largest supplier of microwave ovens to South Korea, comprising 82% of total imports. The second position in the ranking was taken by Malaysia ($X), with an 18% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +17.6%.

Import Prices by Country

In 2022, the average microwave oven import price amounted to $X per unit, declining by -2.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.3%. The pace of growth appeared the most rapid in 2020 when the average import price increased by 13% against the previous year. The import price peaked at $X per unit in 2021, and then contracted slightly in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Malaysia ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+1.3%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :