Republic of Korea: Motor Vehicle Engine Market 2025

Motor Vehicle Engine Market Size in Republic of Korea

The South Korean motor vehicle engine market shrank dramatically to $X in 2021, with a decrease of -55.4% against the previous year. Overall, consumption showed a slight contraction. As a result, consumption reached the peak level of $X, and then contracted dramatically in the following year.

Motor Vehicle Engine Production in Republic of Korea

In value terms, motor vehicle engine production declined dramatically to $X in 2021 estimated in export price. In general, the total production indicated a tangible increase from 2012 to 2021: its value increased at an average annual rate of +4.0% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +17.5% against 2017 indices. The most prominent rate of growth was recorded in 2020 with an increase of 68%. As a result, production attained the peak level of $X, and then declined notably in the following year.

Motor Vehicle Engine Exports

Exports from Republic of Korea

Motor vehicle engine exports from South Korea skyrocketed to X tons in 2021, jumping by 42% compared with 2020. Over the period under review, total exports indicated a temperate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports increased by +75.9% against 2016 indices. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, motor vehicle engine exports soared to $X in 2021. Overall, exports posted a resilient expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X tons), Brazil (X tons) and Turkey (X tons) were the main destinations of motor vehicle engine exports from South Korea, together comprising 51% of total exports. These countries were followed by Slovakia, Uzbekistan, the Czech Republic, Slovenia, China, Russia, Egypt and Mexico, which together accounted for a further 34%.

From 2012 to 2021, the biggest increases were recorded for the Czech Republic (with a CAGR of +343.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) remains the key foreign market for motor vehicle engines (spark-ignition) exports from South Korea, comprising 36% of total exports. The second position in the ranking was held by Brazil ($X), with a 13% share of total exports. It was followed by Turkey, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +11.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Brazil (+53.4% per year) and Turkey (+32.2% per year).

Export Prices by Country

The average motor vehicle engine export price stood at $X per ton in 2021, surging by 7.2% against the previous year. In general, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the average export price increased by 7.5% against the previous year. The export price peaked in 2021 and is likely to see gradual growth in years to come.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Egypt ($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 Slovenia (+40.6%), while the prices for the other major destinations experienced more modest paces of growth.

Motor Vehicle Engine Imports

Imports into Republic of Korea

In 2021, supplies from abroad of motor vehicle engines (spark-ignition) decreased by -45.5% to X tons, falling for the second consecutive year after four years of growth. Over the period under review, imports showed a abrupt slump. The pace of growth appeared the most rapid in 2018 with an increase of 226% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports remained at a lower figure.

In value terms, motor vehicle engine imports dropped notably to $X in 2021. Overall, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2018 with an increase of 168%. Imports peaked at $X in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Mexico (X tons) constituted the largest supplier of motor vehicle engine to South Korea, with a 42% share of total imports. Moreover, motor vehicle engine imports from Mexico exceeded the figures recorded by the second-largest supplier, Japan (X tons), twofold. The third position in this ranking was held by the United States (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from Mexico totaled +76.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-16.4% per year) and the United States (-21.0% per year).

In value terms, Mexico ($X) constituted the largest supplier of motor vehicle engines (spark-ignition) to South Korea, comprising 46% of total imports. The second position in the ranking was taken by the United States ($X), with a 13% share of total imports. It was followed by Japan, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Mexico stood at +79.3%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-19.6% per year) and Japan (-19.1% per year).

Import Prices by Country

In 2021, the average motor vehicle engine import price amounted to $X per ton, increasing by 34% against the previous year. Over the last nine years, it increased at an average annual rate of +3.5%. The most prominent rate of growth was recorded in 2016 an increase of 35% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Japan ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by India (+5.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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