Republic of Korea: Internal Combustion Engines Market 2024

Internal Combustion Engines Market Size in Republic of Korea

After two years of decline, the South Korean internal combustion engines market increased by 0.3% to $X in 2021. Over the period under review, consumption, however, showed a deep slump. Internal combustion engines consumption peaked at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Internal Combustion Engines Production in Republic of Korea

In value terms, internal combustion engines production rose to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt slump. The pace of growth appeared the most rapid in 2015 with an increase of 20% against the previous year. Over the period under review, production reached the peak level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Internal Combustion Engines Exports

Exports from Republic of Korea

For the fourth year in a row, South Korea recorded growth in shipments abroad of motor vehicles compression-ignition internal combustion piston engines, which increased by 104% to X units in 2021. In general, exports showed significant growth. The most prominent rate of growth was recorded in 2014 with an increase of 274%. Over the period under review, the exports reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, internal combustion engines exports skyrocketed to $X in 2021. Overall, exports enjoyed resilient growth. The growth pace was the most rapid in 2014 when exports increased by 274%. As a result, the exports reached the peak of $X. From 2015 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X units), Vietnam (X units) and the United Arab Emirates (X units) were the main destinations of internal combustion engines exports from South Korea, with a combined 38% share of total exports. Russia, Cambodia, Slovakia, Libya, the Czech Republic, Chile, Turkey, India, Kazakhstan and Iraq lagged somewhat behind, together comprising a further 40%.

From 2012 to 2021, the biggest increases were recorded for Libya (with a CAGR of +139.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Vietnam ($X) remains the key foreign market for motor vehicles compression-ignition internal combustion piston engines exports from South Korea, comprising 33% of total exports. The second position in the ranking was taken by India ($X), with an 8.3% share of total exports. It was followed by Turkey, with a 7.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Vietnam stood at +105.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+15.9% per year) and Turkey (+51.0% per year).

Export Prices by Country

The average internal combustion engines export price stood at $X per unit in 2021, reducing by -15.3% against the previous year. Overall, the export price saw a abrupt descent. The growth pace was the most rapid in 2016 when the average export price increased by 15%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($X per unit), while the average price for exports to Libya ($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 India (+1.5%), while the prices for the other major destinations experienced more modest paces of growth.

Internal Combustion Engines Imports

Imports into Republic of Korea

In 2021, after three years of decline, there was significant growth in purchases abroad of motor vehicles compression-ignition internal combustion piston engines, when their volume increased by 130% to X units. Overall, imports, however, showed a perceptible decline. Imports peaked at X units in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, internal combustion engines imports soared to $X in 2021. Over the period under review, imports continue to indicate a relatively flat trend pattern. Over the period under review, imports reached the maximum at $X in 2017; however, from 2018 to 2021, imports remained at a lower figure.

Imports by Country

Italy (X units), France (X units) and Japan (X units) were the main suppliers of internal combustion engines imports to South Korea, with a combined 61% share of total imports. These countries were followed by India, Germany, China, the UK, Poland and Hungary, which together accounted for a further 37%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +60.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and Japan ($X) were the largest internal combustion engines suppliers to South Korea, with a combined 61% share of total imports. China, Germany, India, the UK, Poland and Hungary lagged somewhat behind, together accounting for a further 37%.

Among the main suppliers, India, with a CAGR of +57.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average internal combustion engines import price amounted to $X per unit, stabilizing at the previous year. In general, import price indicated moderate growth from 2012 to 2021: its price 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, internal combustion engines import price increased by +16.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 31%. The import price peaked in 2021 and is likely to see steady growth in the immediate term.

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 the UK ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Poland (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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