Republic of Korea: Market for Motorcycles and Cycles With an Auxiliary Motor 2024

Market Size for Motorcycles and Cycles With an Auxiliary Motor in Republic of Korea

In 2021, after three years of growth, there was decline in the South Korean market for motorcycles and cycles with an auxiliary motor, when its value decreased by -4% to $X. In general, consumption, however, continues to indicate a noticeable contraction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Production of Motorcycles and Cycles With an Auxiliary Motor in Republic of Korea

In value terms, production of motorcycles and cycles with an auxiliary motor fell to $X in 2021 estimated in export price. In general, production, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 68% against the previous year. Over the period under review, production of hit record highs at $X in 2020, and then contracted in the following year.

Exports of Motorcycles and Cycles With an Auxiliary Motor

Exports from Republic of Korea

In 2021, approx. X units of motorcycles and cycles with an auxiliary motor were exported from South Korea; reducing by -49.1% against the previous year's figure. Overall, exports recorded a deep slump. The most prominent rate of growth was recorded in 2020 when exports increased by 105% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, exports of motorcycles and cycles with an auxiliary motor skyrocketed to $X in 2021. Over the period under review, exports recorded a abrupt setback. The growth pace was the most rapid in 2020 when exports increased by 128%. Over the period under review, the exports of attained the peak figure at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria (X units), Thailand (X units) and Kyrgyzstan (X units) were the main destinations of exports of motorcycles and cycles with an auxiliary motor from South Korea, with a combined 8.5% share of total exports. Moreover, exports of motorcycles and cycles with an auxiliary motor in Nigeria exceeded the figures recorded by the second-largest exporter, Thailand, twofold.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Thailand (with a CAGR of +11.5%), while the other leaders experienced mixed trend patterns.

In value terms, Thailand ($X) emerged as the key foreign market for motorcycles and cycles with an auxiliary motor exports from South Korea, comprising 48% of total exports. The second position in the ranking was held by Nigeria ($X), with a 2.8% share of total exports. It was followed by Kyrgyzstan, with a 0.1% share.

From 2012 to 2021, the average annual growth rate of value to Thailand stood at +62.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Nigeria (-26.2% per year) and Kyrgyzstan (+18.6% per year).

Export Prices by Country

In 2021, the average export price for motorcycles and cycles with an auxiliary motor amounted to $X per unit, growing by 134% against the previous year. In general, the export price posted a prominent expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was Thailand ($X per unit), while the average price for exports to Tajikistan ($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 Thailand (+45.9%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Motorcycles and Cycles With an Auxiliary Motor

Imports into Republic of Korea

In 2021, the amount of motorcycles and cycles with an auxiliary motor imported into South Korea shrank markedly to X units, declining by -59.5% compared with 2020. In general, imports faced a sharp descent. The pace of growth appeared the most rapid in 2020 when imports increased by 405% against the previous year. Over the period under review, imports of reached the peak figure at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, imports of motorcycles and cycles with an auxiliary motor dropped dramatically to $X in 2021. Over the period under review, imports faced a dramatic shrinkage. The pace of growth was the most pronounced in 2020 when imports increased by 87% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Japan (X units) was the main motorcycles and cycles with an auxiliary motor supplier to South Korea, accounting for a 90% share of total imports. Moreover, imports of motorcycles and cycles with an auxiliary motor from Japan exceeded the figures recorded by the second-largest supplier, China (X units), more than tenfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +3.2%.

In value terms, Japan ($X) constituted the largest supplier of motorcycles and cycles with an auxiliary motor to South Korea, comprising 73% of total imports. The second position in the ranking was held by China ($X), with a 2% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at -1.4%.

Import Prices by Country

In 2021, the average import price for motorcycles and cycles with an auxiliary motor amounted to $X per unit, dropping by -41.4% against the previous year. In general, the import price showed a pronounced curtailment. The most prominent rate of growth was recorded in 2019 when the average import price increased by 62%. As a result, import price attained the peak level of $X per unit. From 2020 to 2021, the average import prices failed to regain momentum.

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 Japan ($X per unit), while the price for China totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-4.5%).

Source: IndexBox Platform

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