Republic of Korea: Non-Electrical Lamp Market 2024

Non-Electrical Lamp Market Size in Republic of Korea

The South Korean non-electrical lamp market expanded sharply to $X in 2021, surging by 5.2% against the previous year. Over the period under review, consumption posted a resilient increase. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2021, consumption remained at a lower figure.

Non-Electrical Lamp Production in Republic of Korea

In value terms, non-electrical lamp production rose modestly to $X in 2021 estimated in export price. Overall, production enjoyed a resilient increase. The growth pace was the most rapid in 2015 with an increase of 53% against the previous year. Non-electrical lamp production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Non-Electrical Lamp Exports

Exports from Republic of Korea

In 2021, overseas shipments of non-electrical lamps and lighting fittings increased by 167% to X units, rising for the third year in a row after two years of decline. Over the period under review, exports continue to indicate a perceptible expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, non-electrical lamp exports soared to $X in 2021. In general, exports continue to indicate a prominent expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Japan (X units), Indonesia (X units) and Guinea (X units) were the main destinations of non-electrical lamp exports from South Korea, together comprising 34% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Indonesia (with a CAGR of +78.4%), while the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) remains the key foreign market for non-electrical lamps and lighting fittings exports from South Korea, comprising 53% of total exports. The second position in the ranking was taken by the United States ($X), with a 9.1% share of total exports. It was followed by China, with a 5.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Japan amounted to +7.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+3.8% per year) and China (+19.0% per year).

Export Prices by Country

In 2021, the average non-electrical lamp export price amounted to $X per unit, with a decrease of -10.3% against the previous year. In general, export price indicated a measured increase from 2012 to 2021: its price increased at an average annual rate of +2.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, non-electrical lamp export price decreased by -30.0% against 2015 indices. The most prominent rate of growth was recorded in 2013 when the average export price increased by 46%. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Japan ($X per unit), while the average price for exports to Cambodia ($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 Japan (+14.9%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Electrical Lamp Imports

Imports into Republic of Korea

In 2021, after four years of decline, there was significant growth in purchases abroad of non-electrical lamps and lighting fittings, when their volume increased by 45% to X units. In general, total imports indicated a pronounced increase from 2012 to 2021: its volume increased at an average annual rate of +4.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2014 when imports increased by 55% against the previous year. Over the period under review, imports hit record highs at X units in 2016; however, from 2017 to 2021, imports remained at a lower figure.

In value terms, non-electrical lamp imports skyrocketed to $X in 2021. Overall, total imports indicated a pronounced increase from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +110.2% against 2019 indices. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) was the main supplier of non-electrical lamp to South Korea, with a 92% share of total imports. It was followed by India (X units), with a 1% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.9%. The remaining supplying countries recorded the following average annual rates of imports growth: India (-10.0% per year) and the United States (-15.5% per year).

In value terms, China ($X) constituted the largest supplier of non-electrical lamps and lighting fittings to South Korea, comprising 75% of total imports. The second position in the ranking was taken by the United States ($X), with a 7% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +4.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-3.0% per year) and India (-4.0% per year).

Import Prices by Country

In 2021, the average non-electrical lamp import price amounted to $X per unit, rising by 18% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 36%. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+14.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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