Republic of Korea: Objective Lens Market 2024

Objective Lens Market Size in Republic of Korea

The South Korean objective lens market shrank remarkably to $X in 2021, dropping by -48.3% against the previous year. Overall, consumption showed a deep setback. Objective lens consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Objective Lens Production in Republic of Korea

In value terms, objective lens production shrank to $X in 2021 estimated in export price. Overall, production saw a abrupt decrease. The growth pace was the most rapid in 2017 with an increase of 39% against the previous year. Objective lens production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Objective Lens Exports

Exports from Republic of Korea

In 2021, approx. X units of objective lenses for cameras, projectors or photographic enlargers or reducers were exported from South Korea; growing by 71% against 2020. In general, exports saw a slight increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, objective lens exports skyrocketed to $X in 2021. Overall, exports continue to indicate a perceptible increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X units) was the main destination for objective lens exports from South Korea, accounting for a 20% share of total exports. Moreover, objective lens exports to the Netherlands exceeded the volume sent to the second major destination, the United States (X units), threefold. Germany (X units) ranked third in terms of total exports with a 5.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands amounted to +45.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-5.7% per year) and Germany (-16.5% per year).

In value terms, the United States ($X) remains the key foreign market for objective lenses for cameras, projectors or photographic enlargers or reducers exports from South Korea, comprising 20% of total exports. The second position in the ranking was taken by Germany ($X), with a 9.4% share of total exports. It was followed by Vietnam, with a 5.5% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +4.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-6.5% per year) and Vietnam (+20.5% per year).

Export Prices by Country

The average objective lens export price stood at $X per unit in 2021, jumping by 88% against the previous year. Over the period under review, export price indicated mild growth from 2012 to 2021: its price increased at an average annual rate of +1.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was China ($X per unit), while the average price for exports to the Netherlands ($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 Russia (+27.6%), while the prices for the other major destinations experienced more modest paces of growth.

Objective Lens Imports

Imports into Republic of Korea

In 2021, purchases abroad of objective lenses for cameras, projectors or photographic enlargers or reducers increased by 62% to X units, rising for the second consecutive year after two years of decline. In general, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +85.9% against 2019 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, objective lens imports skyrocketed to $X in 2021. The total import value increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Japan (X units) and Vietnam (X units) were the main suppliers of objective lens imports to South Korea, together comprising 42% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of +45.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest objective lens suppliers to South Korea were Japan ($X), China ($X) and Germany ($X), with a combined 50% share of total imports. Vietnam, Singapore, Thailand, Hong Kong SAR, Malaysia and the Philippines lagged somewhat behind, together accounting for a further 17%.

Among the main suppliers, Vietnam, with a CAGR of +50.1%, saw the highest rates of growth with regard to 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 objective lens import price amounted to $X per unit, with a decrease of -19% against the previous year. Over the period under review, the import price recorded a perceptible contraction. The most prominent rate of growth was recorded in 2019 an increase of 13% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2013; however, from 2014 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (+4.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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