Republic of Korea: Outboard Boat Motors Market 2024

Outboard Boat Motors Market Size in Republic of Korea

The South Korean outboard boat motors market fell to $X in 2022, dropping by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, showed a relatively flat trend pattern. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Outboard Boat Motors Exports

Exports from Republic of Korea

Outboard boat motors exports from South Korea skyrocketed to X units in 2022, increasing by X% against 2021 figures. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2021 to 2022, the growth of the exports failed to regain momentum.

In value terms, outboard boat motors exports skyrocketed to $X in 2022. In general, exports recorded a significant expansion. The growth pace was the most rapid in 2020 when exports increased by X%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Russia (X units), Tanzania (X units) and Kazakhstan (X units) were the main destinations of outboard boat motors exports from South Korea, together accounting for X% of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for outboard boat motors exported from South Korea were Russia ($X), Tanzania ($X) and Kazakhstan ($X), together accounting for X% of total exports.

Among the main countries of destination, Russia, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average outboard boat motors export price stood at $X per unit in 2022, growing by X% against the previous year. In general, the export price enjoyed noticeable growth. The pace of growth appeared the most rapid in 2016 when the average export price increased by X% against the previous year. The export price peaked at $X per unit in 2020; however, from 2021 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Maldives ($X per unit) and Tanzania ($X per unit), while the average price for exports to Kazakhstan ($X per unit) and Russia ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Russia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Outboard Boat Motors Imports

Imports into Republic of Korea

Outboard boat motors imports into South Korea reduced to X units in 2022, shrinking by X% against 2021. Overall, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of X%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, outboard boat motors imports contracted to $X in 2022. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of outboard boat motors to South Korea, accounting for a X% share of total imports. Moreover, outboard boat motors imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

In value terms, Japan ($X) constituted the largest supplier of outboard motors for marine propulsion to South Korea, comprising X% of total imports. The second position in the ranking was held by the United States ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and China (X% per year).

Import Prices by Country

The average outboard boat motors import price stood at $X per unit in 2022, with a decrease of X% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2019 an increase of X%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, 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 2022, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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