Republic of Korea: Market for Primary Cells and Batteries 2024

Market Size for Primary Cells and Batteries in Republic of Korea

The South Korean primary cell and battery market reduced to $X in 2022, with a decrease of -5.1% against the previous year. Overall, consumption, however, continues to indicate a strong expansion. Primary cell and battery consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Production of Primary Cells and Batteries in Republic of Korea

In value terms, primary cell and battery production shrank modestly to $X in 2022 estimated in export price. Overall, production posted a resilient increase. The pace of growth appeared the most rapid in 2016 when the production volume increased by 261% against the previous year. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Exports of Primary Cells and Batteries

Exports from Republic of Korea

In 2022, approx. X units of primary cells and batteries were exported from South Korea; declining by -6.7% on the previous year. In general, exports showed a abrupt contraction. The pace of growth was the most pronounced in 2017 when exports increased by 162%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, primary cell and battery exports reduced slightly to $X in 2022. Over the period under review, exports, however, recorded a temperate expansion. The pace of growth appeared the most rapid in 2017 with an increase of 130%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

Exports by Country

Mexico (X units), Hong Kong SAR (X units) and China (X units) were the main destinations of primary cell and battery exports from South Korea, together comprising 38% of total exports. Vietnam, Indonesia, Australia, Russia, the United States, Thailand, India, Brazil, Canada and Myanmar lagged somewhat behind, together comprising a further 44%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +64.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X), the United States ($X) and Hong Kong SAR ($X) appeared to be the largest markets for primary cell and battery exported from South Korea worldwide, with a combined 45% share of total exports. China, Canada, Russia, Vietnam, India, Australia, Myanmar, Indonesia, Brazil and Thailand lagged somewhat behind, together accounting for a further 20%.

In terms of the main countries of destination, Vietnam, with a CAGR of +43.3%, 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 primary cell and battery export price stood at $X per unit in 2022, surging by 5.1% against the previous year. Over the period under review, the export price recorded a resilient increase. The most prominent rate of growth was recorded in 2018 an increase of 72% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2019 to 2022, the average export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.4%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Primary Cells and Batteries

Imports into Republic of Korea

After three years of growth, overseas purchases of primary cells and batteries decreased by -10.6% to X units in 2022. Overall, imports, however, continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2019 with an increase of 34% against the previous year. Over the period under review, imports reached the peak figure at X units in 2021, and then contracted in the following year.

In value terms, primary cell and battery imports dropped slightly to $X in 2022. Over the period under review, total imports indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +111.6% against 2012 indices. The pace of growth appeared the most rapid in 2017 when imports increased by 21%. Imports peaked at $X in 2021, and then fell modestly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest primary cell and battery supplier to South Korea, accounting for a 73% share of total imports. Moreover, primary cell and battery imports from China exceeded the figures recorded by the second-largest supplier, Singapore (X units), sevenfold. Germany (X units) ranked third in terms of total imports with a 6.4% share.

From 2012 to 2022, the average annual growth rate of volume from China amounted to +18.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+0.2% per year) and Germany (+24.3% per year).

In value terms, China ($X) constituted the largest supplier of primary cells and batteries to South Korea, comprising 52% of total imports. The second position in the ranking was taken by Singapore ($X), with a 16% share of total imports. It was followed by the United States, with a 7.1% share.

From 2012 to 2022, the average annual growth rate of value from China stood at +14.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Singapore (+2.6% per year) and the United States (-0.9% per year).

Import Prices by Country

The average primary cell and battery import price stood at $X per unit in 2022, with an increase of 12% against the previous year. Over the period under review, the import price, however, recorded a mild decrease. The most prominent rate of growth was recorded in 2014 when the average import price increased by 20%. Over the period under review, average import prices attained the peak figure at $X per unit in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Germany ($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 (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform