Republic of Korea: Market for Pulley Tackle And Hoists Powered By An Electric Motor 2024

Market Size for Pulley Tackle And Hoists Powered By An Electric Motor in Republic of Korea

After two years of growth, the South Korean market for pulley tackle and hoists powered by an electric motor decreased by less than 0.1% to $X in 2022. Overall, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +21.0% against 2014 indices. Over the period under review, the market reached the maximum level at $X in 2021, and then fell slightly in the following year.

Production of Pulley Tackle And Hoists Powered By An Electric Motor in Republic of Korea

In value terms, production of pulley tackle and hoists powered by an electric motor rose modestly to $X in 2022 estimated in export price. Overall, the total production indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.8% against 2018 indices. The pace of growth was the most pronounced in 2018 with an increase of 44%. As a result, production reached the peak level of $X. From 2019 to 2022, production of growth remained at a lower figure.

Exports of Pulley Tackle And Hoists Powered By An Electric Motor

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in shipments abroad of pulley tackle and hoists powered by an electric motor, when their volume increased by 53% to X units. Overall, exports, however, showed a abrupt slump. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, exports of pulley tackle and hoists powered by an electric motor surged to $X in 2022. Over the period under review, exports, however, saw a noticeable shrinkage. Over the period under review, the exports of attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Vietnam (X units), Indonesia (X units) and the United States (X units) were the main destinations of exports of pulley tackle and hoists powered by an electric motor from South Korea, together accounting for 65% of total exports.

From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +8.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for pulley tackle and hoists powered by an electric motor exported from South Korea were Vietnam ($X), Indonesia ($X) and the United States ($X), with a combined 69% share of total exports.

The United States, with a CAGR of +14.0%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for pulley tackle and hoists powered by an electric motor amounted to $X per unit, which is down by -8.7% against the previous year. Overall, export price indicated moderate growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for pulley tackle and hoists powered by an electric motor increased by +58.9% against 2012 indices. The most prominent rate of growth was recorded in 2021 when the average export price increased by 24%. As a result, the export price reached the peak level of $X per unit, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to the United Arab Emirates ($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 (+19.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Pulley Tackle And Hoists Powered By An Electric Motor

Imports into Republic of Korea

In 2022, approx. X units of pulley tackle and hoists powered by an electric motor were imported into South Korea; growing by 6.4% on 2021 figures. Overall, total imports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +4.8% 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 +49.8% against 2017 indices. The growth pace was the most rapid in 2014 when imports increased by 65%. As a result, imports attained the peak of X units. From 2015 to 2022, the growth of imports of remained at a somewhat lower figure.

In value terms, imports of pulley tackle and hoists powered by an electric motor reduced notably to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 38% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports of remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest pulley tackle and hoists powered by an electric motor supplier to South Korea, with a 90% share of total imports. It was followed by the Netherlands (X units), with a 1.6% share of total imports. Germany (X units) ranked third in terms of total imports with a 1.4% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +8.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+24.4% per year) and Germany (-12.2% per year).

In value terms, China ($X) constituted the largest supplier of pulley tackle and hoists powered by an electric motor to South Korea, comprising 65% of total imports. The second position in the ranking was held by Japan ($X), with a 7.7% share of total imports. It was followed by Germany, with a 4.8% share.

From 2012 to 2022, the average annual growth rate of value from China totaled +9.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-0.6% per year) and Germany (-10.0% per year).

Import Prices by Country

The average import price for pulley tackle and hoists powered by an electric motor stood at $X per unit in 2022, shrinking by -24.1% against the previous year. In general, the import price showed a noticeable curtailment. The most prominent rate of growth was recorded in 2017 an increase of 27% against the previous year. As a result, import price attained the peak level of $X per unit. From 2018 to 2022, the average import prices remained at a 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 Japan ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+15.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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