Republic of Korea: Market for Cycles with Auxiliary Motors and Side Cars 2025

Market Size for Cycles with Auxiliary Motors and Side Cars in Republic of Korea

In 2021, the South Korean market for cycles with auxiliary motors and side cars decreased by -4.7% to $X for the first time since 2016, thus ending a four-year rising trend. Overall, consumption enjoyed significant growth. Consumption of peaked at $X in 2020, and then dropped modestly in the following year.

Exports of Cycles with Auxiliary Motors and Side Cars

Exports from Republic of Korea

After two years of growth, shipments abroad of cycles with auxiliary motors and side cars decreased by -11% to X units in 2021. In general, exports, however, posted a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 1,047%. As a result, the exports attained the peak of X units, and then contracted in the following year.

In value terms, exports of cycles with auxiliary motors and side cars contracted to $X in 2021. Over the period under review, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2020 with an increase of 651%. As a result, the exports reached the peak of $X, and then declined in the following year.

Exports by Country

Germany (X units) was the main destination for exports of cycles with auxiliary motors and side cars from South Korea, with a 42% share of total exports. Moreover, exports of cycles with auxiliary motors and side cars to Germany exceeded the volume sent to the second major destination, Denmark (X units), threefold. The third position in this ranking was taken by the UK (X units), with a 7.6% share.

From 2012 to 2021, the average annual growth rate of volume to Germany stood at +83.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+131.8% per year) and the UK (+146.2% per year).

In value terms, Germany ($X) remains the key foreign market for cycles with auxiliary motors and side cars exports from South Korea, comprising 44% of total exports. The second position in the ranking was taken by Denmark ($X), with a 12% share of total exports. It was followed by Spain, with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Germany amounted to +163.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Denmark (+105.7% per year) and Spain (+102.2% per year).

Export Prices by Country

The average export price for cycles with auxiliary motors and side cars stood at $X per unit in 2021, waning by -4.1% against the previous year. Overall, the export price continues to indicate a perceptible slump. The pace of growth was the most pronounced in 2013 when the average export price increased by 69%. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Sweden ($X per unit), while the average price for exports to Israel ($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 Malaysia (+39.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cycles with Auxiliary Motors and Side Cars

Imports into Republic of Korea

In 2021, overseas purchases of cycles with auxiliary motors and side cars increased by 0.3% to X units, rising for the fourth consecutive year after two years of decline. Overall, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2015 with an increase of 219%. Over the period under review, imports of reached the peak figure in 2021 and are expected to retain growth in the near future.

In value terms, imports of cycles with auxiliary motors and side cars dropped dramatically to $X in 2021. In general, imports showed significant growth. The pace of growth appeared the most rapid in 2015 with an increase of 149%. Over the period under review, imports of reached the maximum at $X in 2020, and then shrank sharply in the following year.

Imports by Country

In 2021, China (X units) was the main supplier of cycle with auxiliary motor and side car to South Korea, with a approx. 99% share of total imports.

From 2012 to 2021, the average annual growth rate of volume from China totaled +57.8%.

In value terms, China ($X) constituted the largest supplier of cycles with auxiliary motors and side cars to South Korea.

From 2012 to 2021, the average annual growth rate of value from China amounted to +44.6%.

Import Prices by Country

In 2021, the average import price for cycles with auxiliary motors and side cars amounted to $X per unit, which is down by -15.6% against the previous year. Overall, the import price showed a deep slump. The pace of growth appeared the most rapid in 2016 an increase of 148% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2017; however, from 2018 to 2021, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2021, the rate of growth in terms of prices for China amounted to -8.4% per year.

Source: IndexBox Platform

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