Republic of Korea: Spark Plug Market 2025

Spark Plug Market Size in Republic of Korea

The South Korean spark plug market reached $X in 2022, standing approx. at the previous year. Overall, consumption saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Spark Plug Production in Republic of Korea

In value terms, spark plug production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2013 with an increase of 22% against the previous year. As a result, production attained the peak level of $X. From 2014 to 2022, production growth remained at a somewhat lower figure.

Spark Plug Exports

Exports from Republic of Korea

In 2022, overseas shipments of sparking plugs increased by 5.4% to X units, rising for the second year in a row after four years of decline. In general, exports showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 52%. Over the period under review, the exports hit record highs at X units in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

In value terms, spark plug exports expanded rapidly to $X in 2022. Overall, total exports indicated a mild increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +50.4% against 2020 indices. The growth pace was the most rapid in 2013 with an increase of 60%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Slovakia (X units) and China (X units) were the main destinations of spark plug exports from South Korea, together comprising 68% of total exports. India, Mexico, Uzbekistan, Japan, Russia and the United Arab Emirates lagged somewhat behind, together comprising a further 26%.

From 2012 to 2022, the biggest increases were recorded for Uzbekistan (with a CAGR of +133.4%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for spark plug exported from South Korea were the United States ($X), Slovakia ($X) and China ($X), together comprising 68% of total exports. India, Mexico, Uzbekistan, Japan, Russia and the United Arab Emirates lagged somewhat behind, together comprising a further 26%.

Uzbekistan, with a CAGR of +137.1%, saw the highest growth rate of 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 spark plug export price amounted to $X per unit, increasing by 7% against the previous year. Overall, the export price showed a relatively flat trend pattern. The growth pace was the most rapid in 2018 an increase of 17%. Over the period under review, the average export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Slovakia ($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 Uzbekistan (+1.6%), while the prices for the other major destinations experienced more modest paces of growth.

Spark Plug Imports

Imports into Republic of Korea

In 2022, overseas purchases of sparking plugs decreased by -18.8% to X units for the first time since 2019, thus ending a two-year rising trend. Overall, imports showed a abrupt slump. The most prominent rate of growth was recorded in 2021 with an increase of 38%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, spark plug imports amounted to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 19% against the previous year. Over the period under review, imports attained the peak figure at $X in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest spark plug supplier to South Korea, with a 60% share of total imports. Moreover, spark plug imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X units), threefold. China (X units) ranked third in terms of total imports with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan stood at -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (-1.2% per year) and China (-2.8% per year).

In value terms, Japan ($X) constituted the largest supplier of sparking plugs to South Korea, comprising 60% of total imports. The second position in the ranking was held by the United States ($X), with a 19% share of total imports. It was followed by China, with a 9.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan amounted to -2.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+5.8% per year) and China (+4.1% per year).

Import Prices by Country

In 2022, the average spark plug import price amounted to $X per unit, increasing by 25% against the previous year. Over the period under review, import price indicated a prominent expansion from 2012 to 2022: its price increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2018 an increase of 35% against the previous year. The import price peaked at $X per unit in 2019; however, from 2020 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per unit) and Japan ($X per unit), while the price for China ($X per unit) and France ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+7.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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