Republic of Korea: Starter Motor Market 2025

Starter Motor Market Size in Republic of Korea

The South Korean starter motor market fell dramatically to $X in 2021, with a decrease of -23.8% against the previous year. In general, consumption recorded a abrupt setback. Starter motor consumption peaked at $X in 2014; however, from 2015 to 2021, consumption stood at a somewhat lower figure.

Starter Motor Production in Republic of Korea

In value terms, starter motor production fell to $X in 2021 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when the production volume increased by 26%. Starter motor production peaked at $X in 2016; however, from 2017 to 2021, production stood at a somewhat lower figure.

Starter Motor Exports

Exports from Republic of Korea

In 2021, exports of starter motors and dual purpose starter generators from South Korea soared to X units, growing by 104% compared with the year before. Overall, exports recorded strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, starter motor exports soared to $X in 2021. In general, exports enjoyed strong growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for starter motor exports from South Korea, with a 24% share of total exports. Moreover, starter motor exports to the United States exceeded the volume sent to the second major destination, Slovakia (X units), threefold. The third position in this ranking was held by Russia (X units), with a 5.3% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled +9.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+20.0% per year) and Russia (+5.6% per year).

In value terms, the largest markets for starter motor exported from South Korea were the United States ($X), Slovakia ($X) and the Czech Republic ($X), together accounting for 44% of total exports. These countries were followed by Japan, Russia, Turkey, the UK, China, Thailand, Brazil, India, Mexico and Australia, which together accounted for a further 18%.

Japan, with a CAGR of +38.7%, recorded the highest rates of growth with regard to the value of exports, among 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 2021, the average starter motor export price amounted to $X per unit, with an increase of 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.7%. The pace of growth was the most pronounced in 2020 when the average export price increased by 26%. The export price peaked in 2021 and is likely to continue growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the Czech Republic ($X per unit), while the average price for exports to Mexico ($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 the Czech Republic (+14.4%), while the prices for the other major destinations experienced more modest paces of growth.

Starter Motor Imports

Imports into Republic of Korea

In 2021, supplies from abroad of starter motors and dual purpose starter generators was finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. The total import volume increased at an average annual rate of +1.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2017 with an increase of 38%. As a result, imports reached the peak of X units. From 2018 to 2021, the growth of imports failed to regain momentum.

In value terms, starter motor imports expanded remarkably to $X in 2021. Overall, total imports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 when imports increased by 40% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan (X units), China (X units) and India (X units) were the main suppliers of starter motor imports to South Korea, with a combined 63% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +67.1%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X), China ($X) and the United States ($X) constituted the largest starter motor suppliers to South Korea, together accounting for 60% of total imports. India, the UK, Germany and Hungary lagged somewhat behind, together accounting for a further 19%.

India, with a CAGR of +57.5%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average starter motor import price stood at $X per unit in 2021, growing by 3.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 22% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for India ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Hungary (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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