Republic of Korea: Market for Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems 2024

Market Size for Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems in Republic of Korea

The South Korean market for window or wall air conditioning systems, self-contained or split-systems shrank remarkably to $X in 2022, which is down by -70.5% against the previous year. Over the period under review, consumption faced a deep reduction. Over the period under review, the market reached the peak level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems in Republic of Korea

In value terms, production of window or wall air conditioning systems, self-contained or split-systems rose significantly to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced decrease. The most prominent rate of growth was recorded in 2014 with an increase of 27%. As a result, production reached the peak level of $X. From 2015 to 2022, production of growth remained at a lower figure.

Exports of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

Exports from Republic of Korea

In 2022, the amount of window or wall air conditioning systems, self-contained or split-systems exported from South Korea shrank markedly to X units, waning by -16.9% on the year before. In general, total exports indicated a moderate expansion from 2012 to 2022: its volume 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, exports increased by +74.9% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of 111%. As a result, the exports reached the peak of X units, and then contracted markedly in the following year.

In value terms, exports of window or wall air conditioning systems, self-contained or split-systems expanded rapidly to $X in 2022. Over the period under review, total exports indicated a measured increase from 2012 to 2022: its value 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, exports increased by +56.1% against 2020 indices. The pace of growth appeared the most rapid in 2021 when exports increased by 46%. Over the period under review, the exports of hit record highs in 2022 and are likely to continue growth in years to come.

Exports by Country

The United States (X units), the Netherlands (X units) and Slovakia (X units) were the main destinations of exports of window or wall air conditioning systems, self-contained or split-systems from South Korea, with a combined 38% share of total exports. Italy, Canada, Australia, Iraq, India, Israel, the United Arab Emirates, Turkey, Vietnam and Mexico lagged somewhat behind, together comprising a further 27%.

From 2012 to 2022, the biggest increases were recorded for Iraq (with a CAGR of +58.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), the Netherlands ($X) and Slovakia ($X) were the largest markets for window, wall, or split air conditioning system exported from South Korea worldwide, together accounting for 38% of total exports. Italy, Canada, Australia, Iraq, India, Israel, the United Arab Emirates, Turkey, Vietnam and Mexico lagged somewhat behind, together comprising a further 27%.

Iraq, with a CAGR of +59.3%, saw 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 2022, the average export price for window or wall air conditioning systems, self-contained or split-systems amounted to $X per unit, surging by 28% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per unit in 2017; however, from 2018 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Iraq ($X per unit) and Israel ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Iraq (+0.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Window or Wall Air Conditioning Systems, Self-Contained or Split-Systems

Imports into Republic of Korea

In 2022, overseas purchases of window or wall air conditioning systems, self-contained or split-systems increased by 12% to X units, rising for the second year in a row after two years of decline. Overall, imports continue to indicate resilient growth. The pace of growth was the most pronounced in 2017 with an increase of 52% against the previous year. Over the period under review, imports of attained the maximum at X units in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, imports of window or wall air conditioning systems, self-contained or split-systems contracted to $X in 2022. Over the period under review, imports showed prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by 41% against the previous year. Over the period under review, imports of reached the peak figure at $X in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest window, wall, or split air conditioning system supplier to South Korea, accounting for a 70% share of total imports. Moreover, imports of window or wall air conditioning systems, self-contained or split-systems from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), threefold. The third position in this ranking was held by the Czech Republic (X units), with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+5.5% per year) and the Czech Republic (+207.4% per year).

In value terms, China ($X) constituted the largest supplier of window or wall air conditioning systems, self-contained or split-systems to South Korea, comprising 70% of total imports. The second position in the ranking was held by Thailand ($X), with a 26% share of total imports. It was followed by the Czech Republic, with a 1.6% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +12.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+4.3% per year) and the Czech Republic (+197.8% per year).

Import Prices by Country

The average import price for window or wall air conditioning systems, self-contained or split-systems stood at $X per unit in 2022, with a decrease of -10.7% against the previous year. In general, the import price recorded a slight downturn. The pace of growth appeared the most rapid in 2021 when the average import price increased by 17%. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-1.1%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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