Republic of Korea: Mobile Phone Market 2024

Mobile Phone Market Size in Republic of Korea

In 2022, the South Korean mobile phone market increased by 24% to $X, rising for the second consecutive year after two years of decline. In general, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.5% 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 +47.5% against 2020 indices. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Mobile Phone Production in Republic of Korea

In value terms, mobile phone production shrank to $X in 2022 estimated in export price. In general, production showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2021 when the production volume increased by 17% against the previous year. Mobile phone production peaked at $X in 2013; however, from 2014 to 2022, production failed to regain momentum.

Mobile Phone Exports

Exports from Republic of Korea

In 2022, the amount of mobile phones exported from South Korea fell remarkably to X units, waning by -31.9% on the previous year's figure. Over the period under review, exports continue to indicate a abrupt curtailment. The growth pace was the most rapid in 2021 when exports increased by 28%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, mobile phone exports fell to $X in 2022. Overall, exports saw a abrupt decline. The pace of growth appeared the most rapid in 2021 when exports increased by 20%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Germany (X units) and the UK (X units) were the main destinations of mobile phone exports from South Korea, together comprising 40% of total exports. Austria, India, Canada, the Netherlands, France, Sweden, Japan, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together accounting for a further 46%.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +5.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Germany ($X) and the UK ($X) were the largest markets for mobile phone exported from South Korea worldwide, with a combined 40% share of total exports. Austria, India, Canada, the Netherlands, France, Sweden, Japan, Hong Kong SAR and the United Arab Emirates lagged somewhat behind, together comprising a further 46%.

Austria, with a CAGR of +12.4%, saw the highest growth rate of 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

The average mobile phone export price stood at $X per unit in 2022, surging by 26% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2022: its price 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, mobile phone export price increased by +78.8% against 2015 indices. The pace of growth was the most pronounced in 2018 when the average export price increased by 38% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to India ($X per unit) and Canada ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) and Hong Kong SAR ($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 India (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Mobile Phone Imports

Imports into Republic of Korea

Mobile phone imports into South Korea shrank remarkably to X units in 2022, with a decrease of -16.8% on the year before. Overall, imports, however, enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2015 with an increase of 82% against the previous year. Over the period under review, imports reached the peak figure at X units in 2017; however, from 2018 to 2022, imports failed to regain momentum.

In value terms, mobile phone imports declined to $X in 2022. Over the period under review, imports, however, continue to indicate prominent growth. The pace of growth was the most pronounced in 2015 when imports increased by 74%. Over the period under review, imports hit record highs at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

China (X units), Vietnam (X units) and the United States (X units) were the main suppliers of mobile phone imports to South Korea, together accounting for 100% of total imports.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of +73.2%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X), Vietnam ($X) and the United States ($X) appeared to be the largest mobile phone suppliers to South Korea, with a combined 100% share of total imports.

Among the main suppliers, Vietnam, with a CAGR of +83.6%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average mobile phone import price stood at $X per unit in 2022, growing by 18% against the previous year. In general, import price indicated a prominent increase from 2012 to 2022: its price increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, mobile phone import price increased by +56.1% against 2016 indices. The most prominent rate of growth was recorded in 2018 an increase of 21%. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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