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Republic of Korea - Refrigerators and Freezers - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Refrigerator And Freezer Market 2024
Refrigerator And Freezer Market Size in Republic of Korea
The South Korean refrigerator and freezer market rose remarkably to $X in 2022, surging by X% against the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. Refrigerator and freezer consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.
Refrigerator And Freezer Production in Republic of Korea
In value terms, refrigerator and freezer production rose to $X in 2022 estimated in export price. Overall, production recorded a slight downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.
Refrigerator And Freezer Exports
Exports from Republic of Korea
After three years of growth, overseas shipments of refrigerators and freezers decreased by X% to X units in 2022. In general, exports continue to indicate a mild curtailment. The pace of growth was the most pronounced in 2021 when exports increased by X%. As a result, the exports attained the peak of X units, and then reduced rapidly in the following year.
In value terms, refrigerator and freezer exports shrank sharply to $X in 2022. Overall, exports, however, showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. As a result, the exports attained the peak of $X, and then fell rapidly in the following year.
Exports by Country
The United States (X units) was the main destination for refrigerator and freezer exports from South Korea, accounting for a X% share of total exports. Moreover, refrigerator and freezer exports to the United States exceeded the volume sent to the second major destination, Canada (X units), more than tenfold.
From 2012 to 2022, the average annual rate of growth in terms of volume to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).
In value terms, the United States ($X) remains the key foreign market for refrigerators and freezers exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with a X% share of total exports.
From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).
Export Prices by Country
In 2022, the average refrigerator and freezer export price amounted to $X per unit, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2018 an increase of X%. The export price peaked in 2022 and is likely to see steady growth in years to come.
Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Canada ($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 Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.
Refrigerator And Freezer Imports
Imports into Republic of Korea
In 2022, supplies from abroad of refrigerators and freezers decreased by X% to X units for the first time since 2013, thus ending a eight-year rising trend. Over the period under review, imports, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2015 with an increase of X%. Imports peaked at X units in 2021, and then declined in the following year.
In value terms, refrigerator and freezer imports reduced to $X in 2022. In general, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2015 when imports increased by X%. Imports peaked at $X in 2021, and then fell in the following year.
Imports by Country
In 2022, China (X units) constituted the largest refrigerator and freezer supplier to South Korea, with a X% share of total imports. Moreover, refrigerator and freezer imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), more than tenfold. The third position in this ranking was held by Vietnam (X units), with a X% share.
From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Vietnam (X% per year).
In value terms, China ($X) constituted the largest supplier of refrigerators and freezers to South Korea, comprising X% of total imports. The second position in the ranking was held by Thailand ($X), with a X% share of total imports. It was followed by Indonesia, with a X% share.
From 2012 to 2022, the average annual growth rate of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (X% per year) and Indonesia (X% per year).
Import Prices by Country
In 2022, the average refrigerator and freezer import price amounted to $X per unit, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The growth pace was the most rapid in 2021 when the average import price increased by X%. The import price peaked in 2022 and is expected to retain growth in the immediate term.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Thailand ($X per unit) and Indonesia ($X per unit), while the price for Vietnam ($X per unit) and China ($X per unit) were amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Vietnam (X%), while the prices for the other major suppliers experienced more modest paces of growth.
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Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the refrigerator and freezer market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 27511110 - Combined refrigerators-freezers, with separate external doors
- Prodcom 27511133 - Household-type refrigerators (including compression-type, e lectrical absorption-type) (excluding built-in)
- Prodcom 27511135 - Compression-type built-in refrigerators
- Prodcom 27511150 - Chest freezers of a capacity . .800 litres
- Prodcom 27511170 - Upright freezers of a capacity . .900 litres
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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