Republic of Korea: Market for Electrical Boards, Panels, Consoles, Desks and Cabinets 2024

Market Size for Electrical Boards, Panels, Consoles, Desks and Cabinets in Republic of Korea

The South Korean market for electrical boards, panels, consoles, desks and cabinets dropped modestly to $X in 2023, shrinking by X% against the previous year. In general, consumption showed perceptible growth. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Production of Electrical Boards, Panels, Consoles, Desks and Cabinets in Republic of Korea

In value terms, electric board, desk and panel production reduced slightly to $X in 2023 estimated in export price. In general, production continues to indicate a measured increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Electric board, desk and panel production peaked at $X in 2020; however, from 2021 to 2023, production stood at a somewhat lower figure.

Exports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Exports from Republic of Korea

Electric board, desk and panel exports from South Korea surged to X units in 2023, jumping by X% compared with 2022. Over the period under review, exports posted a prominent increase. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2019; however, from 2020 to 2023, the exports failed to regain momentum.

In value terms, electric board, desk and panel exports reduced modestly to $X in 2023. Overall, total exports indicated a tangible expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, exports increased by X% against 2020 indices. The pace of growth was the most pronounced in 2017 when exports increased by X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

Exports by Country

India (X units), China (X units) and Japan (X units) were the main destinations of electric board, desk and panel exports from South Korea, together accounting for X% of total exports. The United States, Russia, Indonesia, Vietnam, Thailand, Slovakia, Saudi Arabia, Belgium, Singapore and Mexico lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Slovakia (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for electric board, desk and panel exported from South Korea were China ($X), Vietnam ($X) and Japan ($X), together accounting for X% of total exports. India, the United States, Belgium, Slovakia, Mexico, Saudi Arabia, Indonesia, Thailand, Russia and Singapore lagged somewhat behind, together accounting for a further X%.

In terms of the main countries of destination, Slovakia, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average export price for electrical boards, panels, consoles, desks and cabinets amounted to $X per unit, dropping by X% against the previous year. Over the period under review, the export price recorded a pronounced shrinkage. The growth pace was the most rapid in 2014 when the average export price increased by X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per unit in 2015; however, from 2016 to 2023, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2023, amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Russia ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Belgium (X%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Electrical Boards, Panels, Consoles, Desks and Cabinets

Imports into Republic of Korea

In 2023, the amount of electrical boards, panels, consoles, desks and cabinets imported into South Korea skyrocketed to X units, growing by X% compared with the year before. In general, imports recorded resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. As a result, imports attained the peak of X units. From 2016 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, electric board, desk and panel imports rose markedly to $X in 2023. Over the period under review, imports, however, continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, imports reached the peak figure at $X in 2015; however, from 2016 to 2023, imports remained at a lower figure.

Imports by Country

China (X units), Vietnam (X units) and India (X units) were the main suppliers of electric board, desk and panel imports to South Korea, with a combined X% share of total imports.

From 2012 to 2023, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced mixed trend patterns.

In value terms, China ($X) constituted the largest supplier of electrical boards, panels, consoles, desks and cabinets to South Korea, comprising X% of total imports. The second position in the ranking was taken by the United States ($X), with a X% share of total imports. It was followed by Vietnam, with a X% share.

From 2012 to 2023, the average annual growth rate of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (X% per year) and Vietnam (X% per year).

Import Prices by Country

The average import price for electrical boards, panels, consoles, desks and cabinets stood at $X per unit in 2023, declining by X% against the previous year. Overall, the import price showed a abrupt contraction. The most prominent rate of growth was recorded in 2019 when the average import price increased by X% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2013; however, from 2014 to 2023, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was the United States ($X per unit), while the price for Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United States (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform