The market is dominated by foreign suppliers, as imports account for 51.5% of total market size in 2023. B2B drives market demand, with B2B spending representing 99.0% of total demand in 2023. South Korea has the fourth largest market size for bearings, gears, and driving elements regionally, with demand reaching USD4.8 billion in 2023. NSK Korea Co Ltd is the largest company in South Korea, generating 4.4% of the industry’s total production value in 2023. The industry is fragmented, with the top five companies generating 13.7% of total production value in 2023. The total number of companies decreases in 2023, to 2,622 units. The costs of the industry increase by 3.2% in 2023, largely driven by rising B2B costs. The industry’s profitability decreases and stands at 9.3% of production value in 2023, the 12th highest regionally. The industry’s exports share decreases in 2023 to 46.7% of total production output. With production value of USD4.1 billion, South Korea accounts for 3.5% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Bearings, Gears, and Driving Elements in South Korea: ISIC 2913. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Bearings, Gears, and Driving Elements in South Korea: ISIC 2913 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
This is the aggregation of general purpose machinery and special purpose machinery.
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