Between 2012 and 2022, the motor vehicle transmissions market in South Korea exhibited fluctuations, peaking in 2022 at $4.1718 billion. Notably, the market experienced a significant rise from 2015 to 2017, followed by variable changes with a notable dip in 2018 and 2019, before recovering again in 2022. Specifically, the market saw a decline of 3.11% in 2021 but rebounded by 7.18% in 2022. Over the last five years, the compound annual growth rate (CAGR) stands at -0.98%, indicating an overall slight decline in the market value.
Looking towards the future, watch for:
- Advancements in electric vehicle (EV) technology potentially increasing demand for specialized transmissions.
- Government policies promoting green energy and their impact on traditional and hybrid motor vehicle components.
- Global supply chain fluctuations affecting manufacturing costs and market prices.
How does South Korea rank in Motor Vehicle Transmissions Market Size Value?
| # | 26 Countries | US Dollars | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 China | 72,472,000,000 | 2023 | +3.41% | +0.32% | View data |
| 2 | 2 France | 14,320,000,000 | 2023 | +2.01% | +1.58% | View data |
| 3 | 3 United Kingdom | 11,349,000,000 | 2023 | -0.23% | -0.067% | View data |
| 4 | 4 Spain | 4,801,300,000 | 2023 | -12.5% | -9.54% | View data |
| 5 | 5 South Korea | 4,552,900,000 | 2023 | +4.04% | +3.09% | |
| 6 | 6 Poland | 2,325,700,000 | 2023 | +0.53% | +0.22% | View data |
| 7 | 7 Belgium | 1,594,100,000 | 2023 | -1.77% | -1.02% | View data |
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