Country Report - South Korea

Country Report - South Korea
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Due to its importance as a global centre for the production of semiconductors South Korea is the fourth largest electronics producer globally with output of US$124.5 billion in 2020, a 0.5% increase from 2019’s level of US$123.8 billion. Growth in semiconductor and passive component output offsetting COVID-19 led declines across the remainder of the country’s electronics industry. Semiconductor output increased by 17.4% in 2017 and 26.8% in 2018, the sector benefiting from the sharp rise in the price of memory over the period, before declining by 17.8% in 2019, as the price of memory plummeted. Although COVID-19 is expected to limit growth for many IC products the demand for memory - NAND flash and DRAM - will result in an estimated 3.2% increase in semiconductor output in 2020. Semiconductor output is forecast to surge in 2021, growth of 27.0% a combination of strong demand and rising prices due in part to component shortages. With the migration of mobile phone production offshore, the production of communications and radar has declined year on year between 2014 and 2018, with output declining by an estimated 13.0% in 2018. Output however increased by 1.6% in 2019 on the back of higher exports of parts but decline by a forecasted 8.3% in 2020 as a result of the global pandemic. Output is forecast to post growth of 2.0% in 2021. Both Samsung Electronics and LG Electronics also hold dominant positions in the production of video equipment and in particular LCD TVs. Although the migration of production to lower cost locations and the move to produce close to the market resulted in output declining year on year between 2014 and 2018, output increased by 5.9% in 2019 on the back of higher export of the next generation of models, and by a further 6.0% in 2020, as consumers upgraded to the latest TVs in response to strict restrictions on movement. Albeit from a low-base the production of control and instrumentation, driven in part by rising demand from the key semiconductor capital equipment sector, and medical has shown strong growth in recent years. In 2020, the output of medical equipment declined by an estimated 4.8% due to lower demand for equipment used for elective procedures, while control and instrumentation is set to fall by 7.1% the demand for semiconductor capital equipment failing to offset a more substantial decline across the remainder of the sector.

Table of Contents

Economic Overview
Industry Structure
Production Data 2018-2021
Market Data 2018-2024
Methodologies/Guide to Statistics

Product Coverage

Computing
Office Equipment
Control & Instrumentation
Medical & Industrial
Radio Communications
Telecommunications
Consumer
Semiconductors
Passive Components
Other Components

The South Korean Electronics Industry Report provides essential market intelligence for all sizes of company from small enterprises to major global groups and for financial/management consultancies, government agencies and academia requiring a reliable overview of the electronics industry in South Korea.

Last Update: September 2021

 

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