The market is dominated by foreign suppliers, as imports account for 63.4% of total market size in 2022. Households drive market demand, with household spending representing 48.8% of total demand in 2022. South Korea has the sixth largest market size for musical instruments regionally, with demand reaching USD328 million in 2022. Samick Musical Instruments Co Ltd is the largest company in South Korea, generating 19.7% of the industry’s total production value in 2022. The industry is fragmented, with the top five companies generating 28.5% of total production value in 2022. The total number of companies increases in 2022, to 722 units. The costs of the industry decrease by 10% in 2022, largely driven by declining B2B costs. The industry’s profitability increases and stands at 5.4% of production value in 2022, the 15th highest regionally. The industry’s exports share increases in 2022 to 56.4% of total production output. With production value of USD226 million, South Korea accounts for 1.5% of the Asia Pacific total in 2022.
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This Euromonitor industrial report provides unique information on Musical Instruments in South Korea: ISIC 3692. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Musical Instruments in South Korea: ISIC 3692 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
Household Goods is an aggregation of Furniture, Jewellery and Related Articles, Musical Instruments; Imitation Jewellery, Brushes and Other Personal Items, Sports Goods, Toys and Games, Watches and Clocks.
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