Republic of Korea: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Republic of Korea

The South Korean mechanical shovel and excavator market contracted to $X in 2022, waning by X% against the previous year. Over the period under review, consumption recorded a deep setback. The most prominent rate of growth was recorded in 2021 when the market value increased by X%. Mechanical shovel and excavator consumption peaked at $X.8B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Production of Mechanical Shovels, Excavators And Shovel Loaders in Republic of Korea

In value terms, mechanical shovel and excavator production declined modestly to $X in 2022 estimated in export price. Over the period under review, production recorded a drastic downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by X% against the previous year. Mechanical shovel and excavator production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

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Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Republic of Korea

In 2022, shipments abroad of mechanical shovels, excavators and shovel loaders increased by X% to X units, rising for the second consecutive year after two years of decline. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, mechanical shovel and excavator exports stood at $X in 2022. Overall, exports, however, continue to indicate a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units), Belgium (X units) and Russia (X units) were the main destinations of mechanical shovel and excavator exports from South Korea, with a combined X% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Belgium ($X) and Russia ($X) appeared to be the largest markets for mechanical shovel and excavator exported from South Korea worldwide, together accounting for X% of total exports. The UK, Indonesia, Vietnam, Saudi Arabia, Turkey, Australia, New Zealand and China lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to 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

The average mechanical shovel and excavator export price stood at $X per unit in 2022, dropping by X% against the previous year. Over the period under review, the export price showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 an increase of X%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Vietnam ($X per unit) and China ($X per unit), while the average price for exports to the UK ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Vietnam (X%), while the prices for the other major destinations experienced a decline.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Republic of Korea

In 2022, imports of mechanical shovels, excavators and shovel loaders into South Korea stood at X units, leveling off at 2021 figures. In general, imports saw a prominent expansion. The growth pace was the most rapid in 2016 when imports increased by X%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, mechanical shovel and excavator imports declined slightly to $X in 2022. Overall, total imports indicated pronounced growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2020 indices. The growth pace was the most rapid in 2016 when imports increased by X%. Imports peaked at $X in 2021, and then declined in the following year.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of mechanical shovel and excavator to South Korea, with a X% share of total imports. Moreover, mechanical shovel and excavator imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The third position in this ranking was taken by the United States (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

In value terms, Japan ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to South Korea, comprising X% of total imports. The second position in the ranking was held by China ($X), with a X% share of total imports. It was followed by the United States, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Japan stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and the United States (X% per year).

Import Prices by Country

The average mechanical shovel and excavator import price stood at $X per unit in 2022, dropping by X% against the previous year. Overall, the import price saw a perceptible reduction. The most prominent rate of growth was recorded in 2018 when the average import price increased by X%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Czech Republic ($X per unit) and Sweden ($X per unit), while the price for Japan ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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