Republic of Korea: Snow Motor Vehicle Market 2024

Snow Motor Vehicle Market Size in Republic of Korea

For the third consecutive year, the South Korean snow motor vehicle market recorded decline in sales value, which decreased by X% to $X in 2022. In general, consumption, however, continues to indicate a abrupt curtailment. Snow motor vehicle consumption peaked at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Snow Motor Vehicle Exports

Exports from Republic of Korea

In 2022, after three years of growth, there was decline in overseas shipments of motor vehicles for travelling on snow or golf cars, when their volume decreased by X% to X units. Overall, exports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of X%. As a result, the exports reached the peak of X units, and then declined slightly in the following year.

In value terms, snow motor vehicle exports surged to $X in 2022. Over the period under review, exports, however, recorded a significant increase. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

Exports by Country

Japan (X units) was the main destination for snow motor vehicle exports from South Korea, accounting for a X% share of total exports. Moreover, snow motor vehicle exports to Japan exceeded the volume sent to the second major destination, Russia (X units), more than tenfold. The third position in this ranking was held by Thailand (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Japan totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Thailand (X% per year).

In value terms, Japan ($X) remains the key foreign market for motor vehicles for travelling on snow or golf cars exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Russia ($X), with a X% share of total exports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual growth rate of value to Japan stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Thailand (X% per year).

Export Prices by Country

In 2022, the average snow motor vehicle export price amounted to $X per unit, picking up by X% against the previous year. Overall, the export price continues to indicate a pronounced expansion. The growth pace was the most rapid in 2019 an increase of X%. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Kazakhstan ($X per unit) and Thailand ($X per unit), while the average price for exports to Russia ($X per unit) and the Philippines ($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 Russia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Snow Motor Vehicle Imports

Imports into Republic of Korea

In 2022, the amount of motor vehicles for travelling on snow or golf cars imported into South Korea reached X units, approximately reflecting 2021. Overall, imports, however, recorded a noticeable downturn. The most prominent rate of growth was recorded in 2016 with an increase of X%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, snow motor vehicle imports shrank to $X in 2022. In general, imports, however, continue to indicate a noticeable reduction. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of snow motor vehicle to South Korea, accounting for a X% share of total imports. Moreover, snow motor vehicle imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a X% share.

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

In value terms, Japan ($X) constituted the largest supplier of motor vehicles for travelling on snow or golf cars to South Korea, comprising X% of total imports. The second position in the ranking was taken by China ($X), with a X% share of total imports. It was followed by Taiwan (Chinese), with a X% share.

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

Import Prices by Country

In 2022, the average snow motor vehicle import price amounted to $X per unit, shrinking by X% against the previous year. Over the period under review, the import price showed a mild setback. The most prominent rate of growth was recorded in 2014 an increase of X% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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

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

Source: IndexBox Platform

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