Republic of Korea: Self-Propelled Excavating Machinery Market 2024

Self-Propelled Excavating Machinery Market Size in Republic of Korea

The South Korean self-propelled excavating machinery market fell to $X in 2022, waning by X% against the previous year. In general, consumption continues to indicate a abrupt downturn. Self-propelled excavating machinery consumption peaked at $X in 2014; however, from 2015 to 2022, consumption failed to regain momentum.

Self-Propelled Excavating Machinery Production in Republic of Korea

In value terms, self-propelled excavating machinery production dropped to $X in 2022 estimated in export price. Overall, production showed a abrupt descent. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Self-Propelled Excavating Machinery Exports

Exports from Republic of Korea

Self-propelled excavating machinery exports from South Korea contracted remarkably to X units in 2022, which is down by X% on 2021 figures. Overall, exports showed a abrupt contraction. The most prominent rate of growth was recorded in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2014 to 2022, the growth of the exports remained at a lower figure.

In value terms, self-propelled excavating machinery exports dropped markedly to $X in 2022. In general, exports, however, posted a remarkable increase. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

China (X units), Saudi Arabia (X units) and Singapore (X units) were the main destinations of self-propelled excavating machinery exports from South Korea. Moreover, self-propelled excavating machinery exports in China exceeded the figures recorded by the second-largest exporter, Saudi Arabia, twofold.

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

In value terms, the largest markets for self-propelled excavating machinery exported from South Korea were Saudi Arabia ($X), China ($X) and Singapore ($X).

Among the main countries of destination, Saudi Arabia, 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 mixed trend patterns.

Export Prices by Country

The average self-propelled excavating machinery export price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the export price saw a significant expansion. The growth pace was the most rapid in 2016 when the average export price increased by X%. Over the period under review, the average export prices attained the maximum in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Saudi Arabia ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (X%), while the prices for the other major destinations experienced mixed trend patterns.

Self-Propelled Excavating Machinery Imports

Imports into Republic of Korea

In 2022, purchases abroad of self-propelled earth moving, excavating machinery increased by X% to X units for the first time since 2019, thus ending a two-year declining trend. Overall, imports, however, showed a noticeable decline. The pace of growth appeared the most rapid in 2019 when imports increased by X%. Imports peaked at X units in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, self-propelled excavating machinery imports skyrocketed to $X in 2022. In general, imports, however, continue to indicate a precipitous setback. The pace of growth appeared the most rapid in 2019 when imports increased by X%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

Hong Kong SAR (X units), Japan (X units) and Australia (X units) were the main suppliers of self-propelled excavating machinery imports to South Korea, together accounting for X% of total imports.

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

In value terms, Hong Kong SAR ($X) constituted the largest supplier of self-propelled earth moving, excavating machinery to South Korea, comprising X% of total imports. The second position in the ranking was held by Japan ($X), with a X% share of total imports. It was followed by the UK, with a X% share.

From 2012 to 2022, the average annual growth rate of value from Hong Kong SAR stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (X% per year) and the UK (X% per year).

Import Prices by Country

The average self-propelled excavating machinery import price stood at $X per unit in 2022, growing by X% against the previous year. Overall, the import price, however, faced a significant decline. Over the period under review, average import prices hit record highs at $X,127 per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Australia ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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