Eastern Asia: Railway Maintenance Vehicle Market 2024

Railway Maintenance Vehicle Market Size in Eastern Asia

For the fifth consecutive year, the East Asian railway maintenance vehicle market recorded growth in sales value, which increased by 1.1% to $X in 2021. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2021; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. As a result, consumption attained the peak level of $X. From 2016 to 2021, the growth of the market failed to regain momentum.

Railway Maintenance Vehicle Production in Eastern Asia

In value terms, railway maintenance vehicle production fell to $X in 2021 estimated in export price. Over the period under review, production, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 12%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Railway Maintenance Vehicle Exports

Exports in Eastern Asia

In 2021, overseas shipments of railway or tramway maintenance or service vehicles increased by 33% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports, however, continue to indicate a abrupt downturn. The growth pace was the most rapid in 2018 when exports increased by 269% against the previous year. As a result, the exports attained the peak of X units. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, railway maintenance vehicle exports surged to $X in 2021. Over the period under review, exports saw a prominent increase. The most prominent rate of growth was recorded in 2018 when exports increased by 136% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

China (X units) and South Korea (X units) dominates exports structure, together making up 96% of total exports. Japan (X units) followed a long way behind the leaders.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +15.5%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, China ($X) remains the largest railway maintenance vehicle supplier in Eastern Asia, comprising 86% of total exports. The second position in the ranking was held by South Korea ($X), with an 11% share of total exports.

In China, railway maintenance vehicle exports increased at an average annual rate of +14.0% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: South Korea (+9.0% per year) and Japan (-35.1% per year).

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2021, surging by 36% against the previous year. Overall, the export price continues to indicate a significant increase. The pace of growth was the most pronounced in 2019 an increase of 170% against the previous year. Over the period under review, the export prices reached the maximum in 2021 and is likely to see steady growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+32.8%), while the other leaders experienced a decline in the export price figures.

Railway Maintenance Vehicle Imports

Imports in Eastern Asia

Railway maintenance vehicle imports soared to X units in 2021, with an increase of 38% compared with 2020. Over the period under review, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2018 when imports increased by 147% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the immediate term.

In value terms, railway maintenance vehicle imports surged to $X in 2021. In general, imports posted a perceptible increase. The level of import peaked at $X in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Japan was the main importing country with an import of around X units, which recorded 77% of total imports. It was distantly followed by South Korea (X units), creating a 20% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to railway maintenance vehicle imports into Japan stood at +7.2%. At the same time, South Korea (+73.8%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in Eastern Asia, with a CAGR of +73.8% from 2012-2021. While the share of South Korea (+20 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-14.7 p.p.) displayed negative dynamics.

In value terms, Japan ($X) constitutes the largest market for imported railway or tramway maintenance or service vehicles in Eastern Asia, comprising 67% of total imports. The second position in the ranking was taken by South Korea ($X), with a 17% share of total imports.

In Japan, railway maintenance vehicle imports expanded at an average annual rate of +6.2% over the period from 2012-2021.

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per unit, jumping by 30% against the previous year. Overall, the import price, however, continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2014 an increase of 30% against the previous year. As a result, import price reached the peak level of $X per unit. From 2015 to 2021, the import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Japan ($X per unit), while South Korea stood at $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Japan (-0.9%).

Source: IndexBox Platform

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