Eastern Asia: Truck Market 2024

Truck Market Size in Eastern Asia

In 2022, the East Asian truck market decreased by -11.7% to $X, falling for the fifth year in a row after four years of growth. Overall, consumption recorded a perceptible descent. Over the period under review, the market attained the maximum level at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Truck Production in Eastern Asia

In value terms, truck production declined to $X in 2022 estimated in export price. In general, production continues to indicate a slight curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 12%. The level of production peaked at $X in 2017; however, from 2018 to 2022, production remained at a lower figure.

Truck Exports

Exports in Eastern Asia

Truck exports surged to X units in 2022, growing by 52% on the previous year. Overall, exports recorded a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 59%. The volume of export peaked in 2022 and is likely to see steady growth in years to come.

In value terms, truck exports surged to $X in 2022. Total exports indicated a modest expansion from 2012 to 2022: its value increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +104.9% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 76%. Over the period under review, the exports attained the peak figure in 2022 and are expected to retain growth in the immediate term.

Exports by Country

In 2022, China (X units) was the key exporter of trucks, achieving 70% of total exports. Japan (X units) ranks second in terms of the total exports with a 20% share, followed by South Korea (10%).

China was also the fastest-growing in terms of the trucks exports, with a CAGR of +15.3% from 2012 to 2022. Japan (-1.4%) and South Korea (-3.2%) illustrated a downward trend over the same period. China (+39 p.p.) significantly strengthened its position in terms of the total exports, while South Korea and Japan saw its share reduced by -15.9% and -22.6% from 2012 to 2022, respectively.

In value terms, China ($X), Japan ($X) and South Korea ($X) constituted the countries with the highest levels of exports in 2022, with a combined 100% share of total exports.

In terms of the main exporting countries, China, with a CAGR of +6.8%, 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 a decline in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per unit in 2022, falling by -23.3% against the previous year. Overall, the export price continues to indicate a noticeable slump. The pace of growth appeared the most rapid in 2021 an increase of 10% against the previous year. Over the period under review, the export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Japan ($X per unit), while South Korea ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (-1.0%), while the other leaders experienced a decline in the export price figures.

Truck Imports

Imports in Eastern Asia

In 2022, the amount of trucks imported in Eastern Asia dropped modestly to X units, remaining stable against the year before. Over the period under review, imports recorded a mild slump. The pace of growth was the most pronounced in 2016 when imports increased by 35%. The volume of import peaked at X units in 2018; however, from 2019 to 2022, imports failed to regain momentum.

In value terms, truck imports shrank to $X in 2022. In general, imports saw a abrupt descent. The most prominent rate of growth was recorded in 2018 with an increase of 30% against the previous year. Over the period under review, imports reached 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), distantly followed by China (X units), Taiwan (Chinese) (X units), Hong Kong SAR (X units) and South Korea (X units) represented the largest importers of trucks, together mixing up 97% of total imports. Democratic People's Republic of Korea (X units) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +7.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest truck importing markets in Eastern Asia were China ($X), Japan ($X) and Taiwan (Chinese) ($X), with a combined 73% share of total imports.

Among the main importing countries, Japan, with a CAGR of +8.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Asia stood at $X per unit in 2022, reducing by -11.9% against the previous year. In general, the import price recorded a noticeable setback. The most prominent rate of growth was recorded in 2019 an increase of 30% against the previous year. Over the period under review, import prices attained the maximum at $X per unit in 2020; however, from 2021 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was South Korea ($X per unit), while Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+2.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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