Republic of Korea: Tow-Behind Air Compressor Market 2024

Tow-Behind Air Compressor Market Size in Republic of Korea

The South Korean tow-behind air compressor market dropped to $X in 2022, with a decrease of -3.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a prominent expansion. As a result, consumption reached the peak level of $X. From 2015 to 2022, the growth of the market remained at a lower figure.

Tow-Behind Air Compressor Exports

Exports from Republic of Korea

In 2022, overseas shipments of air compressors mounted on a wheeled chassis for towing decreased by -7.3% to X units for the first time since 2019, thus ending a two-year rising trend. In general, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 119%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, tow-behind air compressor exports reduced sharply to $X in 2022. Over the period under review, exports showed a perceptible contraction. The pace of growth appeared the most rapid in 2018 when exports increased by 208% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2013; however, from 2014 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X units), Iraq (X units) and Taiwan (Chinese) (X units) were the main destinations of tow-behind air compressor exports from South Korea, with a combined 55% share of total exports.

From 2012 to 2022, the biggest increases were recorded for the UK (with a CAGR of +45.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Iraq ($X), Pakistan ($X) and Morocco ($X) appeared to be the largest markets for tow-behind air compressor exported from South Korea worldwide, with a combined 60% share of total exports. Japan, Thailand, Poland, the UK, Taiwan (Chinese), the Netherlands, the United Arab Emirates and Congo lagged somewhat behind, together accounting for a further 30%.

Among the main countries of destination, Poland, with a CAGR of +164.3%, saw the highest growth rate of 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 tow-behind air compressor export price stood at $X per unit in 2022, reducing by -31.8% against the previous year. Over the period under review, the export price saw a pronounced curtailment. The growth pace was the most rapid in 2021 when the average export price increased by 43% against the previous year. The export price peaked at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per unit), while the average price for exports to Congo ($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 Poland (+86.9%), while the prices for the other major destinations experienced more modest paces of growth.

Tow-Behind Air Compressor Imports

Imports into Republic of Korea

In 2022, tow-behind air compressor imports into South Korea reduced to X units, dropping by -1.7% compared with 2021. Overall, imports, however, showed a strong increase. The pace of growth appeared the most rapid in 2016 with an increase of 223%. Imports peaked at X units in 2021, and then dropped modestly in the following year.

In value terms, tow-behind air compressor imports fell to $X in 2022. In general, imports, however, showed a measured expansion. The most prominent rate of growth was recorded in 2014 with an increase of 189%. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports failed to regain momentum.

Imports by Country

In 2022, Belgium (X units) constituted the largest supplier of tow-behind air compressor to South Korea, with a 53% share of total imports. Moreover, tow-behind air compressor imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X units), twofold. The United States (X units) ranked third in terms of total imports with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from Belgium stood at +115.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+8.3% per year) and the United States (-0.9% per year).

In value terms, Belgium ($X) constituted the largest supplier of air compressors mounted on a wheeled chassis for towing to South Korea, comprising 53% of total imports. The second position in the ranking was taken by China ($X), with a 22% share of total imports. It was followed by the United States, with a 14% share.

From 2012 to 2022, the average annual growth rate of value from Belgium amounted to +106.3%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.1% per year) and the United States (-10.4% per year).

Import Prices by Country

The average tow-behind air compressor import price stood at $X per unit in 2022, dropping by -3.4% against the previous year. Over the period under review, the import price continues to indicate a abrupt slump. The pace of growth was the most pronounced in 2018 when the average import price increased by 0.8%. 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 ($X per unit) and the Netherlands ($X per unit), while the price for the United States ($X per unit) and China ($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 (+0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :