Republic of Korea: Transportation Vehicle Body Market 2025

Transportation Vehicle Body Market Size in Republic of Korea

The South Korean transportation vehicle body market contracted to $X in 2022, waning by -7.1% against the previous year. Overall, consumption, however, posted a prominent increase. Transportation vehicle body consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Transportation Vehicle Body Production in Republic of Korea

In value terms, transportation vehicle body production contracted to $X in 2022 estimated in export price. In general, production, however, posted a prominent increase. The pace of growth appeared the most rapid in 2018 when the production volume increased by 88% against the previous year. Over the period under review, production attained the maximum level at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Transportation Vehicle Body Exports

Exports from Republic of Korea

In 2022, transportation vehicle body exports from South Korea surged to X units, jumping by 233% on the year before. Over the period under review, exports, however, saw a abrupt slump. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, transportation vehicle body exports surged to $X in 2022. In general, exports, however, faced a abrupt downturn. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

France (X units) was the main destination for transportation vehicle body exports from South Korea, accounting for a 46% share of total exports. Moreover, transportation vehicle body exports to France exceeded the volume sent to the second major destination, Slovakia (X units), threefold. The United States (X units) ranked third in terms of total exports with a 15% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to France amounted to +51.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Slovakia (+76.4% per year) and the United States (+64.0% per year).

In value terms, the largest markets for transportation vehicle body exported from South Korea were Slovakia ($X), India ($X) and France ($X), with a combined 79% share of total exports.

Among the main countries of destination, Slovakia, with a CAGR of +91.3%, recorded the highest rates of growth with regard to 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 transportation vehicle body export price stood at $X per unit in 2022, increasing by 10% against the previous year. Over the period under review, the export price, however, recorded a pronounced slump. The pace of growth was the most pronounced in 2018 an increase of 68%. Over the period under review, the average export prices reached the maximum at $X per unit in 2019; however, from 2020 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Slovakia ($X per unit), while the average price for exports to Spain ($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 Slovakia (+8.5%), while the prices for the other major destinations experienced mixed trend patterns.

Transportation Vehicle Body Imports

Imports into Republic of Korea

In 2022, the amount of bodies for motor vehicles for the transporting people imported into South Korea fell to X units, waning by -5.1% compared with 2021 figures. Overall, imports, however, enjoyed buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 420% against the previous year. As a result, imports reached the peak of X units, and then contracted in the following year.

In value terms, transportation vehicle body imports reduced dramatically to $X in 2022. Over the period under review, imports, however, showed a buoyant expansion. The most prominent rate of growth was recorded in 2014 with an increase of 381%. Over the period under review, imports reached the maximum at $X in 2021, and then dropped markedly in the following year.

Imports by Country

India (X units), Turkey (X units) and China (X units) were the main suppliers of transportation vehicle body imports to South Korea, together comprising 32% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +100.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of bodies for motor vehicles for the transporting people to South Korea, comprising 45% of total imports. The second position in the ranking was taken by India ($X), with a 21% share of total imports. It was followed by Turkey, with a 14% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +42.7%. The remaining supplying countries recorded the following average annual rates of imports growth: India (+75.4% per year) and Turkey (+54.6% per year).

Import Prices by Country

The average transportation vehicle body import price stood at $X per unit in 2022, declining by -48.2% against the previous year. Overall, the import price saw a noticeable setback. The most prominent rate of growth was recorded in 2017 when the average import price increased by 113%. The import price peaked at $X per unit in 2020; however, from 2021 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Czech Republic ($X per unit), while the price for Germany ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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