Republic of Korea: Self-Propelled Boring Machinery Market 2024

Self-Propelled Boring Machinery Market Size in Republic of Korea

In 2022, the South Korean self-propelled boring machinery market was finally on the rise to reach $X after two years of decline. Overall, consumption saw a resilient expansion. Self-propelled boring machinery consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Self-Propelled Boring Machinery Production in Republic of Korea

In value terms, self-propelled boring machinery production shrank modestly to $X in 2022 estimated in export price. In general, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 7.6% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Self-Propelled Boring Machinery Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of self-propelled boring or sinking machinery, when their volume decreased by -8.7% to X units. Over the period under review, exports showed a slight descent. The growth pace was the most rapid in 2021 with an increase of 80%. Over the period under review, the exports attained the peak figure at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, self-propelled boring machinery exports soared to $X in 2022. Overall, exports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 when exports increased by 72% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Russia (X units), the United States (X units) and Australia (X units) were the main destinations of self-propelled boring machinery exports from South Korea, together accounting for 30% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United States (with a CAGR of +51.1%), while the other leaders experienced more modest paces of growth.

In value terms, Russia ($X), the United States ($X) and Australia ($X) appeared to be the largest markets for self-propelled boring machinery exported from South Korea worldwide, with a combined 30% share of total exports.

Among the main countries of destination, the United States, with a CAGR of +42.7%, 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

In 2022, the average self-propelled boring machinery export price amounted to $X per unit, jumping by 35% against the previous year. In general, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Singapore ($X per unit) and Indonesia ($X per unit), while the average price for exports to Vietnam ($X per unit) and Mexico ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+6.0%), while the prices for the other major destinations experienced more modest paces of growth.

Self-Propelled Boring Machinery Imports

Imports into Republic of Korea

In 2022, the amount of self-propelled boring or sinking machinery imported into South Korea skyrocketed to X units, jumping by 54% on 2021 figures. Over the period under review, imports continue to indicate perceptible growth. The pace of growth was the most pronounced in 2020 with an increase of 150%. Over the period under review, imports attained the maximum at X units in 2015; however, from 2016 to 2022, imports remained at a lower figure.

In value terms, self-propelled boring machinery imports surged to $X in 2022. Overall, imports enjoyed resilient growth. The most prominent rate of growth was recorded in 2020 with an increase of 137% against the previous year. Imports peaked at $X in 2015; however, from 2016 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest self-propelled boring machinery supplier to South Korea, with a 61% share of total imports. Moreover, self-propelled boring machinery imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), sixfold. The third position in this ranking was taken by Sweden (X units), with an 8.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled +53.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.8% per year) and Sweden (+17.5% per year).

In value terms, China ($X) constituted the largest supplier of self-propelled boring or sinking machinery to South Korea, comprising 62% of total imports. The second position in the ranking was held by Japan ($X), with a 10% share of total imports. It was followed by Sweden, with an 8.8% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +77.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-10.3% per year) and Sweden (+19.9% per year).

Import Prices by Country

The average self-propelled boring machinery import price stood at $X per unit in 2022, jumping by 43% against the previous year. Over the last decade, it increased at an average annual rate of +2.6%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were India ($X per unit) and Sweden ($X per unit), while the price for Singapore ($X per unit) and Finland ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+15.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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