Republic of Korea: Bulldozer Market 2024

Bulldozer Market Size in Republic of Korea

The South Korean bulldozer market dropped sharply to $X in 2022, falling by -46.1% against the previous year. Overall, consumption recorded a relatively flat trend pattern. Over the period under review, the market reached the peak level at $X in 2016; however, from 2017 to 2022, consumption stood at a somewhat lower figure.

Bulldozer Production in Republic of Korea

In value terms, bulldozer production fell dramatically to $X in 2022 estimated in export price. Overall, production, however, recorded significant growth. The growth pace was the most rapid in 2013 when the production volume increased by 158,386,400%. Over the period under review, production reached the peak level at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Bulldozer Exports

Exports from Republic of Korea

In 2022, shipments abroad of bulldozers and angle dozers increased by 38% to X units for the first time since 2017, thus ending a four-year declining trend. Overall, exports recorded a slight increase. The growth pace was the most rapid in 2014 when exports increased by 182% against the previous year. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, bulldozer exports surged to $X in 2022. In general, exports posted a strong expansion. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for bulldozer exports from South Korea, accounting for a 83% share of total exports. Moreover, bulldozer exports to the United States exceeded the volume sent to the second major destination, the Philippines (X units), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume to the United States amounted to +56.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (+5.8% per year) and Egypt (+19.6% per year).

In value terms, the United States ($X) emerged as the key foreign market for bulldozers and angle dozers exports from South Korea, comprising 91% of total exports. The second position in the ranking was taken by Egypt ($X), with a 5% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +96.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Egypt (+49.6% per year) and the Philippines (-13.4% per year).

Export Prices by Country

In 2022, the average bulldozer export price amounted to $X per unit, increasing by 350% against the previous year. Overall, the export price saw a buoyant increase. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($X per unit), while the average price for exports to the Philippines ($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 the United States (+25.3%), while the prices for the other major destinations experienced more modest paces of growth.

Bulldozer Imports

Imports into Republic of Korea

Bulldozer imports into South Korea dropped to X units in 2022, with a decrease of -7.7% compared with the previous year. Overall, imports saw a mild reduction. The most prominent rate of growth was recorded in 2019 when imports increased by 174% against the previous year. As a result, imports attained the peak of X units. From 2020 to 2022, the growth of imports remained at a lower figure.

In value terms, bulldozer imports fell to $X in 2022. Over the period under review, imports recorded a slight setback. The most prominent rate of growth was recorded in 2019 with an increase of 180%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, the United States (X units) constituted the largest bulldozer supplier to South Korea, accounting for a 56% share of total imports. Moreover, bulldozer imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was held by Poland (X units), with a 14% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at +29.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.2% per year) and Poland (+17.5% per year).

In value terms, the United States ($X) constituted the largest supplier of bulldozers and angle dozers to South Korea, comprising 55% of total imports. The second position in the ranking was taken by Japan ($X), with a 19% share of total imports. It was followed by Poland, with a 16% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +26.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-11.2% per year) and Poland (+16.1% per year).

Import Prices by Country

In 2022, the average bulldozer import price amounted to $X per unit, leveling off at the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 25%. The import price peaked at $X per unit in 2013; however, from 2014 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 France ($X per unit) and Poland ($X per unit), while the price for Japan ($X per unit) and the United States ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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