Republic of Korea: Trailer And Semi-Trailer Market 2024

Trailer And Semi-Trailer Market Size in Republic of Korea

The South Korean trailer and semi-trailer market amounted to $X in 2022, picking up by 4.5% against the previous year. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Trailer And Semi-Trailer Production in Republic of Korea

In value terms, trailer and semi-trailer production expanded modestly to $X in 2022 estimated in export price. Over the period under review, production showed mild growth. The pace of growth was the most pronounced in 2019 when the production volume increased by 99% against the previous year. Trailer and semi-trailer production peaked at $X in 2013; however, from 2014 to 2022, production remained at a lower figure.

Trailer And Semi-Trailer Exports

Exports from Republic of Korea

In 2022, overseas shipments of cargo trailers and semi-trailers increased by 36% to X units, rising for the second consecutive year after two years of decline. In general, exports, however, continue to indicate a slight downturn. The growth pace was the most rapid in 2018 with an increase of 94%. As a result, the exports attained the peak of X units. From 2019 to 2022, the growth of the exports failed to regain momentum.

In value terms, trailer and semi-trailer exports soared to $X in 2022. Overall, exports, however, recorded a slight reduction. The pace of growth was the most pronounced in 2019 with an increase of 45% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

The Philippines (X units) was the main destination for trailer and semi-trailer exports from South Korea, accounting for a 58% share of total exports. Moreover, trailer and semi-trailer exports to the Philippines exceeded the volume sent to the second major destination, Myanmar (X units), fourfold. The third position in this ranking was taken by Kuwait (X units), with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Philippines amounted to +22.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-11.3% per year) and Kuwait (+78.5% per year).

In value terms, Japan ($X), Kuwait ($X) and Myanmar ($X) constituted the largest markets for trailer and semi-trailer exported from South Korea worldwide, with a combined 58% share of total exports.

Kuwait, with a CAGR of +58.9%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average trailer and semi-trailer export price stood at $X per unit in 2022, waning by -10% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when the average export price increased by 149% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average 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 Japan ($X per unit), while the average price for exports to Mongolia ($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 Russia (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Trailer And Semi-Trailer Imports

Imports into Republic of Korea

In 2022, overseas purchases of cargo trailers and semi-trailers increased by 49% to X units for the first time since 2018, thus ending a three-year declining trend. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 51%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, trailer and semi-trailer imports soared to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when imports increased by 25%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports failed to regain momentum.

Imports by Country

China (X units), Turkey (X units) and the United States (X units) were the main suppliers of trailer and semi-trailer imports to South Korea, with a combined 75% share of total imports. Malaysia, Poland, Israel, Luxembourg and Germany lagged somewhat behind, together accounting for a further 21%.

From 2012 to 2022, the biggest increases were recorded for Malaysia (with a CAGR of +91.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Turkey ($X) constituted the largest supplier of cargo trailers and semi-trailers to South Korea, comprising 43% of total imports. The second position in the ranking was held by the United States ($X), with a 19% share of total imports. It was followed by China, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Turkey amounted to +79.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.5% per year) and China (+8.7% per year).

Import Prices by Country

In 2022, the average trailer and semi-trailer import price amounted to $X per unit, dropping by -17.5% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 51%. As a result, import price attained the peak level of $X per unit, and then plummeted in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Luxembourg ($X per unit), while the price for Israel ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+17.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform