Republic of Korea: Concrete-Mixer Lorry Market 2025

Concrete-Mixer Lorry Market Size in Republic of Korea

In 2022, the South Korean concrete-mixer lorry market increased by 0.6% to $X, rising for the seventh consecutive year after two years of decline. In general, consumption continues to indicate a prominent expansion. Concrete-mixer lorry consumption peaked in 2022 and is expected to retain growth in the immediate term.

Concrete-Mixer Lorry Production in Republic of Korea

In value terms, concrete-mixer lorry production dropped modestly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 10% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Concrete-Mixer Lorry Exports

Exports from Republic of Korea

In 2022, approx. X units of concrete-mixer lorries were exported from South Korea; shrinking by -43.9% on 2021. Overall, exports faced a significant curtailment. The pace of growth was the most pronounced in 2014 with an increase of 48% against the previous year. The exports peaked at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, concrete-mixer lorry exports dropped notably to $X in 2022. Over the period under review, exports continue to indicate a dramatic downturn. The pace of growth appeared the most rapid in 2014 with an increase of 48%. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

The Philippines (X units), Russia (X units) and Iraq (X units) were the main destinations of concrete-mixer lorry exports from South Korea, with a combined 65% share of total exports. Nigeria, Cambodia and Mongolia lagged somewhat behind, together comprising a further 35%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cambodia (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, the Philippines ($X), Russia ($X) and Iraq ($X) were the largest markets for concrete-mixer lorry exported from South Korea worldwide, together accounting for 69% of total exports. Nigeria, Cambodia and Mongolia lagged somewhat behind, together comprising a further 31%.

Cambodia, with a CAGR of +2.2%, recorded 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 more modest paces of growth.

Export Prices by Country

In 2022, the average concrete-mixer lorry export price amounted to $X per unit, rising by 30% against the previous year. Over the last decade, it increased at an average annual rate of +2.9%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Iraq ($X per unit), while the average price for exports to Mongolia ($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 Lao People's Democratic Republic (+7.8%), while the prices for the other major destinations experienced more modest paces of growth.

Concrete-Mixer Lorry Imports

Imports into Republic of Korea

In 2022, after two years of decline, there was significant growth in supplies from abroad of concrete-mixer lorries, when their volume increased by 100% to X units. Over the period under review, imports, however, showed a precipitous setback. The most prominent rate of growth was recorded in 2018 with an increase of 200% against the previous year. Over the period under review, imports reached the maximum at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, concrete-mixer lorry imports shrank dramatically to $X in 2022. Overall, imports, however, continue to indicate a precipitous decrease. The pace of growth was the most pronounced in 2018 when imports increased by 808% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The Philippines (X units) and China (X units) were the main suppliers of concrete-mixer lorry imports to South Korea.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Philippines (with a CAGR of 0.0%).

In value terms, the Philippines ($X) constituted the largest supplier of concrete-mixer lorries to South Korea, comprising 100% of total imports. The second position in the ranking was taken by China ($X), with a 0.3% share of total imports.

From 2012 to 2022, the average annual growth rate of value from the Philippines was relatively modest.

Import Prices by Country

The average concrete-mixer lorry import price stood at $X per unit in 2022, dropping by -77% against the previous year. In general, the import price saw a abrupt decrease. The growth pace was the most rapid in 2018 an increase of 203% against the previous year. The import price peaked at $X per unit in 2021, and then reduced remarkably in the following year.

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 Philippines ($X per unit), while the price for China amounted to $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+109.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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