Republic of Korea: Market for Diesel-Electric and Other Locomotives 2025

Market Size for Diesel-Electric and Other Locomotives in Republic of Korea

The South Korean diesel-electric and other locomotive market expanded rapidly to $X in 2022, rising by 6% against the previous year. In general, consumption recorded buoyant growth. Diesel-electric and other locomotive consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Diesel-Electric and Other Locomotives in Republic of Korea

In value terms, diesel-electric and other locomotive production rose sharply to $X in 2022 estimated in export price. Overall, production recorded a buoyant increase. The pace of growth appeared the most rapid in 2019 when the production volume increased by 43% against the previous year. Diesel-electric and other locomotive production peaked at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Diesel-Electric and Other Locomotives

Exports from Republic of Korea

In 2022, overseas shipments of diesel-electric and other locomotives decreased by -17.6% to X units for the first time since 2018, thus ending a three-year rising trend. In general, exports continue to indicate a abrupt setback. The pace of growth appeared the most rapid in 2021 with an increase of 31% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, diesel-electric and other locomotive exports dropped significantly to $X in 2022. Overall, exports, however, recorded a significant expansion. The growth pace was the most rapid in 2019 when exports increased by 282% against the previous year. Over the period under review, the exports hit record highs at $X in 2021, and then shrank sharply in the following year.

Exports by Country

Ireland (X units), Bangladesh (X units) and the Philippines (X units) were the main destinations of diesel-electric and other locomotive exports from South Korea, with a combined 86% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Bangladesh (with a CAGR of +17.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X) remains the key foreign market for diesel-electric and other locomotives exports from South Korea, comprising 93% of total exports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a 3.5% share of total exports. It was followed by Ireland, with a 2.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Bangladesh stood at +64.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (+149.7% per year) and Ireland (-17.0% per year).

Export Prices by Country

In 2022, the average diesel-electric and other locomotive export price amounted to $X per unit, falling by -11.4% against the previous year. Overall, the export price, however, posted a significant expansion. The most prominent rate of growth was recorded in 2019 an increase of 282% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2021, and then dropped in the following year.

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 Bangladesh ($X per unit), while the average price for exports to the Philippines ($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 Taiwan (Chinese) (+149.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Diesel-Electric and Other Locomotives

Imports into Republic of Korea

After three years of growth, purchases abroad of diesel-electric and other locomotives decreased by -44.4% to X units in 2022. Overall, imports showed a abrupt downturn. The growth pace was the most rapid in 2021 when imports increased by 125%. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, diesel-electric and other locomotive imports declined remarkably to $X in 2022. Over the period under review, imports showed a precipitous decrease. The pace of growth appeared the most rapid in 2016 with an increase of 180% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

China (X units), the United States (X units) and Italy (X units) were the main suppliers of diesel-electric and other locomotive imports to South Korea, together comprising 80% of total imports. These countries were followed by the UK, which accounted for a further 20%. Moreover, diesel-electric and other locomotive imports in China exceeded the figures recorded by the second-largest supplier, the United States, twofold.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the UK (with a CAGR of -12.9%), while imports for the other leaders experienced a decline.

In value terms, Italy ($X) constituted the largest supplier of diesel-electric and other locomotives to South Korea, comprising 80% of total imports. The second position in the ranking was taken by the UK ($X), with a 7.8% share of total imports. It was followed by the United States, with a 7.3% share.

From 2012 to 2022, the average annual growth rate of value from Italy amounted to -11.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (-20.3% per year) and the United States (-37.6% per year).

Import Prices by Country

In 2022, the average diesel-electric and other locomotive import price amounted to $X per unit, picking up by 52% against the previous year. In general, the import price, however, recorded a abrupt descent. The pace of growth appeared the most rapid in 2020 an increase of 134% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2017; however, from 2018 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 Italy ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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