Report Update Feb 1, 2025

Republic of Korea - Electric Locomotives - Market Analysis, Forecast, Size, Trends and Insights

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Republic of Korea: Electric Locomotive Market 2025

Electric Locomotive Market Size in Republic of Korea

In 2021, the South Korean electric locomotive market decreased by -93.2% to $X, falling for the sixth year in a row after four years of growth. Overall, consumption saw a sharp decline. Electric locomotive consumption peaked at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Electric Locomotive Production in Republic of Korea

In value terms, electric locomotive production reached $X in 2021 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 12%. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2021, production remained at a lower figure.

Electric Locomotive Exports

Exports from Republic of Korea

For the third consecutive year, South Korea recorded growth in shipments abroad of electric locomotives, which increased by 210% to X units in 2021. In general, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when exports increased by 1,300% against the previous year. Over the period under review, the exports hit record highs in 2021 and are likely to see gradual growth in years to come.

In value terms, electric locomotive exports soared to $X in 2021. Over the period under review, exports saw a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 298%. The exports peaked in 2021 and are expected to retain growth in the near future.

Exports by Country

South Africa (X units), Hong Kong SAR (X units) and New Zealand (X units) were the main destinations of electric locomotive exports from South Korea, together accounting for 99% of total exports.

From 2012 to 2021, the biggest increases were recorded for Hong Kong SAR (with a CAGR of +231.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Hong Kong SAR ($X) remains the key foreign market for electric locomotives exports from South Korea, comprising 99.9% of total exports. The second position in the ranking was taken by New Zealand ($X), with less than 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Hong Kong SAR stood at +40.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: New Zealand (-3.2% per year) and South Africa (+9.2% per year).

Export Prices by Country

In 2021, the average electric locomotive export price amounted to $X per unit, declining by -14.2% against the previous year. Overall, the export price showed a precipitous shrinkage. The growth pace was the most rapid in 2014 an increase of 87%. Over the period under review, the average export prices hit record highs at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Hong Kong SAR ($X per unit), while the average price for exports to South Africa (less than $X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Africa (-55.9%).

Electric Locomotive Imports

Imports into Republic of Korea

For the fourth consecutive year, South Korea recorded decline in supplies from abroad of electric locomotives, which decreased by 0% to X units in 2021. Over the period under review, imports recorded a dramatic setback. The pace of growth appeared the most rapid in 2017 with an increase of 1,600% against the previous year. Over the period under review, imports reached the maximum at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, electric locomotive imports surged to $X in 2021. In general, imports continue to indicate a slight curtailment. The growth pace was the most rapid in 2017 with an increase of 3,263% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

From 2012 to 2021, the average annual growth rate of volume from No country was relatively modest.

In value terms, Germany ($X) constituted the largest supplier of electric locomotives to South Korea, comprising 63% of total imports. The second position in the ranking was held by China ($X), with a 14% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +110.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-3.0% per year) and the UK (-22.2% per year).

Import Prices by Country

In 2021, the average electric locomotive import price amounted to $X per unit, with an increase of 58% against the previous year. Overall, the import price showed a significant increase. The pace of growth appeared the most rapid in 2014 an increase of 145%. Over the period under review, average import prices attained the maximum in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for the UK totaled $X per unit.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+89.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for electric locomotives in the world?

India constituted the country with the largest volume of electric locomotive consumption, accounting for 30% of total volume. Moreover, electric locomotive consumption in India exceeded the figures recorded by the second-largest consumer, Japan, fourfold. The third position in this ranking was occupied by Saudi Arabia, with a 5.4% share.

What are the largest producers of electric locomotives in the world?

India remains the largest electric locomotive producing country worldwide, comprising approx. 35% of total volume. Moreover, electric locomotive production in India exceeded the figures recorded by the second-largest producer, Germany, threefold. Japan ranked third in terms of total production with an 8.3% share.

What are the leading suppliers of electric locomotives to Republic of Korea?

In value terms, Germany constituted the largest supplier of electric locomotive to South Korea, comprising 70% of total imports. The second position in the ranking was occupied by the United States, with a 24% share of total imports. It was followed by China, with a 3.3% share.

What are the leading importers of electric locomotives from Republic of Korea?

In value terms, Malaysia remains the key foreign market for electric locomotive exports from South Korea, comprising 33% of total exports. The second position in the ranking was occupied by South Africa, with a 3.1% share of total exports.

What is the average export price for electric locomotives in Republic of Korea?

In 2021, the average electric locomotive export price amounted to $18,559 per unit, dropping by -5.4% against the previous year.

What is the average import price for electric locomotives in Republic of Korea?

The average electric locomotive import price stood at $29,175 per unit in 2021, waning by -2% against the previous year.

This report provides an in-depth analysis of the electric locomotive market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 30201100 - Rail locomotives powered from an external source of electricity
Prodcom 30201300 - Other rail locomotives, locomotive tenders

Country coverage:

South Korea

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Republic of Korea
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2024
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2024
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2024
2. Market Volume, In Physical Terms, 2012–2024
3. Market Value, 2012–2024
4. Per Capita Consumption In 2012-2024
5. Imports, In Physical Terms, By Country, 2012–2024
6. Imports, In Value Terms, By Country, 2012–2024
7. Import Prices, By Country Of Origin, 2012–2024
8. Exports, In Physical Terms, By Country, 2012–2024
9. Exports, In Value Terms, By Country, 2012–2024
10. Export Prices, By Country Of Destination, 2012–2024
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2024
2. Market Value, 2012–2024
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
5. Trade Balance, In Physical Terms, 2012-2024
6. Trade Balance, In Value Terms, 2012-2024
7. Per Capita Consumption, 2012-2024
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2024
22. Production, In Value Terms, 2012–2024
23. Imports, In Physical Terms, 2012–2024
24. Imports, In Value Terms, 2012–2024
25. Imports, In Physical Terms, By Country, 2024
26. Imports, In Physical Terms, By Country, 2012–2024
27. Imports, In Value Terms, By Country, 2012–2024
28. Import Prices, By Country Of Origin, 2012–2024
29. Exports, In Physical Terms, 2012–2024
30. Exports, In Value Terms, 2012–2024
31. Exports, In Physical Terms, By Country, 2024
32. Exports, In Physical Terms, By Country, 2012–2024
33. Exports, In Value Terms, By Country, 2012–2024
34. Export Prices, By Country Of Destination, 2012–2024