Republic of Korea: Non-Self-Propelled Fork-Lift Truck Market 2024

Non-Self-Propelled Fork-Lift Truck Market Size in Republic of Korea

The South Korean non-self-propelled fork-lift truck market reduced to $X in 2022, declining by -8.2% against the previous year. In general, consumption, however, showed a slight expansion. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Non-Self-Propelled Fork-Lift Truck Production in Republic of Korea

In value terms, non-self-propelled fork-lift truck production dropped to $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2016 when the production volume increased by 33% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth remained at a lower figure.

Non-Self-Propelled Fork-Lift Truck Exports

Exports from Republic of Korea

In 2022, the amount of non-self-propelled fork-lift trucks exported from South Korea soared to X units, picking up by 306% on 2021. Overall, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2016 with an increase of 613% against the previous year. Over the period under review, the exports hit record highs in 2022 and are expected to retain growth in years to come.

In value terms, non-self-propelled fork-lift truck exports skyrocketed to $X in 2022. In general, exports recorded a buoyant increase. The pace of growth appeared the most rapid in 2016 when exports increased by 551%. Over the period under review, the exports hit record highs at $X in 2017; however, from 2018 to 2022, the exports remained at a lower figure.

Exports by Country

India (X units), Taiwan (Chinese) (X units) and Hungary (X units) were the main destinations of non-self-propelled fork-lift truck exports from South Korea, with a combined 78% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +109.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for non-self-propelled fork-lift truck exported from South Korea were India ($X), the United States ($X) and Hungary ($X), together accounting for 64% of total exports. Taiwan (Chinese), China, the Netherlands, Vietnam, Belgium, Singapore and Nigeria lagged somewhat behind, together accounting for a further 28%.

Taiwan (Chinese), with a CAGR of +156.3%, recorded the highest growth rate of the value of exports, among 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

The average non-self-propelled fork-lift truck export price stood at $X per unit in 2022, declining by -67.1% against the previous year. Over the period under review, the export price showed a abrupt shrinkage. The most prominent rate of growth was recorded in 2017 an increase of 21% against the previous year. The export price peaked at $X per unit in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

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 ($X per unit), while the average price for exports to Singapore ($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) (+22.3%), while the prices for the other major destinations experienced more modest paces of growth.

Non-Self-Propelled Fork-Lift Truck Imports

Imports into Republic of Korea

In 2022, the amount of non-self-propelled fork-lift trucks imported into South Korea expanded significantly to X units, growing by 6.1% on 2021. Over the period under review, imports recorded a resilient increase. The growth pace was the most rapid in 2020 when imports increased by 68% against the previous year. As a result, imports attained the peak of X units. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, non-self-propelled fork-lift truck imports shrank to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +6.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +31.3% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of 36% against the previous year. Over the period under review, imports attained the peak figure at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, China (X units) was the main non-self-propelled fork-lift truck supplier to South Korea, with a approx. 99% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from China totaled +16.5%.

In value terms, China ($X) constituted the largest supplier of non-self-propelled fork-lift trucks to South Korea.

From 2012 to 2022, the average annual growth rate of value from China amounted to +8.3%.

Import Prices by Country

In 2022, the average non-self-propelled fork-lift truck import price amounted to $X per unit, falling by -10.5% against the previous year. Overall, the import price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2021 when the average import price increased by 44%. The import price peaked at $X per unit in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

As there is only one major supplying country, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for Saudi Arabia amounted to -1.7% per year.

Source: IndexBox Platform

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