Republic of Korea: Hydraulic Jack Market 2024

Hydraulic Jack Market Size in Republic of Korea

The South Korean hydraulic jack market contracted to $X in 2022, declining by -11.2% against the previous year. Overall, consumption, however, saw a slight increase. Over the period under review, the market hit record highs at $X in 2021, and then shrank in the following year.

Hydraulic Jack Production in Republic of Korea

In value terms, hydraulic jack production dropped to $X in 2022 estimated in export price. Overall, production, however, posted temperate growth. The most prominent rate of growth was recorded in 2019 when the production volume increased by 279% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

Hydraulic Jack Exports

Exports from Republic of Korea

In 2022, hydraulic jack exports from South Korea rose remarkably to X units, with an increase of 12% compared with the year before. Over the period under review, exports recorded a strong expansion. The most prominent rate of growth was recorded in 2016 with an increase of 216%. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, hydraulic jack exports reduced to $X in 2022. Overall, exports, however, saw a pronounced decline. The growth pace was the most rapid in 2016 with an increase of 275% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

The United States (X units), Japan (X units) and Austria (X units) were the main destinations of hydraulic jack exports from South Korea, together comprising 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Austria (with a CAGR of +225.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Japan ($X) and Austria ($X) appeared to be the largest markets for hydraulic jack exported from South Korea worldwide, together accounting for 74% of total exports.

Austria, with a CAGR of +204.4%, 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

The average hydraulic jack export price stood at $X per unit in 2022, dropping by -18.1% against the previous year. In general, the export price showed a abrupt slump. The pace of growth appeared the most rapid in 2016 an increase of 18%. Over the period under review, the average export prices reached the maximum at $X per unit in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to Russia ($X per unit) and the United States ($X per unit), while the average price for exports to the Netherlands ($X per unit) and India ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Austria (-6.6%), while the prices for the other major destinations experienced a decline.

Hydraulic Jack Imports

Imports into Republic of Korea

In 2022, imports of hydraulic jacks and hoists for raising vehicles into South Korea fell to X units, which is down by -9.1% on the previous year's figure. Over the period under review, imports, however, enjoyed a notable increase. The pace of growth was the most pronounced in 2014 with an increase of 176% against the previous year. Imports peaked at X units in 2021, and then fell in the following year.

In value terms, hydraulic jack imports surged to $X in 2022. In general, imports, however, saw a perceptible increase. The pace of growth appeared the most rapid in 2014 with an increase of 177% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X units) constituted the largest hydraulic jack supplier to South Korea, accounting for a 60% share of total imports. Moreover, hydraulic jack imports from China exceeded the figures recorded by the second-largest supplier, Sweden (X units), threefold. The third position in this ranking was taken by the Netherlands (X units), with a 7% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +18.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Sweden (+135.3% per year) and the Netherlands (+2.6% per year).

In value terms, Sweden ($X), China ($X) and the United States ($X) were the largest hydraulic jack suppliers to South Korea, together accounting for 90% of total imports.

Among the main suppliers, Sweden, with a CAGR of +134.9%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average hydraulic jack import price amounted to $X per unit, picking up by 29% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The import price peaked at $X per unit in 2014; however, from 2015 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 France ($X per unit), while the price for the Netherlands ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+18.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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