Republic of Korea: Motorised Invalid Carriage Market 2024

Motorised Invalid Carriage Market Size in Republic of Korea

In 2021, the South Korean motorised invalid carriage market was finally on the rise to reach $X for the first time since 2016, thus ending a four-year declining trend. Over the period under review, the total consumption indicated a resilient expansion from 2012 to 2021: its value increased at an average annual rate of +5.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Motorised Invalid Carriage Production in Republic of Korea

In value terms, motorised invalid carriage production rose notably to $X in 2021 estimated in export price. Over the period under review, the total production indicated a remarkable increase from 2012 to 2021: its value increased at an average annual rate of +6.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -13.5% against 2017 indices. The most prominent rate of growth was recorded in 2013 when the production volume increased by 108%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth remained at a somewhat lower figure.

Motorised Invalid Carriage Exports

Exports from Republic of Korea

After six years of growth, shipments abroad of invalid carriages motorised or mechanically propelled decreased by -68.4% to X units in 2021. Over the period under review, exports, however, saw a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 908%. Over the period under review, the exports attained the maximum at X units in 2020, and then reduced remarkably in the following year.

In value terms, motorised invalid carriage exports reduced remarkably to $X in 2021. In general, exports, however, continue to indicate significant growth. The pace of growth appeared the most rapid in 2017 when exports increased by 849% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2020, and then reduced sharply in the following year.

Exports by Country

The Philippines (X units), Russia (X units) and Uzbekistan (X units) were the main destinations of motorised invalid carriage exports from South Korea, with a combined 95% share of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +330.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for motorised invalid carriage exported from South Korea were the Philippines ($X), Russia ($X) and Uzbekistan ($X), together accounting for 89% of total exports.

Among the main countries of destination, the Philippines, with a CAGR of +584.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average motorised invalid carriage export price stood at $X per unit in 2021, standing approx. at the previous year. In general, the export price enjoyed a remarkable increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 133% against the previous year. The export price peaked at $X per unit in 2015; however, from 2016 to 2021, the export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per unit) and Russia ($X per unit), while the average price for exports to Jordan ($X per unit) and Uzbekistan ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+108.3%), while the prices for the other major destinations experienced more modest paces of growth.

Motorised Invalid Carriage Imports

Imports into Republic of Korea

In 2021, overseas purchases of invalid carriages motorised or mechanically propelled increased by 56% to X units for the first time since 2018, thus ending a two-year declining trend. In general, imports saw a buoyant increase. The pace of growth was the most pronounced in 2018 when imports increased by 196% against the previous year. As a result, imports attained the peak of X units. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, motorised invalid carriage imports skyrocketed to $X in 2021. Overall, imports posted a remarkable increase. The growth pace was the most rapid in 2015 with an increase of 168%. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, China (X units) constituted the largest motorised invalid carriage supplier to South Korea, accounting for a 55% share of total imports. Moreover, motorised invalid carriage imports from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), threefold. The third position in this ranking was taken by Germany (X units), with a 10% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +9.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (-5.9% per year) and Germany (+18.1% per year).

In value terms, China ($X), Taiwan (Chinese) ($X) and Germany ($X) were the largest motorised invalid carriage suppliers to South Korea, with a combined 66% share of total imports.

Germany, with a CAGR of +15.8%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average motorised invalid carriage import price stood at $X per unit in 2021, waning by -17% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.2%. The growth pace was the most rapid in 2013 when the average import price increased by 31%. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+5.0%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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