Republic of Korea: Invalid Carriage Market 2025

Invalid Carriage Market Size in Republic of Korea

The South Korean invalid carriage market soared to $X in 2022, increasing by 47% against the previous year. Over the period under review, the total consumption indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +10.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +54.4% against 2020 indices. Over the period under review, the market reached the maximum level in 2022 and is likely to continue growth in the near future.

Invalid Carriage Production in Republic of Korea

In value terms, invalid carriage production declined to $X in 2022 estimated in export price. Overall, production, however, enjoyed a strong increase. The growth pace was the most rapid in 2013 with an increase of 99% against the previous year. Over the period under review, production hit record highs at $X in 2017; however, from 2018 to 2022, production failed to regain momentum.

Invalid Carriage Exports

Exports from Republic of Korea

After two years of growth, overseas shipments of invalid carriages not mechanically propelled decreased by -57.8% to X units in 2022. Overall, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 183% against the previous year. As a result, the exports reached the peak of X units. From 2015 to 2022, the growth of the exports failed to regain momentum.

In value terms, invalid carriage exports declined sharply to $X in 2022. Over the period under review, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2014 when exports increased by 109%. Over the period under review, the exports hit record highs at $X in 2015; however, from 2016 to 2022, the exports remained at a lower figure.

Exports by Country

Thailand (X units), Russia (X units) and China (X units) were the main destinations of invalid carriage exports from South Korea, with a combined 89% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Russia (with a CAGR of +48.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X), Russia ($X) and China ($X) were the largest markets for invalid carriage exported from South Korea worldwide, together accounting for 92% of total exports.

Russia, with a CAGR of +131.7%, saw the highest growth rate of 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

In 2022, the average invalid carriage export price amounted to $X per unit, picking up by 56% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the United States ($X per unit) and Taiwan (Chinese) ($X per unit), while the average price for exports to Russia ($X per unit) and Thailand ($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 Russia (+55.8%), while the prices for the other major destinations experienced mixed trend patterns.

Invalid Carriage Imports

Imports into Republic of Korea

For the third consecutive year, South Korea recorded growth in overseas purchases of invalid carriages not mechanically propelled, which increased by 41% to X units in 2022. Over the period under review, total imports indicated prominent growth from 2012 to 2022: its volume increased at an average annual rate of +7.7% 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 +114.3% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, invalid carriage imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest supplier of invalid carriage to South Korea, accounting for a 88% share of total imports. It was followed by Germany (X units), with a 1.2% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at +7.3%.

In value terms, China ($X) constituted the largest supplier of invalid carriages not mechanically propelled to South Korea, comprising 71% of total imports. The second position in the ranking was held by Germany ($X), with a 6.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from China totaled +6.6%.

Import Prices by Country

In 2022, the average invalid carriage import price amounted to $X per unit, shrinking by -20.9% against the previous year. Over the period under review, the import price saw a noticeable reduction. The most prominent rate of growth was recorded in 2016 an increase of 21% against the previous year. As a result, import price attained the peak level of $X per unit. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Germany ($X per unit), while the price for China stood at $X per unit.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.7%).

Source: IndexBox Platform

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