Republic of Korea: Jacks And Hoists Market 2024

Jacks And Hoists Market Size in Republic of Korea

The South Korean jacks and hoists market fell to $X in 2022, reducing by -5.4% against the previous year. Over the period under review, consumption recorded a perceptible reduction. 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.

Jacks And Hoists Production in Republic of Korea

In value terms, jacks and hoists production fell to $X in 2022 estimated in export price. Overall, production showed a perceptible descent. The most prominent rate of growth was recorded in 2016 with an increase of 79%. As a result, production attained the peak level of $X. From 2017 to 2022, production growth remained at a somewhat lower figure.

Jacks And Hoists Exports

Exports from Republic of Korea

In 2022, overseas shipments of jacks and hoists for raising vehicles increased by 225% to X units, rising for the second consecutive year after four years of decline. Over the period under review, exports posted a remarkable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, jacks and hoists exports contracted to $X in 2022. In general, exports posted a moderate expansion. The pace of growth appeared the most rapid in 2014 with an increase of 109%. Over the period under review, the exports reached the peak figure at $X in 2016; however, from 2017 to 2022, the exports failed to regain momentum.

Exports by Country

The United States (X units) was the main destination for jacks and hoists exports from South Korea, with a 14% share of total exports. Moreover, jacks and hoists exports to the United States exceeded the volume sent to the second major destination, Mexico (X units), twofold. The third position in this ranking was taken by India (X units), with a 5.8% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +5.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+16.2% per year) and India (+28.8% per year).

In value terms, the United States ($X) remains the key foreign market for jacks and hoists for raising vehicles exports from South Korea, comprising 42% of total exports. The second position in the ranking was taken by India ($X), with an 11% share of total exports. It was followed by Mexico, with a 10% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled +19.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: India (+20.8% per year) and Mexico (+24.7% per year).

Export Prices by Country

The average jacks and hoists export price stood at $X per unit in 2022, with a decrease of -73.3% against the previous year. Over the period under review, the export price continues to indicate a abrupt slump. The growth pace was the most rapid in 2020 when the average export price increased by 24% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2021 to 2022, the average export prices remained 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 Indonesia ($X per unit), while the average price for exports to the Czech Republic ($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 the United States (+13.0%), while the prices for the other major destinations experienced more modest paces of growth.

Jacks And Hoists Imports

Imports into Republic of Korea

In 2022, jacks and hoists imports into South Korea soared to X units, growing by 56% against 2021 figures. Overall, imports enjoyed a buoyant expansion. The growth pace was the most rapid in 2015 when imports increased by 369% against the previous year. As a result, imports attained the peak of X units. From 2016 to 2022, the growth of imports remained at a lower figure.

In value terms, jacks and hoists imports dropped modestly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 286%. As a result, imports reached the peak of $X. From 2016 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest jacks and hoists supplier to South Korea, accounting for a 34% share of total imports. Moreover, jacks and hoists imports from China exceeded the figures recorded by the second-largest supplier, the Netherlands (X units), fourfold. The United States (X units) ranked third in terms of total imports with a 2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +13.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+53.6% per year) and the United States (-25.3% per year).

In value terms, China ($X) constituted the largest supplier of jacks and hoists for raising vehicles to South Korea, comprising 55% of total imports. The second position in the ranking was taken by France ($X), with a 20% share of total imports. It was followed by the Netherlands, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +14.2%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+40.3% per year) and the Netherlands (+28.8% per year).

Import Prices by Country

In 2022, the average jacks and hoists import price amounted to $X per unit, with a decrease of -36.7% against the previous year. Over the period under review, the import price saw a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 when the average import price increased by 52%. As a result, import price attained the peak level of $X per unit. From 2014 to 2022, the average 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 France ($X per unit), while the price for the United States ($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 (+6.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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