Republic of Korea: Lifting Equipment Market 2024

Lifting Equipment Market Size in Republic of Korea

The South Korean lifting equipment market expanded sharply to $X in 2021, growing by 9.1% against the previous year. In general, consumption, however, recorded a pronounced reduction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Lifting Equipment Production in Republic of Korea

In value terms, lifting equipment production reduced modestly to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2017 with an increase of 14% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Lifting Equipment Exports

Exports from Republic of Korea

In 2021, shipments abroad of lifting equipment decreased by -54.2% to X units, falling for the third consecutive year after two years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 436%. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, lifting equipment exports fell dramatically to $X in 2021. In general, exports showed a noticeable decline. The growth pace was the most rapid in 2013 when exports increased by 309% against the previous year. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Norway (X units), Japan (X units) and China (X units) were the main destinations of lifting equipment exports from South Korea, with a combined 65% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Japan (with a CAGR of +37.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Norway ($X), China ($X) and Japan ($X) were the largest markets for lifting equipment exported from South Korea worldwide, together accounting for 65% of total exports. These countries were followed by Italy, the United States, Singapore, Romania, Vietnam and Russia, which together accounted for a further 24%.

Among the main countries of destination, Italy, with a CAGR of +51.8%, recorded the highest growth rate of 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

In 2021, the average lifting equipment export price amounted to $X per unit, rising by 24% against the previous year. Overall, the export price, however, recorded a perceptible setback. The growth pace was the most rapid in 2015 an increase of 75% against the previous year. The export price peaked at $X per unit in 2016; however, from 2017 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Italy ($X per unit), while the average price for exports to Singapore ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+25.2%), while the prices for the other major destinations experienced more modest paces of growth.

Lifting Equipment Imports

Imports into Republic of Korea

In 2021, approx. X units of lifting equipment were imported into South Korea; with an increase of 46% compared with the previous year. Over the period under review, imports showed tangible growth. The most prominent rate of growth was recorded in 2019 with an increase of 134%. Over the period under review, imports hit record highs at X units in 2015; however, from 2016 to 2021, imports remained at a lower figure.

In value terms, lifting equipment imports dropped to $X in 2021. In general, imports, however, saw a abrupt curtailment. The growth pace was the most rapid in 2013 with an increase of 153%. Over the period under review, imports hit record highs at $X in 2014; however, from 2015 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X units) constituted the largest supplier of lifting equipment to South Korea, accounting for a 58% share of total imports. Moreover, lifting equipment imports from China exceeded the figures recorded by the second-largest supplier, Norway (X units), eightfold. The third position in this ranking was taken by Latvia (X units), with a 6.2% share.

From 2012 to 2021, the average annual growth rate of volume from China totaled +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (-1.6% per year) and Latvia (0.0% per year).

In value terms, China ($X) constituted the largest supplier of lifting equipment to South Korea, comprising 32% of total imports. The second position in the ranking was held by Denmark ($X), with a 10% share of total imports. It was followed by Germany, with an 8.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China totaled -22.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Denmark (+56.3% per year) and Germany (-7.4% per year).

Import Prices by Country

The average lifting equipment import price stood at $X per unit in 2021, falling by -40.6% against the previous year. Over the period under review, the import price continues to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2013 an increase of 38%. As a result, import price attained the peak level of $X per unit. From 2014 to 2021, 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 Denmark ($X per unit), while the price for Latvia ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Denmark (+0.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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