Republic of Korea: Lift And Hoist Market 2024

Lift And Hoist Market Size in Republic of Korea

The South Korean lift and hoist market shrank to $X in 2022, with a decrease of -2.6% against the previous year. In general, consumption continues to indicate a deep contraction. Lift and hoist consumption peaked at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Lift And Hoist Production in Republic of Korea

In value terms, lift and hoist production reached $X in 2022 estimated in export price. Overall, production, however, showed a abrupt downturn. The growth pace was the most rapid in 2016 with an increase of 20% against the previous year. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2022, production stood at a somewhat lower figure.

Lift And Hoist Exports

Exports from Republic of Korea

In 2022, overseas shipments of lifts and hoists increased by 15% to X units for the first time since 2018, thus ending a three-year declining trend. In general, exports, however, saw a noticeable contraction. The pace of growth was the most pronounced in 2017 when exports increased by 36%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, lift and hoist exports skyrocketed to $X in 2022. Over the period under review, exports, however, saw a perceptible shrinkage. The pace of growth appeared the most rapid in 2017 with an increase of 18% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Bangladesh (X units), the United States (X units) and the Philippines (X units) were the main destinations of lift and hoist exports from South Korea, together comprising 33% of total exports. Vietnam, Thailand, Hungary, Germany, India, Egypt, Japan, Australia, Saudi Arabia and Indonesia lagged somewhat behind, together accounting for a further 40%.

From 2012 to 2022, the biggest increases were recorded for Hungary (with a CAGR of +201.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Bangladesh ($X), the United States ($X) and the Philippines ($X) constituted the largest markets for lift and hoist exported from South Korea worldwide, together comprising 33% of total exports. Vietnam, Thailand, Hungary, Germany, India, Egypt, Japan, Australia, Saudi Arabia and Indonesia lagged somewhat behind, together comprising a further 40%.

Hungary, with a CAGR of +209.7%, 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

In 2022, the average lift and hoist export price amounted to $X per unit, leveling off at the previous year. Overall, the export price, however, recorded a noticeable shrinkage. The growth pace was the most rapid in 2016 when the average export price increased by 15% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2017 to 2022, the average export prices failed to regain momentum.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Hungary ($X per unit) and Egypt ($X per unit), while the average price for exports to Japan ($X per unit) and India ($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 Hungary (+2.9%), while the prices for the other major destinations experienced mixed trend patterns.

Lift And Hoist Imports

Imports into Republic of Korea

In 2022, supplies from abroad of lifts and hoists was finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, showed a deep slump. The pace of growth appeared the most rapid in 2013 with an increase of 98%. As a result, imports attained the peak of X units. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, lift and hoist imports soared to $X in 2022. Overall, imports, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2013 with an increase of 106% against the previous year. As a result, imports attained the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

In 2022, China (X units) constituted the largest lift and hoist supplier to South Korea, with a 47% share of total imports. Moreover, lift and hoist imports from China exceeded the figures recorded by the second-largest supplier, Japan (X units), twofold. The United States (X units) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled -2.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+2.2% per year) and the United States (-13.2% per year).

In value terms, China ($X) constituted the largest supplier of lifts and hoists to South Korea, comprising 47% of total imports. The second position in the ranking was held by Japan ($X), with a 22% share of total imports. It was followed by the United States, with an 11% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to -4.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (+0.4% per year) and the United States (-14.7% per year).

Import Prices by Country

In 2022, the average lift and hoist import price amounted to $X per unit, shrinking by -5.1% against the previous year. Over the period under review, the import price saw a slight downturn. The pace of growth appeared the most rapid in 2014 when the average import price increased by 8.9% against the previous year. As a result, import price attained the peak level of $X per unit. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were the Netherlands ($X per unit) and Sweden ($X per unit), while the price for Singapore ($X per unit) and China ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (-0.3%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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