Republic of Korea: Market for Mechanical Shovels, Excavators And Shovel Loaders 2024

Market Size for Mechanical Shovels, Excavators And Shovel Loaders in Republic of Korea

In 2021, the South Korean mechanical shovel and excavator market was finally on the rise to reach $X for the first time since 2017, thus ending a three-year declining trend. Overall, consumption, however, continues to indicate a noticeable reduction. Mechanical shovel and excavator consumption peaked at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

Production of Mechanical Shovels, Excavators And Shovel Loaders in Republic of Korea

In value terms, mechanical shovel and excavator production rose rapidly to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a abrupt slump. The most prominent rate of growth was recorded in 2017 with an increase of 25% against the previous year. Mechanical shovel and excavator production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Exports of Mechanical Shovels, Excavators And Shovel Loaders

Exports from Republic of Korea

After two years of decline, shipments abroad of mechanical shovels, excavators and shovel loaders increased by 10% to X units in 2021. Over the period under review, exports, however, recorded a abrupt slump. The pace of growth appeared the most rapid in 2017 when exports increased by 39%. The exports peaked at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, mechanical shovel and excavator exports skyrocketed to $X in 2021. Overall, exports, however, showed a perceptible descent. Over the period under review, the exports reached the maximum at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Belgium (X units) and the Netherlands (X units) were the main destinations of mechanical shovel and excavator exports from South Korea, together comprising 42% of total exports. Vietnam, Russia, Pakistan, the UK, China, Australia, the Philippines, Indonesia, Myanmar and Turkey lagged somewhat behind, together accounting for a further 30%.

From 2012 to 2021, the biggest increases were recorded for Pakistan (with a CAGR of +24.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for mechanical shovel and excavator exported from South Korea were Belgium ($X), the United States ($X) and Russia ($X), together accounting for 39% of total exports. The Netherlands, China, the UK, Indonesia, Vietnam, Australia, Turkey, the Philippines, Pakistan and Myanmar lagged somewhat behind, together comprising a further 29%.

In terms of the main countries of destination, the Netherlands, with a CAGR of +19.1%, 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 mechanical shovel and excavator export price stood at $X per unit in 2021, with an increase of 26% against the previous year. Over the last nine-year period, it increased at an average annual rate of +3.0%. The most prominent rate of growth was recorded in 2020 when the average export price increased by 33% against the previous year. The export price peaked in 2021 and is expected to retain growth in years to come.

There were significant differences in the average prices for the major overseas markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Pakistan ($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 the Netherlands (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Mechanical Shovels, Excavators And Shovel Loaders

Imports into Republic of Korea

In 2021, the amount of mechanical shovels, excavators and shovel loaders imported into South Korea skyrocketed to X units, with an increase of 36% compared with 2020 figures. Over the period under review, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2016 with an increase of 76% against the previous year. Imports peaked in 2021 and are likely to continue growth in the immediate term.

In value terms, mechanical shovel and excavator imports skyrocketed to $X in 2021. In general, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 with an increase of 54%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Japan (X units) constituted the largest supplier of mechanical shovel and excavator to South Korea, with a 58% share of total imports. Moreover, mechanical shovel and excavator imports from Japan exceeded the figures recorded by the second-largest supplier, the United States (X units), fourfold. China (X units) ranked third in terms of total imports with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Japan totaled +4.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+0.7% per year) and China (-0.7% per year).

In value terms, Japan ($X) constituted the largest supplier of mechanical shovels, excavators and shovel loaders to South Korea, comprising 52% of total imports. The second position in the ranking was taken by China ($X), with an 18% share of total imports. It was followed by the United States, with a 15% share.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+5.6% per year) and the United States (+1.9% per year).

Import Prices by Country

In 2021, the average mechanical shovel and excavator import price amounted to $X per unit, with an increase of 4.7% against the previous year. In general, the import price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 61% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+20.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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