Republic of Korea: Mobile Lifting Frame Market 2024

Mobile Lifting Frame Market Size in Republic of Korea

After four years of decline, the South Korean mobile lifting frame market increased by 15% to $X in 2021. Over the period under review, consumption, however, continues to indicate a deep contraction. Over the period under review, the market reached the maximum level at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Mobile Lifting Frame Production in Republic of Korea

In value terms, mobile lifting frame production rose significantly to $X in 2021 estimated in export price. In general, production, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2016 when the production volume increased by 28% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Mobile Lifting Frame Exports

Exports from Republic of Korea

In 2021, overseas shipments of mobile lifting frames on tyres and straddle carriers increased by 11% to X units for the first time since 2016, thus ending a four-year declining trend. Over the period under review, exports, however, saw a deep downturn. The pace of growth appeared the most rapid in 2016 when exports increased by 529% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2021, the growth of the exports failed to regain momentum.

In value terms, mobile lifting frame exports fell rapidly to $X in 2021. In general, exports, however, recorded a precipitous contraction. The most prominent rate of growth was recorded in 2016 when exports increased by 495% against the previous year. As a result, the exports reached the peak of $X. From 2017 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Thailand (X units), Indonesia (X units) and the Philippines (X units) were the main destinations of mobile lifting frame exports from South Korea, together accounting for 32% of total exports.

From 2012 to 2021, the biggest increases were recorded for the Philippines (with a CAGR of +3.5%), while shipments for the other leaders experienced a decline.

In value terms, Indonesia ($X), Thailand ($X) and the Philippines ($X) constituted the largest markets for mobile lifting frame exported from South Korea worldwide, together accounting for 35% of total exports.

In terms of the main countries of destination, the Philippines, with a CAGR of +13.8%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average mobile lifting frame export price stood at $X per unit in 2021, falling by -40.6% against the previous year. In general, the export price showed a abrupt shrinkage. The growth pace was the most rapid in 2019 an increase of 31% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2021, the average export prices remained at a lower figure.

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 the Philippines ($X per unit), while the average price for exports to Thailand ($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 Philippines (+10.0%), while the prices for the other major destinations experienced a decline.

Mobile Lifting Frame Imports

Imports into Republic of Korea

Mobile lifting frame imports into South Korea surged to X units in 2021, with an increase of 93% against the previous year. In general, imports, however, recorded a noticeable setback. The most prominent rate of growth was recorded in 2015 when imports increased by 376%. Over the period under review, imports reached the peak figure at X units in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, mobile lifting frame imports skyrocketed to $X in 2021. Overall, imports enjoyed buoyant growth. The most prominent rate of growth was recorded in 2015 when imports increased by 606%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, Germany (X units) constituted the largest mobile lifting frame supplier to South Korea, with a 47% share of total imports. Moreover, mobile lifting frame imports from Germany exceeded the figures recorded by the second-largest supplier, China (X units), eightfold.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany totaled +5.2%.

In value terms, Germany ($X) constituted the largest supplier of mobile lifting frames on tyres and straddle carriers to South Korea, comprising 47% of total imports. The second position in the ranking was held by China ($X), with a 5.6% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Germany totaled +10.4%.

Import Prices by Country

The average mobile lifting frame import price stood at $X per unit in 2021, picking up by 42% against the previous year. Overall, the import price showed a remarkable increase. The growth pace was the most rapid in 2014 when the average import price increased by 55%. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see steady growth in years to come.

Average prices varied noticeably amongst the major supplying countries. In 2021, 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 2021, the most notable rate of growth in terms of prices was attained by Indonesia (+197.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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