Republic of Korea: Motor Grader Market 2024

Motor Grader Market Size in Republic of Korea

The South Korean motor grader market shrank sharply to $X in 2022, falling by -55.5% against the previous year. Over the period under review, consumption, however, posted buoyant growth. As a result, consumption reached the peak level of $X, and then declined sharply in the following year.

Motor Grader Production in Republic of Korea

In value terms, motor grader production dropped significantly to $X in 2022 estimated in export price. In general, production faced a sharp decrease. The pace of growth was the most pronounced in 2021 when the production volume increased by 355,712,200%. Motor grader production peaked at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Motor Grader Exports

Exports from Republic of Korea

In 2022, after two years of decline, there was significant growth in overseas shipments of motor graders and levellers, when their volume increased by 156% to X units. Over the period under review, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 with an increase of 642% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, motor grader exports surged to $X in 2022. Overall, exports, however, showed a pronounced downturn. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Iraq (X units), Cuba (X units) and Cote d'Ivoire (X units) were the main destinations of motor grader exports from South Korea, with a combined 48% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Cuba (with a CAGR of 0.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for motor grader exported from South Korea were Iraq ($X), Cuba ($X) and Tajikistan ($X), together accounting for 78% of total exports. India, Kenya, Northern Mariana Islands, Cote d'Ivoire, Vanuatu, Vietnam, Pakistan, the Philippines, Russia and Indonesia lagged somewhat behind, together comprising a further 18%.

Vanuatu, with a CAGR of +28.4%, recorded the highest growth rate of the value of exports, among 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

The average motor grader export price stood at $X per unit in 2022, with an increase of 304% against the previous year. Overall, the export price, however, recorded a perceptible decline. Over the period under review, the average export prices reached the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Tajikistan ($X per unit), while the average price for exports to Indonesia ($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 Vanuatu (+28.4%), while the prices for the other major destinations experienced mixed trend patterns.

Motor Grader Imports

Imports into Republic of Korea

In 2022, the amount of motor graders and levellers imported into South Korea fell rapidly to X units, waning by -31.9% against 2021. In general, imports showed a slight contraction. The growth pace was the most rapid in 2021 with an increase of 194%. As a result, imports attained the peak of X units, and then fell markedly in the following year.

In value terms, motor grader imports declined dramatically to $X in 2022. Over the period under review, imports saw a pronounced decline. The growth pace was the most rapid in 2021 when imports increased by 258%. As a result, imports attained the peak of $X, and then fell notably in the following year.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of motor grader to South Korea, accounting for a 69% share of total imports. Moreover, motor grader imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), fourfold. The third position in this ranking was taken by the United States (X units), with a 6.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Japan stood at +10.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-7.6% per year) and the United States (-17.7% per year).

In value terms, Japan ($X) constituted the largest supplier of motor graders and levellers to South Korea, comprising 73% of total imports. The second position in the ranking was held by China ($X), with a 17% share of total imports. It was followed by the United States, with a 6.7% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +11.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-8.0% per year) and the United States (-16.7% per year).

Import Prices by Country

In 2022, the average motor grader import price amounted to $X per unit, with an increase of 8.7% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of 22%. The import price peaked at $X per unit in 2014; however, from 2015 to 2022, 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 China ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+63.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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