Republic of Korea: Snow Motor Vehicle Market 2024

Snow Motor Vehicle Market Size in Republic of Korea

For the third consecutive year, the South Korean snow motor vehicle market recorded decline in sales value, which decreased by -5.1% to $X in 2022. In general, consumption, however, continues to indicate a deep slump. Snow motor vehicle consumption peaked at $X in 2012; however, from 2013 to 2022, consumption stood at a somewhat lower figure.

Snow Motor Vehicle Exports

Exports from Republic of Korea

In 2022, overseas shipments of motor vehicles for travelling on snow or golf cars decreased by -2.4% to X units for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 with an increase of 492%. As a result, the exports reached the peak of X units, and then reduced in the following year.

In value terms, snow motor vehicle exports skyrocketed to $X in 2022. Over the period under review, exports, however, enjoyed significant growth. The growth pace was the most rapid in 2019 when exports increased by 531%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

Japan (X units) was the main destination for snow motor vehicle exports from South Korea, with a 88% share of total exports. Moreover, snow motor vehicle exports to Japan exceeded the volume sent to the second major destination, Russia (X units), more than tenfold. The third position in this ranking was taken by Thailand (X units), with a 2.3% share.

From 2012 to 2022, the average annual growth rate of volume to Japan stood at +44.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+39.0% per year) and Thailand (+15.8% per year).

In value terms, Japan ($X) remains the key foreign market for motor vehicles for travelling on snow or golf cars exports from South Korea, comprising 88% of total exports. The second position in the ranking was taken by Russia ($X), with a 4.7% share of total exports. It was followed by Thailand, with a 2.3% share.

From 2012 to 2022, the average annual growth rate of value to Japan amounted to +53.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+74.3% per year) and Thailand (+21.5% per year).

Export Prices by Country

In 2022, the average snow motor vehicle export price amounted to $X per unit, rising by 42% against the previous year. Over the period under review, the export price recorded moderate growth. The pace of growth was the most pronounced in 2019 when the average export price increased by 68% against the previous year. As a result, the export price reached the peak level of $X per unit. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Kazakhstan ($X per unit) and Thailand ($X per unit), while the average price for exports to Russia ($X per unit) and the Philippines ($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 Russia (+25.4%), while the prices for the other major destinations experienced more modest paces of growth.

Snow Motor Vehicle Imports

Imports into Republic of Korea

In 2022, the amount of motor vehicles for travelling on snow or golf cars imported into South Korea stood at X units, approximately mirroring the previous year. Overall, imports, however, recorded a perceptible reduction. The most prominent rate of growth was recorded in 2016 with an increase of 42% against the previous year. Imports peaked at X units in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, snow motor vehicle imports declined to $X in 2022. Over the period under review, imports, however, recorded a perceptible decrease. The most prominent rate of growth was recorded in 2016 when imports increased by 18%. Over the period under review, imports reached the peak figure at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Japan (X units) constituted the largest supplier of snow motor vehicle to South Korea, accounting for a 65% share of total imports. Moreover, snow motor vehicle imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), threefold. The third position in this ranking was taken by Taiwan (Chinese) (X units), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled -1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+4.1% per year) and Taiwan (Chinese) (-19.0% per year).

In value terms, Japan ($X) constituted the largest supplier of motor vehicles for travelling on snow or golf cars to South Korea, comprising 65% of total imports. The second position in the ranking was taken by China ($X), with a 24% share of total imports. It was followed by Taiwan (Chinese), with a 5.3% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at -2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+3.1% per year) and Taiwan (Chinese) (-19.8% per year).

Import Prices by Country

In 2022, the average snow motor vehicle import price amounted to $X per unit, falling by -7.2% against the previous year. Overall, the import price continues to indicate a slight downturn. The most prominent rate of growth was recorded in 2014 when the average import price increased by 12% against the previous year. The import price peaked at $X per unit in 2015; however, from 2016 to 2022, import prices failed to regain momentum.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from the United States ($X per unit) and Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) and China ($X per unit) were amongst the lowest.

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

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :