Republic of Korea: Market for Motorcycles, Scooters and Side-Cars 2024

Market Size for Motorcycles, Scooters and Side-Cars in Republic of Korea

The South Korean motorcycle, scooter and side-car market rose to $X in 2022, surging by X% against the previous year. Overall, consumption enjoyed a buoyant expansion. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Production of Motorcycles, Scooters and Side-Cars in Republic of Korea

In value terms, motorcycle, scooter and side-car production rose markedly to $X in 2022 estimated in export price. Over the period under review, production saw a prominent increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X% against the previous year. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Exports of Motorcycles, Scooters and Side-Cars

Exports from Republic of Korea

After three years of growth, shipments abroad of motorcycles, scooters and side-cars decreased by X% to X units in 2022. Over the period under review, exports showed a deep slump. The growth pace was the most rapid in 2020 with an increase of X% against the previous year. The exports peaked at X units in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, motorcycle, scooter and side-car exports shrank remarkably to $X in 2022. Overall, exports saw a abrupt slump. The pace of growth was the most pronounced in 2020 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Denmark (X units), New Zealand (X units) and Australia (X units) were the main destinations of motorcycle, scooter and side-car exports from South Korea, together accounting for X% 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 Denmark (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for motorcycle, scooter and side-car exported from South Korea were Denmark ($X), Cambodia ($X) and Australia ($X), together accounting for X% of total exports.

Among the main countries of destination, Denmark, with a CAGR of X%, 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

In 2022, the average motorcycle, scooter and side-car export price amounted to $X per unit, increasing by X% against the previous year. Overall, the export price, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to New Zealand ($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 China (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Motorcycles, Scooters and Side-Cars

Imports into Republic of Korea

In 2022, imports of motorcycles, scooters and side-cars into South Korea shrank to X units, reducing by X% compared with 2021 figures. Over the period under review, imports, however, recorded a buoyant increase. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Imports peaked at X units in 2019; however, from 2020 to 2022, imports remained at a lower figure.

In value terms, motorcycle, scooter and side-car imports expanded notably to $X in 2022. Overall, imports, however, showed resilient growth. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in years to come.

Imports by Country

In 2022, China (X units) constituted the largest motorcycle, scooter and side-car supplier to South Korea, accounting for a X% share of total imports. Moreover, motorcycle, scooter and side-car imports from China exceeded the figures recorded by the second-largest supplier, Vietnam (X units), sixfold. Taiwan (Chinese) (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and Taiwan (Chinese) (X% per year).

In value terms, China ($X) constituted the largest supplier of motorcycles, scooters and side-cars to South Korea, comprising X% of total imports. The second position in the ranking was held by Vietnam ($X), with a X% share of total imports. It was followed by the United States, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Vietnam (X% per year) and the United States (X% per year).

Import Prices by Country

In 2022, the average motorcycle, scooter and side-car import price amounted to $X per unit, increasing by X% against the previous year. Overall, the import price recorded modest growth. The pace of growth was the most pronounced in 2020 when the average import price increased by X% against the previous year. The import price peaked in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per unit), while the price for China ($X per unit) was amongst the lowest.

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

Source: IndexBox Platform

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