Republic of Korea: Overhead Travelling Crane Market 2024

Overhead Travelling Crane Market Size in Republic of Korea

The South Korean overhead travelling crane market expanded slightly to $X in 2022, surging by 4.1% against the previous year. In general, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2017 to 2022, the growth of the market remained at a somewhat lower figure.

Overhead Travelling Crane Production in Republic of Korea

In value terms, overhead travelling crane production rose significantly to $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 when the production volume increased by 33% against the previous year. Over the period under review, production attained the maximum level at $X in 2016; however, from 2017 to 2022, production stood at a somewhat lower figure.

Overhead Travelling Crane Exports

Exports from Republic of Korea

After three years of decline, shipments abroad of overhead travelling cranes on fixed support increased by 18% to X units in 2022. In general, exports, however, saw a deep reduction. The pace of growth appeared the most rapid in 2013 when exports increased by 161%. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, overhead travelling crane exports surged to $X in 2022. Over the period under review, exports, however, recorded a deep slump. The most prominent rate of growth was recorded in 2013 with an increase of 91% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units), Singapore (X units) and China (X units) were the main destinations of overhead travelling crane exports from South Korea, together comprising 64% 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 Singapore (with a CAGR of +54.5%), while the other leaders experienced more modest paces of growth.

In value terms, China ($X) remains the key foreign market for overhead travelling cranes on fixed support exports from South Korea, comprising 35% of total exports. The second position in the ranking was taken by the United States ($X), with a 15% share of total exports. It was followed by Kuwait, with a 9.3% share.

From 2012 to 2022, the average annual growth rate of value to China amounted to +23.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+27.6% per year) and Kuwait (-1.1% per year).

Export Prices by Country

The average overhead travelling crane export price stood at $X per unit in 2022, picking up by 5.8% against the previous year. Overall, export price indicated a slight expansion from 2012 to 2022: its price increased at an average annual rate of +1.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, overhead travelling crane export price increased by +39.7% against 2020 indices. The pace of growth was the most pronounced in 2015 when the average export price increased by 81% against the previous year. The export price peaked at $X per unit in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Singapore ($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 (+17.6%), while the prices for the other major destinations experienced more modest paces of growth.

Overhead Travelling Crane Imports

Imports into Republic of Korea

Overhead travelling crane imports into South Korea shrank notably to X units in 2022, falling by -35% on the year before. In general, imports, however, saw a notable expansion. The growth pace was the most rapid in 2021 with an increase of 149% against the previous year. Over the period under review, imports reached the peak figure at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, overhead travelling crane imports reduced remarkably to $X in 2022. Overall, imports, however, recorded strong growth. The most prominent rate of growth was recorded in 2019 with an increase of 132%. As a result, imports reached the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Italy (X units), the Netherlands (X units) and the UK (X units) were the main suppliers of overhead travelling crane imports to South Korea, together comprising 89% of total imports.

From 2012 to 2022, the biggest increases were recorded for Italy (with a CAGR of +30.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of overhead travelling cranes on fixed support to South Korea, comprising 83% of total imports. The second position in the ranking was held by the UK ($X), with a 14% share of total imports. It was followed by Italy, with a 3% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the Netherlands stood at +31.7%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+23.9% per year) and Italy (+9.8% per year).

Import Prices by Country

In 2022, the average overhead travelling crane import price amounted to $X per unit, with an increase of 17% against the previous year. In general, the import price saw a prominent expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 157% against the previous year. As a result, import price attained the peak level of $X per unit. From 2021 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+16.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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