Republic of Korea: Pedestrian-Controlled Tractor Market 2024

Pedestrian-Controlled Tractor Market Size in Republic of Korea

The South Korean pedestrian-controlled tractor market shrank slightly to $X in 2022, waning by -4.9% against the previous year. Over the period under review, consumption, however, recorded a slight setback. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Pedestrian-Controlled Tractor Production in Republic of Korea

In value terms, pedestrian-controlled tractor production shrank to $X in 2022 estimated in export price. Over the period under review, production showed a pronounced curtailment. The growth pace was the most rapid in 2021 with an increase of 27% against the previous year. Over the period under review, production reached the peak level at $X in 2019; however, from 2020 to 2022, production stood at a somewhat lower figure.

Pedestrian-Controlled Tractor Exports

Exports from Republic of Korea

In 2022, after two years of growth, there was significant decline in shipments abroad of pedestrian-controlled tractors, when their volume decreased by -58.6% to X units. Over the period under review, exports continue to indicate a slight decrease. The pace of growth appeared the most rapid in 2020 with an increase of 542% against the previous year. The exports peaked at X units in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, pedestrian-controlled tractor exports declined remarkably to $X in 2022. Overall, exports recorded a noticeable contraction. The most prominent rate of growth was recorded in 2014 when exports increased by 217% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

Canada (X units), Portugal (X units) and Chile (X units) were the main destinations of pedestrian-controlled tractor exports from South Korea, with a combined 69% 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 Chile (with a CAGR of +910.0%), while the other leaders experienced more modest paces of growth.

In value terms, Canada ($X) emerged as the key foreign market for pedestrian-controlled tractors exports from South Korea, comprising 55% of total exports. The second position in the ranking was held by Portugal ($X), with a 15% share of total exports. It was followed by Egypt, with a 4.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Canada stood at +4.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Portugal (0.0% per year) and Egypt (+25.9% per year).

Export Prices by Country

In 2022, the average pedestrian-controlled tractor export price amounted to $X per unit, jumping by 93% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. Over the period under review, the average export prices reached the peak figure at $X per unit in 2018; however, from 2019 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Egypt ($X per unit), while the average price for exports to Chile ($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 Spain (+10.6%), while the prices for the other major destinations experienced more modest paces of growth.

Pedestrian-Controlled Tractor Imports

Imports into Republic of Korea

In 2022, approx. X units of pedestrian-controlled tractors were imported into South Korea; declining by -23.7% compared with 2021. In general, imports, however, showed a slight increase. The pace of growth appeared the most rapid in 2019 when imports increased by 763% against the previous year. Over the period under review, imports attained the peak figure at X units in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

In value terms, pedestrian-controlled tractor imports fell significantly to $X in 2022. Over the period under review, imports showed a noticeable slump. The most prominent rate of growth was recorded in 2019 when imports increased by 766%. Imports peaked at $X in 2013; however, from 2014 to 2022, imports remained at a lower figure.

Imports by Country

Australia (X units), the United States (X units) and China (X units) were the main suppliers of pedestrian-controlled tractor imports to South Korea.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Australia (with a CAGR of +33.9%), while imports for the other leaders experienced a decline.

In value terms, Australia ($X), the United States ($X) and China ($X) were the largest pedestrian-controlled tractor suppliers to South Korea, with a combined 99% share of total imports.

Among the main suppliers, China, with a CAGR of +37.6%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

The average pedestrian-controlled tractor import price stood at $X per unit in 2022, surging by 2.4% against the previous year. Overall, the import price, however, saw a deep slump. The growth pace was the most rapid in 2017 an increase of 37%. The import price peaked at $X per unit in 2012; however, from 2013 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 the UK ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by New Zealand (+9.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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