Republic of Korea: Ride-On Compaction Equipment Market 2025

Ride-On Compaction Equipment Market Size in Republic of Korea

In 2022, the South Korean ride-on compaction equipment market decreased by -20.4% to $X for the first time since 2018, thus ending a three-year rising trend. Over the period under review, consumption, however, continues to indicate a strong increase. Ride-on compaction equipment consumption peaked at $X in 2021, and then contracted markedly in the following year.

Ride-On Compaction Equipment Exports

Exports from Republic of Korea

Ride-on compaction equipment exports from South Korea surged to X units in 2022, with an increase of 30% compared with 2021. Over the period under review, exports, however, showed a abrupt descent. The pace of growth appeared the most rapid in 2019 with an increase of 118%. Over the period under review, the exports hit record highs at X units in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, ride-on compaction equipment exports soared to $X in 2022. Overall, exports, however, continue to indicate a deep downturn. The pace of growth was the most pronounced in 2021 when exports increased by 95% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Vietnam (X units) was the main destination for ride-on compaction equipment exports from South Korea, accounting for a 53% share of total exports. Moreover, ride-on compaction equipment exports to Vietnam exceeded the volume sent to the second major destination, Cote d'Ivoire (X units), threefold. The third position in this ranking was held by the Philippines (X units), with a 9.3% share.

From 2012 to 2022, the average annual growth rate of volume to Vietnam stood at +12.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+24.0% per year) and the Philippines (+2.9% per year).

In value terms, Vietnam ($X) remains the key foreign market for ride-on compaction equipment exports from South Korea, comprising 58% of total exports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 22% share of total exports. It was followed by the Philippines, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Vietnam totaled +12.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Cote d'Ivoire (+24.2% per year) and the Philippines (-1.7% per year).

Export Prices by Country

In 2022, the average ride-on compaction equipment export price amounted to $X per unit, with an increase of 8% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of 42% against the previous year. Over the period under review, the average export prices attained the maximum at $X per unit in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Cambodia ($X per unit), while the average price for exports to Indonesia ($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 Cambodia (+41.3%), while the prices for the other major destinations experienced more modest paces of growth.

Ride-On Compaction Equipment Imports

Imports into Republic of Korea

After three years of growth, supplies from abroad of ride-on compaction equipment decreased by -20.1% to X units in 2022. In general, imports, however, showed temperate growth. The pace of growth appeared the most rapid in 2016 when imports increased by 92%. Imports peaked at X units in 2021, and then fell remarkably in the following year.

In value terms, ride-on compaction equipment imports shrank notably to $X in 2022. Over the period under review, imports, however, continue to indicate a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 82% against the previous year. Imports peaked at $X in 2021, and then plummeted in the following year.

Imports by Country

In 2022, Japan (X units) constituted the largest ride-on compaction equipment supplier to South Korea, with a 73% share of total imports. Moreover, ride-on compaction equipment imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), sixfold. The third position in this ranking was held by Germany (X units), with a 9.8% share.

From 2012 to 2022, the average annual growth rate of volume from Japan totaled +21.7%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.8% per year) and Germany (+9.5% per year).

In value terms, Japan ($X) constituted the largest supplier of ride-on compaction equipment to South Korea, comprising 73% of total imports. The second position in the ranking was held by China ($X), with an 11% share of total imports. It was followed by Germany, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Japan stood at +22.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-2.4% per year) and Germany (+9.7% per year).

Import Prices by Country

In 2022, the average ride-on compaction equipment import price amounted to $X per unit, picking up by 3.6% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the average import price increased by 12% against the previous year. Over the period under review, average import prices attained the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the countries with the highest prices were Italy ($X per unit) and China ($X per unit), while the price for Sweden ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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