Republic of Korea: Full-Rotation Excavator Market 2024

Full-Rotation Excavator Market Size in Republic of Korea

After two years of growth, the South Korean full-rotation excavator market decreased by -11.3% to $X in 2021. Overall, consumption, however, enjoyed a buoyant increase. As a result, consumption attained the peak level of $X, and then fell in the following year.

Full-Rotation Excavator Production in Republic of Korea

In value terms, full-rotation excavator production fell to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when the production volume increased by 17%. As a result, production reached the peak level of $X, and then dropped in the following year.

Full-Rotation Excavator Exports

Exports from Republic of Korea

In 2021, overseas shipments of self-propelled full-rotation excavators and bulldozers were finally on the rise to reach X units for the first time since 2018, thus ending a two-year declining trend. In general, exports, however, showed a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 39%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

In value terms, full-rotation excavator exports soared to $X in 2021. Over the period under review, exports, however, saw a pronounced shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports failed to regain momentum.

Exports by Country

The United States (X units), Belgium (X units) and the Netherlands (X units) were the main destinations of full-rotation excavator exports from South Korea, with a combined 44% share of total exports. These countries were followed by Vietnam, Russia, the UK, China, Indonesia, the Philippines, Turkey, Australia, Pakistan and Saudi Arabia, which together accounted for a further 31%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Vietnam (with a CAGR of +12.3%), while the other leaders experienced more modest paces of growth.

In value terms, Belgium ($X), the United States ($X) and Russia ($X) were the largest markets for full-rotation excavator exported from South Korea worldwide, with a combined 40% share of total exports. The Netherlands, China, Indonesia, Vietnam, the UK, Turkey, Saudi Arabia, Australia, the Philippines and Pakistan lagged somewhat behind, together accounting for a further 32%.

The Netherlands, with a CAGR of +19.1%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average full-rotation excavator export price stood at $X per unit in 2021, growing by 25% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +3.0%. The pace of growth was the most pronounced in 2020 when the average export price increased by 36%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices for the major external markets. In 2021, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Vietnam ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+10.2%), while the prices for the other major destinations experienced more modest paces of growth.

Full-Rotation Excavator Imports

Imports into Republic of Korea

For the third year in a row, South Korea recorded growth in supplies from abroad of self-propelled full-rotation excavators and bulldozers, which increased by 51% to X units in 2021. Over the period under review, imports continue to indicate a measured increase. The most prominent rate of growth was recorded in 2017 with an increase of 119% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, full-rotation excavator imports skyrocketed to $X in 2021. Overall, total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Japan (X units) constituted the largest full-rotation excavator supplier to South Korea, with a 83% share of total imports. Moreover, full-rotation excavator imports from Japan exceeded the figures recorded by the second-largest supplier, China (X units), sevenfold.

From 2012 to 2021, the average annual growth rate of volume from Japan amounted to +5.6%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+30.4% per year) and the Czech Republic (+19.3% per year).

In value terms, Japan ($X) constituted the largest supplier of self-propelled full-rotation excavators and bulldozers to South Korea, comprising 76% of total imports. The second position in the ranking was held by China ($X), with a 15% share of total imports.

From 2012 to 2021, the average annual growth rate of value from Japan amounted to +1.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (+27.8% per year) and the Czech Republic (+8.1% per year).

Import Prices by Country

The average full-rotation excavator import price stood at $X per unit in 2021, surging by 6.6% against the previous year. In general, the import price, however, saw a pronounced decrease. The most prominent rate of growth was recorded in 2018 when the average import price increased by 102%. Over the period under review, average import prices attained the maximum at $X per unit in 2014; however, from 2015 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was China ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (-2.2%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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