Republic of Korea: Truck Market 2025

Truck Market Size in Republic of Korea

The South Korean truck market declined to $X in 2022, waning by -5.8% against the previous year. Over the period under review, the total consumption indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +2.8% against 2020 indices. Truck consumption peaked at $X in 2019; however, from 2020 to 2022, consumption failed to regain momentum.

Truck Production in Republic of Korea

In value terms, truck production dropped to $X in 2022 estimated in export price. In general, production showed a mild reduction. The most prominent rate of growth was recorded in 2018 when the production volume increased by 13% against the previous year. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a somewhat lower figure.

Truck Exports

Exports from Republic of Korea

In 2022, the amount of trucks exported from South Korea declined to X units, waning by -5.6% against 2021. Over the period under review, exports continue to indicate a perceptible decrease. The growth pace was the most rapid in 2021 with an increase of 20%. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, truck exports contracted to $X in 2022. Overall, exports saw a abrupt decrease. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Iraq (X units), Cambodia (X units) and Mongolia (X units) were the main destinations of truck exports from South Korea, with a combined 30% share of total exports. Libya, Ghana, Chile, Vietnam, Australia, Tajikistan, Algeria, Turkey, Taiwan (Chinese) and Guatemala lagged somewhat behind, together accounting for a further 41%.

From 2012 to 2022, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of +27.6%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for truck exported from South Korea were Iraq ($X), Chile ($X) and Vietnam ($X), together comprising 30% of total exports. These countries were followed by Australia, Algeria, Turkey, Taiwan (Chinese), Cambodia, Libya, Guatemala, Mongolia, Ghana and Tajikistan, which together accounted for a further 31%.

Taiwan (Chinese), with a CAGR of +27.4%, recorded the highest rates of growth with regard to 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 truck export price stood at $X per unit in 2022, falling by -6.1% against the previous year. In general, the export price showed a pronounced setback. The most prominent rate of growth was recorded in 2014 an increase of 8.2%. As a result, the export price reached the peak level of $X per unit. From 2015 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Chile ($X per unit), while the average price for exports to Tajikistan ($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 Chile (+2.2%), while the prices for the other major destinations experienced mixed trend patterns.

Truck Imports

Imports into Republic of Korea

In 2022, approx. X units of trucks were imported into South Korea; reducing by -11.3% against the previous year's figure. In general, imports, however, saw resilient growth. The most prominent rate of growth was recorded in 2016 with an increase of 99% against the previous year. Over the period under review, imports reached the maximum at X units in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, truck imports contracted dramatically to $X in 2022. Overall, imports, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2016 with an increase of 95%. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports failed to regain momentum.

Imports by Country

South Africa (X units), France (X units) and Sweden (X units) were the main suppliers of truck imports to South Korea, with a combined 65% share of total imports.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +78.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Sweden ($X) constituted the largest supplier of trucks to South Korea, comprising 36% of total imports. The second position in the ranking was taken by France ($X), with a 13% share of total imports. It was followed by the Netherlands, with a 9.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Sweden amounted to +4.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+49.9% per year) and the Netherlands (+0.9% per year).

Import Prices by Country

In 2022, the average truck import price amounted to $X per unit, which is down by -9.3% against the previous year. Overall, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2020 when the average import price increased by 76%. Over the period under review, average import prices attained the peak figure at $X per unit in 2017; however, from 2018 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 Sweden ($X per unit), while the price for South Africa ($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 United States (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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