Republic of Korea: Wheeled Loader Market 2024

Wheeled Loader Market Size in Republic of Korea

In 2021, the South Korean wheeled loader market increased by 46% to $X, rising for the second year in a row after three years of decline. Over the period under review, consumption continues to indicate resilient growth. As a result, consumption reached the peak level of $X. From 2014 to 2021, the growth of the market remained at a somewhat lower figure.

Wheeled Loader Production in Republic of Korea

In value terms, wheeled loader production shrank slightly to $X in 2021 estimated in export price. Overall, production continues to indicate a abrupt contraction. The growth pace was the most rapid in 2013 with an increase of 34%. As a result, production attained the peak level of $X. From 2014 to 2021, production growth failed to regain momentum.

Wheeled Loader Exports

Exports from Republic of Korea

Wheeled loader exports from South Korea fell rapidly to X units in 2021, dropping by -15.1% against 2020. Over the period under review, exports showed a deep reduction. The pace of growth appeared the most rapid in 2017 when exports increased by 40%. Over the period under review, the exports hit record highs at X units in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, wheeled loader exports totaled $X in 2021. Overall, exports showed a deep slump. The growth pace was the most rapid in 2017 when exports increased by 14%. 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 UK (X units) were the main destinations of wheeled loader exports from South Korea, with a combined 61% share of total exports. Russia, Australia, Egypt, Saudi Arabia, South Africa, Chile, New Zealand, Turkey and Brazil lagged somewhat behind, together accounting for a further 22%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Egypt (with a CAGR of +20.8%), while the other leaders experienced a decline.

In value terms, the United States ($X), Belgium ($X) and the UK ($X) constituted the largest markets for wheeled loader exported from South Korea worldwide, with a combined 60% share of total exports. These countries were followed by Australia, Russia, Egypt, Chile, South Africa, New Zealand, Saudi Arabia, Turkey and Brazil, which together accounted for a further 23%.

Egypt, with a CAGR of +24.0%, recorded the highest growth rate of the value of exports, in terms of 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 wheeled loader export price stood at $X per unit in 2021, growing by 30% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +4.4%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was Turkey ($X per unit), while the average price for exports to Brazil ($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 Turkey (+8.0%), while the prices for the other major destinations experienced more modest paces of growth.

Wheeled Loader Imports

Imports into Republic of Korea

In 2021, wheeled loader imports into South Korea reached X units, increasing by 9.4% against 2020 figures. Overall, imports, however, showed a perceptible contraction. The most prominent rate of growth was recorded in 2016 with an increase of 70% against the previous year. Over the period under review, imports hit record highs at X units in 2012; however, from 2013 to 2021, imports remained at a lower figure.

In value terms, wheeled loader imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 59%. Imports peaked at $X in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest wheeled loader supplier to South Korea, with a 55% share of total imports. Moreover, wheeled loader imports from the United States exceeded the figures recorded by the second-largest supplier, the Czech Republic (X units), twofold. The third position in this ranking was taken by China (X units), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: the Czech Republic (+32.5% per year) and China (-12.0% per year).

In value terms, the largest wheeled loader suppliers to South Korea were the United States ($X), China ($X) and Sweden ($X), together comprising 77% of total imports. These countries were followed by the Czech Republic, Japan and Belgium, which together accounted for a further 21%.

Among the main suppliers, the Czech Republic, with a CAGR of +28.3%, saw the highest rates of growth with regard to 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 wheeled loader import price stood at $X per unit in 2021, rising by 6.7% against the previous year. Over the period under review, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +4.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, wheeled loader import price decreased by -15.7% against 2018 indices. The most prominent rate of growth was recorded in 2014 an increase of 59% against the previous year. The import price peaked at $X per unit in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for the Czech Republic ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Sweden (+20.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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