Republic of Korea - Trucks - Market Analysis, Forecast, Size, Trends and Insights
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View PricingRepublic of Korea: Truck Market 2024
Truck Market Size in Republic of Korea
In 2023, the South Korean truck market decreased by X% to less than $X, falling for the eighth consecutive year after four years of growth. In general, consumption showed a abrupt downturn. Truck consumption peaked at $X in 2015; however, from 2016 to 2023, consumption remained at a lower figure.
Truck Production in Republic of Korea
In value terms, truck production dropped notably to less than $X in 2023 estimated in export price. Over the period under review, production showed a abrupt contraction. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Truck production peaked at $X in 2015; however, from 2016 to 2023, production remained at a lower figure.
Truck Exports
Exports from Republic of Korea
Truck exports from South Korea expanded markedly to X units in 2023, surging by X% compared with the previous year's figure. Over the period under review, exports, however, recorded a perceptible decline. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the maximum at X units in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.
In value terms, truck exports amounted to $X in 2023. In general, exports, however, saw a perceptible contraction. The pace of growth appeared the most rapid in 2021 with an increase of X%. The exports peaked at $X in 2012; however, from 2013 to 2023, the exports failed to regain momentum.
Exports by Country
Turkey (X units), Iraq (X units) and Chile (X units) were the main destinations of truck exports from South Korea, together comprising X% of total exports. Cambodia, Mongolia, Vietnam, Libya, Ghana, Australia, the Philippines, Taiwan (Chinese), Jordan and Tajikistan lagged somewhat behind, together comprising a further X%.
From 2012 to 2023, the biggest increases were recorded for Taiwan (Chinese) (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Iraq ($X), Chile ($X) and Vietnam ($X) were the largest markets for truck exported from South Korea worldwide, together comprising X% of total exports. Australia, Turkey, Taiwan (Chinese), Jordan, the Philippines, Libya, Cambodia, Mongolia, Ghana and Tajikistan lagged somewhat behind, together accounting for a further X%.
Taiwan (Chinese), with a CAGR of X%, saw 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
In 2023, the average truck export price amounted to $X per unit, stabilizing at the previous year. Over the period under review, the export price, however, saw a perceptible slump. The pace of growth appeared the most rapid in 2014 an increase of X% against the previous year. As a result, the export price attained the peak level of $X per unit. From 2015 to 2023, the average export prices failed to regain momentum.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Australia ($X per unit), while the average price for exports to Tajikistan ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Taiwan (Chinese) (X%), while the prices for the other major destinations experienced mixed trend patterns.
Truck Imports
Imports into Republic of Korea
In 2023, the amount of trucks imported into South Korea skyrocketed to X units, picking up by X% on the previous year. Over the period under review, imports posted a resilient expansion. The pace of growth was the most pronounced in 2016 when imports increased by X% against the previous year. Over the period under review, imports hit record highs in 2023 and are likely to see steady growth in the near future.
In value terms, truck imports surged to $X in 2023. In general, imports posted prominent growth. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of $X. From 2017 to 2023, the growth of imports remained at a lower figure.
Imports by Country
In 2023, the United States (X units) constituted the largest truck supplier to South Korea, accounting for a X% share of total imports. Moreover, truck imports from the United States exceeded the figures recorded by the second-largest supplier, France (X units), twofold. South Africa (X units) ranked third in terms of total imports with a X% share.
From 2012 to 2023, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: France (X% per year) and South Africa (X% per year).
In value terms, Sweden ($X), France ($X) and the United States ($X) appeared to be the largest truck suppliers to South Korea, together comprising X% of total imports.
In terms of the main suppliers, France, with a CAGR of X%, 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 more modest paces of growth.
Import Prices by Country
The average truck import price stood at $X per unit in 2023, with a decrease of X% against the previous year. In general, the import price continues to indicate a perceptible decline. The pace of growth was the most pronounced in 2014 an increase of X%. Over the period under review, average import prices reached the maximum at $X per unit in 2017; however, from 2018 to 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Sweden ($X per unit), while the price for the United States ($X per unit) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by France (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the truck market in Republic of Korea. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 29104110 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight . 5 tonnes (excluding dumpers for off-highway use)
- Prodcom 29104130 - Goods vehicles with a diesel or semi-diesel engine, of a gross vehicle weight > 5 tonnes but . .20 tonnes (including vans) (excluding dumpers for off-highway use, tractors)
- Prodcom 29104140 - Goods vehicles with compression-ignition internal combustion piston engine (diesel or semi-diesel), of a gross vehicle weight > .20 tonnes (excluding dumpers designed for offhighway use)
- Prodcom 29104200 - Goods vehicles, with spark-ignition internal combustion piston engine, other goods vehicles, new
Country coverage:
- South Korea
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Republic of Korea
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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