Republic of Korea - Trucks - Market Analysis, Forecast, Size, Trends and Insights
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View PricingTruck Price in South Korea - 2022
Contents:
- Truck Price in South Korea (FOB) - 2022
- Truck Price in South Korea (CIF) - 2022
- Truck Exports in South Korea
- Truck Imports in South Korea
Truck Price in South Korea (FOB) - 2022
In December 2022, the average truck export price amounted to $14,715 per unit, waning by -4.5% against the previous month. Over the last twelve-month period, it increased at an average monthly rate of +1.0%. The most prominent rate of growth was recorded in June 2022 when the average export price increased by 19% m-o-m. The export price peaked at $16,800 per unit in July 2022; afterwards, it flattened through to December 2022.
There were significant differences in the average prices for the major export markets. In December 2022, the country with the highest price was Australia ($24,054 per unit), while the average price for exports to Tajikistan ($1,839 per unit) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was recorded for supplies to Mongolia (+7.2%), while the prices for the other major destinations experienced more modest paces of growth.
Truck Price in South Korea (CIF) - 2022
The average truck import price stood at $65,092 per unit in December 2022, declining by -26% against the previous month. Overall, the import price showed a perceptible contraction. The pace of growth was the most pronounced in November 2022 an increase of 57% m-o-m. The import price peaked at $105K per unit in April 2022; afterwards, it flattened through to December 2022.
Prices varied noticeably by the country of origin: the country with the highest price was Sweden ($370K per unit), while the price for the United States ($32,390 per unit) was amongst the lowest.
From December 2021 to December 2022, the most notable rate of growth in terms of prices was attained by France (+10.8%), while the prices for the other major suppliers experienced more modest paces of growth.
Truck Exports in South Korea
In 2022, approx. 119K units of trucks were exported from South Korea; shrinking by -5.6% on 2021. Overall, exports recorded a noticeable descent. The growth pace was the most rapid in 2021 when exports increased by 20% against the previous year. Over the period under review, the exports reached the peak figure at 130K units in 2019; however, from 2020 to 2022, the exports remained at a lower figure.
In value terms, truck exports dropped to $1.4B in 2022. Over the period under review, exports recorded a pronounced curtailment. The pace of growth was the most pronounced in 2021 when exports increased by 28% against the previous year. As a result, the exports attained the peak of $1.5B, and then fell in the following year.
Export of Truck in South Korea (Million USD) | |||||
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COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Iraq | 146 | 149 | 202 | 164 | 4.0% |
Chile | 118 | 83.8 | 162 | 137 | 5.1% |
Vietnam | 156 | 55.9 | 129 | 110 | -11.0% |
Australia | 94.9 | 91.4 | 98.8 | 98.5 | 1.2% |
Algeria | 122 | 87.3 | 91.2 | 73.7 | -15.5% |
Turkey | 34.3 | 57.1 | 38.1 | 61.6 | 21.6% |
Taiwan (Chinese) | 21.6 | 41.1 | 56.7 | 45.8 | 28.5% |
Cambodia | 63.4 | 44.7 | 46.6 | 42.5 | -12.5% |
Libya | 37.5 | 41.5 | 31.8 | 29.0 | -8.2% |
Guatemala | 15.2 | 20.3 | 21.7 | 22.9 | 14.6% |
Mongolia | 23.2 | 16.9 | 24.3 | 20.3 | -4.4% |
Ghana | 11.3 | 14.3 | 23.4 | 18.6 | 18.1% |
Tajikistan | 3.7 | 4.9 | 5.8 | 4.8 | 9.1% |
Others | 665 | 500 | 611 | 538 | -6.8% |
Total | 1,511 | 1,208 | 1,542 | 1,367 | -3.3% |
Top Export Markets for Truck from South Korea in 2022:
- Iraq (12.9K units)
- Cambodia (12.3K units)
- Mongolia (10.3K units)
- Libya (9.0K units)
- Ghana (7.0K units)
- Chile (5.9K units)
- Vietnam (5.4K units)
- Australia (4.4K units)
- Tajikistan (4.0K units)
- Algeria (3.9K units)
- Turkey (3.6K units)
- Taiwan (Chinese) (2.9K units)
- Guatemala (2.8K units)
Truck Imports in South Korea
In 2022, truck imports into South Korea reduced to 3.5K units, with a decrease of -11.3% on 2021. In general, imports showed a abrupt contraction. The growth pace was the most rapid in 2021 with an increase of 57% against the previous year. Over the period under review, imports attained the peak figure at 4.6K units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.
In value terms, truck imports declined sharply to $355M in 2022. Overall, total imports indicated resilient growth from 2019 to 2022: its value increased at an average annual rate of +7.6% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +32.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 65%. As a result, imports reached the peak of $442M, and then dropped rapidly in the following year.
Import of Truck in South Korea (Million USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
Sweden | 99.3 | 88.9 | 145 | 128 | 8.8% |
France | 16.9 | 13.1 | 31.6 | 46.1 | 39.7% |
Netherlands | 32.8 | 47.0 | 81.9 | 33.4 | 0.6% |
Germany | 29.1 | 12.8 | 23.1 | 30.2 | 1.2% |
South Africa | 1.7 | 1.5 | 43.1 | 26.4 | 149.5% |
Austria | 7.3 | 26.5 | 34.1 | 25.5 | 51.7% |
Japan | 14.7 | 11.2 | 25.3 | 19.4 | 9.7% |
Italy | 16.5 | 15.3 | 17.8 | 13.6 | -6.2% |
China | 14.5 | 4.2 | 8.7 | 7.0 | -21.6% |
United States | 35.9 | 6.8 | 7.1 | 5.7 | -45.9% |
United Arab Emirates | 4.8 | 1.4 | 1.3 | 0.8 | -45.0% |
Others | 11.1 | 39.8 | 23.2 | 18.9 | 19.4% |
Total | 285 | 269 | 442 | 355 | 7.6% |
Top Suppliers of Truck to South Korea in 2022:
- South Africa (986.0 units)
- France (916.0 units)
- Sweden (360.0 units)
- Japan (224.0 units)
- Austria (176.0 units)
- United States (175.0 units)
- Germany (147.0 units)
- China (144.0 units)
- Netherlands (112.0 units)
- Italy (91.0 units)
- United Arab Emirates (18.0 units)
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
-
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
This report provides an in-depth analysis of the truck market in Republic of Korea.
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This report provides an in-depth analysis of the truck market in Republic of Korea.
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This report provides an in-depth analysis of the global truck market.
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Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
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Explore the top import markets for trucks in 2023, including the United States, Canada, Germany, and more. Find out what drives the demand for trucks in these key countries.
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
Global truck imports stood at X tons in 2016, dropping by -X% against the previous year figure. Overall, truck imports continue to indicate a measured curtailment. The pace of growth appeared th...
Explore the top import markets for off-highway dumpers around the world and understand the key statistics and import values in countries like the United States, Australia, Canada, and more.
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