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by **christopher2021** » Fri May 27, 2022 2:36 am

The South Korean crane market grew X% to X dollars in 2020, rising for the fourth consecutive year after two years of decline. Overall, however, consumption declined slightly. The fastest growth rate in 2019, an increase of X% year-on-year. Crane consumption peaked at $X in 2007; however, from 2008 to 2020, consumption failed to regain momentum.

In value terms, 2020 crane production is estimated to contract to $X at export prices. Overall, however, production showed a marked increase. The growth rate was most pronounced in 2012, with an X% increase over the previous year. During the period under review, production peaked at $X in 2018; however, from 2019 to 2020, production remained low.

South Korean crane export scale
After two years of growth, overseas shipments of cranes, mobile crane frames fell -X% to X units in 2020. Overall, there was a marked decline in exports. In 2008, the growth rate was the fastest, and exports increased by X% year-on-year. As a result, exports peaked at X units. From 2009 to 2020, export growth remained low.

In value terms, crane exports contracted significantly to $X in 2020. Exports contracted slightly during the period under review. The growth rate was the fastest in 2008, with a year-on-year increase of X%. During the period under review, exports peaked at $X in 2013; however, from 2014 to 2020, exports were slightly lower.

Russia (X units) is the main destination for South Korean crane exports, accounting for X% of total exports. In addition, more than twice as many cranes were exported to Russia as to the second largest destination, Saudi Arabia (X units). Vietnam (X units) ranked third with X% of total exports.

From 2007 to 2020, the average annual growth rate of exports to Russia totaled +X%. Exports to other major destinations recorded the following average annual export growth rates: Saudi Arabia (+X% per annum) and Vietnam (+X% per annum).

In value terms, Russia ($X) became the leading foreign market for South Korean crane exports, accounting for X% of total exports. In second place is Saudi Arabia ($X) with X% of total exports. It is followed by India with an X% share.

From 2007 to 2020, the value to Russia has grown at an average annual rate of +X%. Exports to other major destinations recorded the following average annual export growth rates: Saudi Arabia (+X% per annum) and India (-X% per annum).

South Korean crane import scale
In 2020, overseas purchases of cranes, mobile cranes fell -X% to X units, the fourth consecutive year of decline after four years of growth. Imports faced a sharp decline during the review period. The fastest growth was in 2013, with imports increasing by X% year-on-year. Imports peaked at X units in 2009; however, from 2010 to 2020, import volumes have remained low.

Crane imports in 2020 are worth X dollars by value. Overall, there was a marked decline in imports. The most significant growth rate occurred in 2008, when imports increased by X% year-on-year. During the period under review, imports peaked at $X in 2009; however, from 2010 to 2020, imports failed to regain momentum.

In 2020, China (X units) was the largest crane supplier to South Korea, accounting for X% of total imports. In addition, the number of cranes imported from China exceeded three times the number recorded by the second largest supplier, Singapore (X units). Japan takes third place (X units) with an X% share.

From 2007 to 2020, the average annual growth rate of sales from China was -X%. The average annual growth rates of imports from the remaining supplier countries are as follows: Singapore (+X% per annum) and Japan (-X% per annum). China ($X) is the largest crane supplier to South Korea by value, accounting for X% of total imports. In second place is Japan ($X) with X% of total imports. It is followed by Germany with an X% share.

From 2007 to 2020, the average annual growth rate of Chinese output was relatively modest. The average annual growth rates of imports for the remaining suppliers are as follows: Japan (-X% per annum) and Germany (-X% per annum).

Statistics of various crane suppliers in South Korea
China is South Korea’s largest crane supplier by value, accounting for 54% of total imports. In second place is Japan, which accounts for 24% of total imports. It is followed by Germany with a share of 4.5%.

In value terms, Russia became the main foreign market for South Korean crane exports, accounting for 28% of total exports. In second place is Saudi Arabia, which accounted for 14% of total exports. It is followed by India with a 10% share.

The average export price of cranes in 2020 was US$4,604 per unit, an increase of 28% from the previous year.

In 2020, the average import price of cranes was US$50,168 per unit, an increase of 61% over the previous year.

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South Korea Crane Market Study 2022