Trucks - South Korea | Statista Market Forecast

In 2024, the South Korean Trucks market is projected to reach 40.83k vehicles units in terms of unit sales.
The market is expected to experience a compound annual rate of -3.76% (CAGR 2024-2030), resulting in a projected market volume of 32.44k vehicles units by 2030.
This growth in unit sales reflects the potential for expansion in the Trucks market.
Additionally, the production of Trucks market is estimated to reach 50.55k vehicles units in 2030, further highlighting the market's potential for growth.
Looking at the international perspective, it is evident that China will dominate the market with 3.74m vehicles unit sales in 2024.
South Korea is experiencing a surge in demand for electric trucks, as the government pushes for sustainability and reduced emissions in the commercial vehicles market.

Definition

The Trucks market encompasses a diverse array of vehicles primarily intended for the transportation of goods and materials on a larger scale. These robust and specialized vehicles are engineered for commercial purposes, playing a pivotal role in industries such as logistics, construction, and heavy-duty transportation. Trucks come in various configurations that cater to specific cargo and operational requirements, ranging from light-duty delivery trucks to heavy-duty long-haul trucks with a GVWR of 16 tons or more.

Additional Information

The Trucks market is a dynamic sector characterized by a wide range of vehicle types and applications. Manufacturers continually innovate to improve performance, efficiency, and safety. This market is heavily influenced by factors such as government regulations, emissions standards, and evolving industry needs, which drive advancements in areas like fuel efficiency and alternative propulsion technologies.

Key players in the Trucks market include globally renowned companies such as Daimler Trucks, Volvo Group, PACCAR Inc., and Scania. These manufacturers play a crucial role in shaping the industry by introducing new technologies, improving fuel efficiency, and ensuring compliance with evolving environmental regulations. This market is highly competitive, driving continuous innovation and advancements in truck design and functionality.

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Tanker trucks
Refrigerated trucks
Large delivery trucks
Freight trucks
Flatbed trucks
Construction trucks

Watercraft, aircraft, and railway vehicles
Medium and heavy buses and coaches
Motorcycles and scooters
Light commercial vehicles (LCVs)
Consumer and recreational vehicles
Passenger cars
Off-road and specialized vehicles

The Trucks market in South Korea has experienced significant growth in recent years, driven by changing customer preferences and local special circumstances. Customer preferences in the Trucks market in South Korea have shifted towards more fuel-efficient and environmentally friendly vehicles.

This trend is in line with global market trends, as customers become more conscious of the impact of their purchasing decisions on the environment. As a result, there has been an increased demand for electric and hybrid trucks in South Korea. Customers are also looking for trucks with advanced safety features and technologies that enhance driver comfort and convenience.

In addition to changing customer preferences, there are several local special circumstances that have contributed to the growth of the Trucks market in South Korea. The government has implemented various policies and incentives to promote the adoption of electric and hybrid vehicles, including trucks. These policies include tax incentives, subsidies, and the development of charging infrastructure.

As a result, there has been a significant increase in the number of electric and hybrid trucks on the roads in South Korea. Furthermore, South Korea has a strong manufacturing industry, which includes the production of trucks. The country is known for its high-quality and technologically advanced vehicles, which are exported to various markets worldwide.

This has helped to boost the domestic Trucks market in South Korea, as customers have confidence in the quality and reliability of locally manufactured trucks. Underlying macroeconomic factors have also played a role in the growth of the Trucks market in South Korea. The country has experienced steady economic growth in recent years, which has increased the purchasing power of consumers.

This has led to an increased demand for trucks, particularly in industries such as logistics, construction, and transportation. In conclusion, the Trucks market in South Korea has experienced significant growth due to changing customer preferences, local special circumstances, and underlying macroeconomic factors. The shift towards more fuel-efficient and environmentally friendly vehicles, along with government policies and incentives, has driven the demand for electric and hybrid trucks.

The strong manufacturing industry in South Korea has also contributed to the growth of the domestic Trucks market.

Data coverage:

The data encompasses B2B enterprises. Figures are based on unit sales and production of trucks.

Modeling approach:

Market sizes are determined through a combined Top-Down and bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use annual financial reports of the market-leading companies and industry associations, third-party studies and reports, survey results from our primary research (e.g., the Statista Consumer Insights Global survey). In addition, we use relevant key market indicators and data from country-specific associations, such as consumer spending per capita on transportation and consumer price index for purchase of vehicles. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, linear regression, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year.

This report presents a comprehensive analysis and additional information on the Mobility market, in a PDF format.

The trucking industry in Canada refers to companies which are engaged in the transport of goods via truck. This includes both organizations who own and operate a private truck fleet to transport goods they produce themselves, as well as for-hire carriers who are contracted to carry goods produced by a different company. In 2022, the industry generated almost 39.55 billion Canadian dollars from almost 63.7 million shipments. Both these figures are slightly lower than at the industry’s peak in 2014, when shipments of 63.8 million tons of cargo generated 38.7 billion in revenue. However, the revenue per shipment of 621.15 Canadian dollars in 2018 is higher than in 2017, when only 585.6 Canadian dollars of revenue was generated per shipment.