Based on historical data, the mobile cranes market in South Korea experienced fluctuations from 2012 to 2022 in terms of market size value. The market size in 2012 was 322.22 million USD and saw a general decline with some periods of growth, notably in 2013 and 2014. The period from 2016 to 2020 marked the most significant decline, hitting its lowest value in 2020 at 249.12 million USD. There was a recovery in 2021, which brought the market size back to 299.7 million USD, indicating a 20.3% year-on-year growth, although it slightly dipped again in 2022.
Over the last two years (2021-2022), the market has remained relatively stable with a minor decline of 0.15% in 2022. The Compound Annual Growth Rate (CAGR) from 2017 to 2022 is 0.36%, which signals a very modest average annual growth.
As of 2023, the market is expected to exhibit signs of stabilization and gradual growth due to post-pandemic recovery and renewed investments in infrastructure projects. Looking ahead, key trends to watch for include advancements in crane technology, the influence of government infrastructure spending, and potential shifts towards environmentally sustainable machinery, which could drive market dynamics.
