Latest 2023 Development of The South Korea Construction Equipment Market

South Korea Construction Equipment Market is accomplishing significant growth as there are a number of developments taking place in the market. Faster development of  modern infrastructure projects in the country has been supporting its growth in the most efficient manner, as with modern infrastructure projects, there is a rising need for construction equipment in the country, which is aiding the market growth. The Construction Equipment Industry in South Korea is amongst the most prominent sectors in the nation and there are many players operating in the sector.

Construction Equipment Companies in South Korea have been supporting the sector’s growth and these companies include Caterpillar, Hyundai Construction Equipment, Volvo Construction Equipment, Komatsu, SANY, Kubota, John Deere, Hitachi, and XCMG. These players in the market have been taking R&D initiatives for the development and introduction of affordable, innovative and efficient equipment to lower maintenance and operating costs.

Rising urbanization and a rise in the population of the country are also supporting the growth of the sector in the nation. The government of the country has been taking initiatives to promote the market. The government is investing heavily to stimulate sector growth.  In the country, there is an increase in investments in mining projects, which is also developing the construction equipment market in South Korea. The sector has been progressing as there are many developments ongoing in it. 

South Korea Construction Equipment Market Synopsis

South Korea construction equipment market report is a part of Asia Pacific Construction Equipment Market report comprehensively covers the market by types and applications. The South Korea construction equipment market outlook report provides an unbiased and detailed analysis of the ongoing South Korea construction equipment market trends, opportunities/high growth areas, and market drivers which would help the stakeholders device and align their market strategies according to the current and future market dynamics.

South Korea construction equipment market has witnessed a moderate growth over the past few years as the country went through a downturn in the construction industry which reduced the government infrastructure expenditure. Growth in the industry has been supported by the regaining circumstances of the economy and growing investments of the government in major projects such as expanding road networks, energy, residential and commercial buildings and etc. are the major factors enhancing the demand for the construction equipment market in South Korea.

According to 6wresearch, South Korea Construction Equipment Market is expected to grow during 2020-2026. The government is aiming to develop the transport infrastructure to boost production energy and efficiency. Also, the government is planning to expand the market by opening doors to foreign companies. The construction application segment is expected to grow the construction equipment market share of South Korea in the upcoming years due to developing infrastructure in the public and private sectors and growing investments.

Market Analysis By Types

Based on types, earthmoving equipment is expected to dominate the South Korea construction equipment market share owing to the increasing demand for excavators in the construction industry which enhances work efficiency and energy. Furthermore, the sales of construction equipment are anticipated to increase during the forecast period which makes south Korea the third-largest construction equipment market in East Asia and one of the tenth-largest in the world.

COVID-19 Impact on South Korea Construction Equipment Market

South Korea Construction Equipment Market suffered a major decline due to the outburst of the coronavirus pandemic. The health emergency caused by COVID-19 has hampered the supply chain of the market. Moreover, the restrictions imposed by the government of the country have put a halt to ongoing construction activities and upcoming development projects. 

Key Players in The Market

Some of the key players in South Korea Construction Equipment Market are:

• Hyundai Construction Equipment
• Komatsu
• Caterpillar
• Hitachi
• Volvo Construction Equipment
• XCMG
• SANY
• John Deere
• Kubota

Key Attractiveness of the Report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2016 to 2019.
• Base Year: 2019.
• Forecast Data until 2026.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• South Korea Construction Equipment Market Overview.
• South Korea Construction Equipment Market Outlook.
• South Korea Construction Equipment Market Size and South Korea Construction Equipment Market Forecast until 2026.
• Historical Data of South Korea Construction Equipment Market Revenues & Volume for the Period 2016-2019.
• Market Size & Forecast of South Korea Construction Equipment Market Revenues & Volume until 2026.
• Historical Data of South Korea Construction Equipment Market Revenues and Volume, By Application, for the Period 2016-2019
• Market Size & Forecast of South Korea Construction Equipment Market Revenues and Volume, By Application, until 2026
• Market Drivers and Restraints
• South Korea Construction Equipment Market Trends and Industry Life Cycle
• Porter's Five Force Analysis
• Market Opportunity Assessment
• South Korea Construction Equipment Market Share, By Players
• South Korea Construction Equipment Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The South Korea Construction Equipment Market report provides a detailed analysis of the following market segments:

• By Types:

  • Cranes
    • Mobile Crane
    • Crawler Crane
    • Tower Crane
    • Construction Tractor and Bulldozer
  • Earthmoving Equipment
    • Loaders
    • Excavators
    • Motor Grader
      
      
  • Aerial Work Equipment
    • Articulated Boom Lifts
    • Telescopic Boom Lifts
    • Scissor Lifts
      
      
  • Material Handling Equipment
    • Telescopic Handlers
    • Forklifts
      
      
  • Dump Trucks
    
    
  • Road Construction Equipment
    • Pavers
    • Road Rollers

By Applications:

• Construction
• Oil & Gas
• Mining
• Others (Municipality, Road Construction)

Frequently Asked Questions About the Market Study: FAQs

1). Which segment based on types is expected to dominate the South Korea Construction Equipment Market?

Based on types, earthmoving equipment is expected to dominate the construction equipment market share of South Korea.

2). Who are the key players in South Korea Construction Equipment Market?

Some of the key players in the South Korea Construction Equipment Market are Hyundai Construction Equipment, Komatsu, Caterpillar, Hitachi, Volvo Construction Equipment, XCMG, SANY, John Deere, and Kubota.

3). Does the report include the impact of COVID-19?

Yes, the report includes the impact of COVID-19.

4). What are the major factors enhancing the demand for construction equipment?

Growth in the industry has been supported by the regaining circumstances of the economy and growing investments of government in major projects such as expanding road networks, energy, residential and commercial buildings and etc. are the major factors enhancing the demand for the construction equipment market in South Korea.