South Korea Construction Equipment Market (2023-2029) | Size, Trends, Share, Revenue, Analysis, Growth, Industry, Outlook & COVID-19 IMPACT

Topics Covered in the South Korea Construction Equipment Market

South Korea Construction Equipment Market report thoroughly covers the market by types and by application. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea Construction Equipment Market Synopsis 

South Korea Construction Equipment Market is securing a lucrative growth in the country underpinned by various growing factors such as rising infrastructure development, integration of advanced technology into construction equipment. Furthermore, 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 etc. Additionally, the rising urbanization and a rise in the population growth of the country are supporting the market growth. In the country, there is an increase in investments in mining projects, which drives the construction equipment demand, leading to a surge in the construction equipment market in South Korea. The sector has been progressing as there are many developments ongoing in it.

According to 6Wresearch, the South Korea Construction Equipment Market size is estimated to expand tremendously during the forecast period 2023-2029. The market growth is driven by several aspects such as rapid urbanization, integration of advanced features into construction equipment, and the introduction of favourable government policies supporting the market to expand considerably. Additionally, the rising rural population shifting towards urban areas are augmenting construction activities in cities, benefitting the construction equipment demand used to build various buildings, including residential and commercial developments. Also, the integration of advanced features into construction equipment such as automation, telematics, and fuel efficiency are making people to switch towards construction equipment, that are equipped with smart features to ensure efficiency during operations. On other hand, some challenges that can impede the market growth are economic uncertainties can affect construction projects, as a result, delays, or cancellations in construction projects can be seen. Also, an intense competition that affect pricing and profit margins. However, market is still growing rapidly due to ongoing infrastructure projects, which include roads, bridges, ports, and urban development, drive the demand for construction equipment simultaneously South Korea Construction Equipment Market growth. 

COVID-19 influence on the 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. These measures had delayed the construction projects across various sectors, including development of residential and commercial buildings. Which led to a major decline in the market shares & revenues. 

Key Players of the South Korea Construction Equipment Market

Some of the major companies are mentioned below, which include:

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

The above-mentioned companies are operating seamlessly in the country and thriving the market growth with the continuous development of smart construction equipment. As these ranges are integrated with advanced features that ensure effective & efficient operations. 

Government Initiatives introduced in the South Korea Construction Equipment Market

South Korea Construction Equipment Market share is estimated to secure a double-digit growth in the country in the upcoming years on the back of rising introduction of favourable polices and schemes launched by the government. One of the significant schemes is Safety Regulations and Standards, under which the government has released various safety regulations in the construction industry for the worker’s protection to reduce accidents. Moreover, the government has been encouraging eco friendly construction practices, in order to reduce the prevalence of carbon footprint, benefitting the construction equipment market growth. The government has taken an initiative promoting advanced technologies integrated construction equipment for enhanced utilization of construction equipment. 

Market Analysis by Type

According to Nitesh Kumar, Research Manager, 6Wresearch, 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.

Market Analysis by Applications

Based on application, the construction sector is growing rapidly in the country, underpinned by the rising infrastructure development, which includes roads, bridges, and airports. In addition to this, urbanization and population growth are driving the demand construction activities, leading to higher adoption of construction equipment. 

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• 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 2029.
• Historical Data of South Korea Construction Equipment Market Revenues & Volume for the Period 2019 - 2029.
• Market Size & Forecast of South Korea Construction Equipment Market Revenues & Volume until 2029.
• Historical Data of South Korea Construction Equipment Market Revenues and Volume, By Application, for the Period 2019 - 2029
• Market Size & Forecast of South Korea Construction Equipment Market Revenues and Volume, By Application, until 2029
• 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)

South Korea Construction Equipment Market: FAQs