South Korea Construction Equipment Market Overview, 2029

Due to limited land availability, South Korea has embraced vertical urbanization, leading to the construction of tall buildings and skyscrapers. This trend has created a demand for specialized equipment, such as high-capacity tower cranes and construction elevators, to facilitate vertical construction projects. South Korea is actively developing smart cities that integrate technology and infrastructure for sustainable urban living. These projects require advanced construction equipment capable of implementing smart technologies, energy-efficient systems, and intelligent infrastructure. Prefabrication and modular construction techniques are gaining popularity in South Korea. These methods allow for faster construction, improved quality control, and reduced material waste. The construction equipment market has adapted to support these off-site manufacturing processes. South Korea, being prone to natural disasters, places a significant emphasis on disaster resilience in construction projects. The construction equipment market sees demand for equipment capable of withstanding seismic forces, flood-resistant materials, and advanced safety features. South Korea places great importance on preserving its cultural heritage. In construction projects involving historical sites and traditional architecture, specialized equipment is used to ensure minimal impact on cultural assets while maintaining safety and efficiency. South Korea is actively promoting green infrastructure projects such as green roofs, sustainable drainage systems, and renewable energy installations. The construction equipment market supports these initiatives with specialized equipment for eco-friendly construction practices. South Korea has a strong focus on improving construction efficiency and productivity. The construction equipment market sees the adoption of advanced machinery, automation, and digital solutions to streamline construction processes and minimize downtime. South Korean construction equipment manufacturers actively collaborate with international partners for technology exchange, joint ventures, and market expansion. This collaboration fosters innovation and facilitates access to new markets worldwide. According to the research report “South Korea Construction Equipment Market Overview, 2029,” published by Bonafide Research, the South Korea Construction Equipment market is expected to add USD 2.4 Billion by 2029. South Korea is known for its technological advancements, and the construction equipment market is no exception. The country has been a pioneer in the development and adoption of advanced technologies in construction equipment, including autonomous machinery, robotics, and smart technologies. South Korea has several well-established domestic construction equipment manufacturers that have gained international recognition. Companies such as Hyundai Construction Equipment and Doosan Infracore are among the top players in the global construction equipment market. South Korea emphasizes research and development in the construction equipment sector. Companies invest significantly in innovation and technological advancements to enhance the performance, efficiency, and safety of their equipment. South Korea places a strong emphasis on green construction practices. The construction equipment market in the country has witnessed a rise in the demand for eco-friendly equipment that reduces emissions, conserves energy, and promotes sustainability. South Korea's densely populated urban areas and limited construction spaces have led to an increased demand for compact construction equipment. Mini excavators, compact loaders, and skid steer loaders are widely used in urban construction projects due to their maneuverability and versatility. South Korean construction equipment manufacturers have a significant presence in the global market. They export their products to various countries, particularly in Asia, North America, and Europe, contributing to the country's export revenue. The South Korean government actively supports the construction equipment industry through various initiatives. These include financial incentives, tax benefits, and R&D grants to promote the development and growth of the sector. South Korea places a high priority on safety in the construction industry. The construction equipment market has witnessed the integration of advanced safety features into machinery, such as collision avoidance systems, operator detection systems, and advanced warning systems. The equipment rental market in South Korea has experienced significant growth. Construction companies increasingly opt for equipment rental services due to the flexibility, reduced upfront costs, and access to a wide range of machinery. South Korea has ambitious infrastructure projects, including the expansion of transportation networks, smart cities, and renewable energy projects. These projects drive the demand for construction equipment and provide growth opportunities for the market.

Construction equipment rental in South Korea is on the rise. The purchase of new equipment is expensive and has maintenance and storage implications. Even for more recent firms, renting is increasingly an option that makes sense. In reality, among building firms, renting equipment rather than buying it outright has been preferred for short-term construction applications since it allows for the best possible exploitation of the equipment. The world's biggest market for construction machinery is South Korea. Around 60% of all construction equipment sold in South Korea is comprised of excavators. More than any other nation in the world, South Korea has roughly 25 excavator manufacturers, according to the South Korea Construction Machinery Association. Excavators have become very popular in South Korea because of the country's vast development initiatives.The Chinese government invested USD 3.4 trillion in the country's infrastructure in 2023. The development of South Korea's infrastructure is mostly focused on building superhighways, high-speed rail lines, airports, bridges, ports, and metro systems. Large-scale soil excavation is required for these megaprojects in order to create the foundations, making manual labour impractical. Thus, construction equipment like excavators is required to carry out soil excavation at the sites of these megaprojects. In South Korea, major players who provide construction equipment for rent are Sany Heavy Industry Co., Ltd., Xuzhou Construction Machinery Group Co., Ltd., Zoomlion Heavy Industry Science and Technology Co., Ltd., LiuGong, officially Guangxi LiuGong Machinery Co., Ltd., Shantui Construction Machinery Co., Ltd., and many more. COVID-19 impact: Construction was halted during the COVID-19 lockdown period in order to curb the virus's transmission and uphold social distance rules, which had a detrimental effect on the market in 2020. However, as economies continue to open, demand is gaining pace, which will help restart GDP growth. Government funding on construction projects is rising, which would probably increase demand for construction equipment rental services. Considered in this report • Geography: South Korea • Historic year: 2018 • Base year: 2024 • Estimated year: 2023 • Forecast year: 2029

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Manmayi Raval

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Aspects covered in this report • South Korea Construction market with its value and forecast along with its segments • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By equipment Type: • Earthmoving • Material handling • Concrete and road construction By Application Type: • Residential • Non residential • Others

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The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry. ?