Chicago, June 21, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, the South Korea construction equipment market is expected to grow at a CAGR of 4.13% during 2022-2027. South Korea intends to achieve Net Zero-emission by 2050, hence industrial companies have started to invest in Green Hydrogen Projects. Green hydrogen fuel-based construction equipment is being developed by construction equipment manufacturers such as Hyundai, Liebherr, and Caterpillar. In January 2022, Hyosung Group announced to invest of ~835 million in green hydrogen projects and Caterpillar has announced to offer 100% green hydrogen fuel-based construction equipment.
South Korea Construction Equipment Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2028) | $2.5 Billion | |
| MARKET SIZE (2021) | $1.9 Billion | |
| CAGR (2022-2028) | 4.13% | |
| MARKET SIZE (VOLUME) | 51435 Units Sales | |
| HISTORIC YEAR | 2019-2020 | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2028 | |
| TYPE | Earth Moving Equipment, Material Handling Equipment, and Road Construction Equipment | |
| END-USERS | Construction, Manufacturing, Mining, and Others | |
| KEY VENDORS | Hyundai Construction Equipment, Komatsu, Caterpillar, Hitachi, Volvo Construction Equipment, XCMG, SANY, John Deere, and Kubota | |
Click Here to Download the Free Sample Report
Key Highlights
- The material handling equipment was the largest segment amongst others in 2021. Increasing manufacturing sites, investment in the logistics industry such as the expansion of fulfillment centers, the opening of new logistics centers, etc. and port development projects are driving demand for the material-handling equipment. The material handling equipment segment in South Korea is estimated to grow at a CAGR of 4.39% by 2028.
- The Ninth Basic Plan for Power Supply and Demand in South Korea is expected to expand renewable energy's proportion of installed capacity to 40% by 2034, up from 15.1% in 2020. To build the infrastructure to reform the electricity market in South Korea, high demand for construction equipment is expected over the forecast period. Infrastructure projects such as power plants and greenhouses will boost demand for material handling equipment as well as the overall construction equipment market in South Korea.
- Additionally, the government’s efforts to promote investment will enhance the demand for construction equipment over the forecast period. To promote the public investment, the government is focusing to improve transportation and logistics systems and build smart buildings, zero energy buildings, smart cities, etc. for which the government has announced a $20 billion budget in 2021. The government is also promoting private investment, for which the government has announced a $31.2 billion worth of budget for 2021. The South Korean government is strengthening major manufacturing industries (such as machinery and equipment, mobile phones, cars, machinery including computers, household electronics, machine tools, etc.) and services by building digital, and upgrading smart factories. This will enhance the demand for construction equipment in all the major industries (Construction, Manufacturing, Mining, etc.) in South Korea.
- South Korea is experiencing severe labor shortages in industries such as construction, manufacturing, mining, etc. Due to a labor crisis, new technologies in construction equipment are in high demand to improve worker efficiency and reduce labor dependency. Hitachi, for instance, has introduced wheel loaders and excavators with automation, smart operating technology, and the Consite Hitachi Comprehensive Machine Management support system. Other major construction equipment manufacturers, such as Hyundai and Volvo, are following similar patterns and introducing new technologies such as 5G, AI, advanced analytics (IoT), etc. into their equipment to address labor shortages in the construction, manufacturing, and mining industries.
- Hyundai CE leads the construction equipment market, followed by Hyundai Doosan Infracore, Komatsu Group, Caterpillar, Hitachi CM, and Volvo Construction Equipment. By 2021, these companies will control about 60% of the whole construction equipment market in South Korea.
- XCMG, SANY, John Deere, Kubota, Liebherr, Kobelco, Yanmar, Zoomlion, and JCB are the other prominent vendors in the South Korea construction equipment market.
Market Segmentation Analysis
Earthmoving Equipment:
- Excavator
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
- Road Rollers
- Asphalt Pavers
Material Handling Equipment
- Crane
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
End Users
- Construction
- Manufacturing
- Mining
- Others
Market Drivers
- Reforming of South Korea's electricity market for net zero will spur the demand for construction equipment.
- The demand for forklifts and telescopic handlers will increase as the e-commerce sector grows.
- Government’s efforts to promote investment will enhance the demand for construction equipment.
Key Vendors
- Hyundai Construction Equipment
- Komatsu
- Caterpillar
- Hitachi
- Volvo Construction Equipment
- XCMG
- SANY
- John Deere
- Kubota
Other Prominent Vendors
- Liebherr
- Kobelco Construction Machinery
- Yanmar
- Zoomlion
- JCB
Distributors Profile
- SOOSAN CSM
- HAEIN Corporation
- Daijeon Machinery
Explore our industrial machinery profile to know more about the industry.
Click Here to Download the Free Sample Report
Read some of the top-selling reports:
- India Construction Equipment Market - Strategic Assessment & Forecast 2022-2028
- China Construction Equipment Market - Strategic Assessment & Forecast 2022-2028
- Southeast Asia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028
- Indonesia Construction Equipment Market - Strategic Assessment & Forecast 2022-2028
About Arizton:
Arizton Advisory and Intelligence is an innovation and quality-driven firm, which offers cutting-edge research solutions to clients across the world. We excel in providing comprehensive market intelligence reports and advisory and consulting services.
We offer comprehensive market research reports on industries such as consumer goods & retail technology, automotive and mobility, smart tech, healthcare, and life sciences, industrial machinery, chemicals, and materials, IT and media, logistics and packaging. These reports contain detailed industry analysis, market size, share, growth drivers, and trend forecasts.
Arizton comprises a team of exuberant and well-experienced analysts who have mastered in generating incisive reports. Our specialist analysts possess exemplary skills in market research. We train our team in advanced research practices, techniques, and ethics to outperform in fabricating impregnable research reports.
Call: +1-312-235-2040
+1 302 469 0707
Arizton Advisory and Intelligence
