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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 |
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- 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
- Backhoe Loaders
- Motor Graders
- Other Earthmoving Equipment (Other loaders, Bulldozers, Trenchers)
Road Construction Equipment
- Road Rollers
- Asphalt Pavers
Material Handling Equipment
- Forklift & Telescopic Handlers
- Aerial Platforms (Articulated Boom Lifts, Telescopic Boom lifts, Scissor lifts)
- 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.
- Hyundai Construction Equipment
- Volvo Construction Equipment
- John Deere
Other Prominent Vendors
- Kobelco Construction Machinery
- SOOSAN CSM
- HAEIN Corporation
- Daijeon Machinery
Explore our industrial machinery profile to know more about the industry.
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