NEW YORK, Sept. 29, 2023 /PRNewswire/ -- The construction market in South Korea is expected to grow by USD 50.9 billion from 2022 to 2027. However, the growth momentum of the market will progress at a CAGR of 4.79% during the forecast period. The market is segmented by type (private and public) and end-user (residential, non-residential, and civil works). The growing demand for modular houses is a key factor driving market growth. Modular homes are also known as prefabricated homes. Unlike a conventional home, a modular home is manufactured off-site and then transported to the required location for assembly and erection. In addition, buyers have the choice of incorporating their own home designs and specifications. Demand for modular homes has increased steadily in recent years in Korea due to rising rents and high costs of new home construction. Furthermore, demand for these houses among students living in major cities where it is expensive to rent or buy a home has been increasing due to the low cost of housing compared with traditional homes. Hence, these factors are expected to drive market growth during the forecast period. The report analyses the market size and growth and provides accurate predictions on the growth of the market. View a FREE PDF Sample
Key Highlights:
- The report recognizes the following as some of the key players in the construction market in South Korea: Bumwood Co. Ltd., Daewoo E and C, DL Group, DPR Construction, GS E and C Corp., Gyeyang Co. Ltd., Hanwha Corp., HL D and I Halla, Hyundai Development Co., LOTTE Engineering and Construction Co. Ltd., MUNYOUNG Corp., Namkwang Construction Co. Ltd., POSCO, Samsung Electronics Co. Ltd., SGC eTEC E and C, and SK eco plant CO. LTD.
- Construction Market in South Korea is fragmented in nature.
- Market to observe 4.42% YOY growth in 2023.
Major Trend
- The increase in public infrastructure spending is a major trend in the market.
Significant Challenge
- Uncertain macroeconomic conditions is a significant challenge restricting market growth.
The report also covers information on upcoming trends and challenges. Explore detailed information by purchasing a report
Keg Segments:
- The private segment will account for a major share of the market's growth during the forecast period. The need to renovate and modernize construction projects in the private sector has increased in recent years due to the aging of existing buildings and the increasing resale of real estate in Korea. In addition, new housing projects have reached a peak in Korea in recent years. Therefore, public construction activities in this country are limited. Hence, these factors are expected to drive segment growth during the forecast period.
Get a glance at the market contribution of the segments, Request a FREE Sample
FAQS
- How do the major trends impact the market?
- How do the key drivers and challenges impact the market?
Related Reports:
The Construction Equipment Market is estimated to grow at a CAGR of 5.24% between 2022 and 2027, and the size of the market is forecasted to increase by USD 3,818.92 million. This report extensively covers market segmentation by product (owned equipment, rented equipment, and leased equipment), application (commercial, residential, and infrastructure), and geography (APAC, North America, Europe, Middle East and Africa, and South America). The expanding manufacturing and distribution facilities are driving the market growth.
The Germany construction market size is estimated to grow at a CAGR of 6.05% between 2022 and 2027. The market size is forecast to increase by USD 130.65 billion. This construction market report extensively covers market segmentation by Type (buildings construction, heavy and civil engineering construction, land planning and development, and specialty trade contractors), and End-user (residential, commercial, and public). The growing demand for housing units is notably driving the market growth.
ToC:
Executive Summary
Market Landscape
Market Sizing
Historic Market Sizes
Five Forces Analysis
Market Segmentation by End-User
Market Segmentation by Type
Customer Landscape
Geographic Landscape
Drivers, Challenges, & Trends
Company Landscape
Company Analysis
Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
SOURCE Technavio
![](https://rt.prnewswire.com/rt.gif?NewsItemId=CG24683&Transmission_Id=202309291835PR_NEWS_USPR_____CG24683&DateId=20230929)
Share this article