South Korea Construction Market Insights Forecasts to 2032
- The South Korea Construction Market Size was valued at USD XX Billion in 2022.
- The Market Size is growing at a CAGR of 4.8% from 2022 to 2032.
- The South Korea Construction Market Size is expected to reach USD XX Billion by 2032.
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The South Korea Construction Market Size is expected to reach USD XX billion by 2032, at a CAGR of 4.8% during the forecast period 2022 to 2032.
Construction is a major industry in South Korea, accounting for a significant portion of the country's GDP. Construction costs have steadily risen over the last decade, in tandem with rising demand for residential or international construction projects. As a result, the construction industry is expected to play a significant role in the creation of smart cities and the revitalization of the urban economy in the coming years. Moreover, overseas construction projects also make the construction sector a major export industry. Foreign entities contract with major Korean construction companies to build buildings and facilities for them.
This research report categorizes the market for South Korea construction market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea construction market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea construction market.
The rising demand for modular homes is a major factor influencing the South Korean construction market expansion. Prefabricated homes are another name for modular homes. Unlike a regular house, a modular house is manufactured at an offsite location and then shipped to the required location, where it is assembled and erected. Buyers have the option of incorporating their house designs and specifications. The demand for modular houses has steadily increased in South Korea over the last few years, owing to rising housing rents and the high cost of building new homes. Manufacturers can achieve faster delivery times and higher accuracy with the help of automation. The demand for modular homes in South Korea is expected to skyrocket, particularly among single-parent families. The low cost of these houses in comparison to traditional houses has increased their popularity among students in large cities where renting or buying a house is prohibitively expensive. These factors will boost the South Korean construction market growth during the forecast period.
Uncertain macroeconomic conditions are a major hinderance to South Korean construction market growth. The construction industry is heavily influenced by national and regional macroeconomic conditions. Uncertainty about current economic conditions, on the other hand, will hamper the construction industry, as customers may postpone spending in response to tighter credit, a decline in income or asset values, or negative financial news.
- In 2022, the private segment accounted for a major share over the forecast period.
Based on the type, the South Korean construction market is segmented into private, public, and others. Among these, the private segment accounted for a major share over the forecast period. The need for renovation and advancement of building structures in the private sector has risen in recent years due to the aging of existing buildings and the growing resale of properties in South Korea. In recent years, the number of new housing projects in South Korea has reached its highest point. As a result, public construction activities in the country were restricted. As a consequence, the number of private construction activities will increase during the forecast period.
- In 2022, the residential segment accounted fastest growth over the forecast period.
Based on end users, the South Korean construction market is segmented into residential, non-residential, civil works, and others. Among these, the residential segment accounted fastest growth over the forecast period. The growth can be attributed to the growing demand for housing in South Korea. Population growth, urbanization, and economic development have all pushed up demand for residential housing in South Korea. As a result, South Korea is one of the most popular residential property markets in the world.
The report offers the appropriate analysis of the key organizations/companies involved within the South Korea construction market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- Bumwood Co. Ltd.
- Daewoo E and C
- DL Group
- GS E and C Corp.
- Gyeyang Co. Ltd.
- HL D and I Halla
- Hyundai Development Co.
- LOTTE Engineering and Construction Co. Ltd.
- MUNYOUNG Corp.
- Namkwang Construction Co. Ltd.
- Samsung Electronics Co. Ltd.
- SGC eTEC E and C
- SK ecoplant CO. LTD.
Key Target Audience
- Market Players
- Government Authorities
- Consulting and Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the South Korea construction market based on the below-mentioned segments:
South Korea Construction Market, By Type
South Korea Construction Market, By End User
- Civil Works
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