Construction market size in South Korea to grow by USD 50.9 billion between 2022 and 2027; Growth driven by increasing demand for modular houses - Technavio

NEW YORK, May 5, 2023 /PRNewswire/ -- The "South Korea Construction Market by End-user and Type - Forecast and Analysis 2023-2027" report has been added to Technavio's offering. The construction market in South Korea is estimated to grow by USD 50.9 billion between 2022 and 2027 at a CAGR of 4.79% during the forecast period. The market is driven by the growing demand for modular houses. Modular houses provide users the flexibility to incorporate custom designs and specifications. These houses can be manufactured at an offsite location and then shipped to the location where they are assembled and erected. The demand for such homes is increasing in South Korea, with the rising cost of rental homes and the high cost associated with the construction of new homes. Also, the low cost of modular houses is increasing their demand among students and single people in South Korean cities. All these factors are driving the growth of the market. For comprehensive details on the market size of the historic period (2017-2021) and forecast period (2023-2027) - View a sample report

Vendor Landscape

The construction market in South Korea is fragmented and highly competitive, with the presence of many vendors. Most of the vendors in the market cater to the residential sector, as it is the highest contributing segment. A few vendors catering to the residential construction segment have a high focus on civil engineering projects. Vendors operating in the construction market in South Korea are expected to benefit from government spending on infrastructure projects. Some of the key vendors covered in the report include:

• Bumwood Co. Ltd. - The company offers construction services for residential, commercial, and business facilities.
• Daewoo E and C - The company offers construction services such as plants, architecture, and civil works.
• DL Group - The company offers construction services such as civil, plant construction, and building works.
• GS E and C Corp. - The company offers construction services for roads, railways, and water reservoirs.
• Gyeyang Co. Ltd.
• 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
• SK ecoplant CO. LTD.

The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Market Dynamics

Key Trend – The increase in public infrastructure spending by the government is identified as the key trend in the market. The South Korean government is making significant investments in upgrading its public infrastructure to drive economic growth. For instance, in 2021, the government of South Korea increased expenditure at state-run institutions by 12% to USD 51.2 billion, with the majority of the spending focused on infrastructure development and housing projects. Such increased investments by the government toward public infrastructure development will drive the growth of the market during the forecast period.

Drivers, trends, and challenges have an impact on businesses. Find more crucial market insights in the sample PDF report!

Company Profiles

The construction market in South Korea report includes information on the product launches, sustainability, and prospects of leading vendors, including 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 ecoplant CO. LTD.

Get lifetime access to our Technavio Insights! Subscribe to our Basic Plan billed annually at USD 5000

Competitive Analysis

The report includes competitive analysis, a proprietary tool to analyze and evaluate the position of companies based on their industry position score and market performance score. The competitive scenario categorizes companies based on various performance indicators. Some of the factors considered include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, and growth in market share, among others.

 Market Segmentation

• By type, the market is classified into private and public.
• By end-user, the market is classified into residential, non-residential, and civil works.

By type, the market growth in the private segment will be significant over the forecast period. The presence of aging buildings and the growing resale of properties in South Korea has increased the need for renovation and modernization of building structures in the private sector in South Korea. Besides, the government in South Korea is framing stringent policies for building contractors and house owners to ensure that they adhere to the norms established for energy-efficient buildings. Such factors are expected to drive the growth of the segment during the forecast period.

Related Reports:

The construction market is estimated to grow at a CAGR of 5.3% between 2022 and 2027. The size of the market is forecasted to increase by USD 1,123.8 billion. The market is segmented by type (buildings construction, heavy &civil engineering, land planning and development, and specialty trade contractors), end-user (private sector and public sector), and geography (APAC, Europe, North America, Middle East and Africa, and South America).

The road construction and maintenance market in North America is estimated to grow at a CAGR of 3.37% between 2022 and 2027, and the size of the market is forecasted to increase by USD 48.42 billion. The market is segmented by application (new construction, reconstruction, and repair) and type (highway, street, and bridge).

Browse through Technavio's Industrials Market Reports

Table of contents:

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Country Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 06: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 07: Parent market
• Exhibit 08: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 09: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 10: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 11: Chart on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 12: Data Table on South Korea - Market size and forecast 2022-2027 ($ billion)
• Exhibit 13: Chart on South Korea: Year-over-year growth 2022-2027 (%)
• Exhibit 14: Data Table on South Korea: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Construction market in South Korea 2017 - 2021 
• Exhibit 15: Historic Market Size – Data Table on Construction market in South Korea 2017 - 2021 ($ billion)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 16: Historic Market Size – Type Segment 2017 - 2021 ($ billion)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 17: Historic Market Size – End-user Segment 2017 - 2021 ($ billion)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 18: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 24: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 25: Chart on Type - Market share 2022-2027 (%)
• Exhibit 26: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 27: Chart on Comparison by Type
• Exhibit 28: Data Table on Comparison by Type

• 6.3 Private - Market size and forecast 2022-2027 
• Exhibit 29: Chart on Private - Market size and forecast 2022-2027 ($ billion)
• Exhibit 30: Data Table on Private - Market size and forecast 2022-2027 ($ billion)
• Exhibit 31: Chart on Private - Year-over-year growth 2022-2027 (%)
• Exhibit 32: Data Table on Private - Year-over-year growth 2022-2027 (%)

• 6.4 Public - Market size and forecast 2022-2027 
• Exhibit 33: Chart on Public - Market size and forecast 2022-2027 ($ billion)
• Exhibit 34: Data Table on Public - Market size and forecast 2022-2027 ($ billion)
• Exhibit 35: Chart on Public - Year-over-year growth 2022-2027 (%)
• Exhibit 36: Data Table on Public - Year-over-year growth 2022-2027 (%)

• 6.5 Market opportunity by Type 
• Exhibit 37: Market opportunity by Type ($ billion)
• Exhibit 38: Data Table on Market opportunity by Type ($ billion)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 39: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 40: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 41: Chart on Comparison by End-user
• Exhibit 42: Data Table on Comparison by End-user

• 7.3 Residential - Market size and forecast 2022-2027 
• Exhibit 43: Chart on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 44: Data Table on Residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 45: Chart on Residential - Year-over-year growth 2022-2027 (%)
• Exhibit 46: Data Table on Residential - Year-over-year growth 2022-2027 (%)

• 7.4 Non-residential - Market size and forecast 2022-2027 
• Exhibit 47: Chart on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 48: Data Table on Non-residential - Market size and forecast 2022-2027 ($ billion)
• Exhibit 49: Chart on Non-residential - Year-over-year growth 2022-2027 (%)
• Exhibit 50: Data Table on Non-residential - Year-over-year growth 2022-2027 (%)

• 7.5 Civil works - Market size and forecast 2022-2027 
• Exhibit 51: Chart on Civil works - Market size and forecast 2022-2027 ($ billion)
• Exhibit 52: Data Table on Civil works - Market size and forecast 2022-2027 ($ billion)
• Exhibit 53: Chart on Civil works - Year-over-year growth 2022-2027 (%)
• Exhibit 54: Data Table on Civil works - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by End-user 
• Exhibit 55: Market opportunity by End-user ($ billion)
• Exhibit 56: Data Table on Market opportunity by End-user ($ billion)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 57: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Drivers, Challenges, and Trends

• 9.1 Market drivers

• 9.2 Market challenges

• 9.3 Impact of drivers and challenges 
• Exhibit 58: Impact of drivers and challenges in 2022 and 2027

• 9.4 Market trends

10 Vendor Landscape

• 10.1 Overview

• 10.2 Vendor landscape
• Exhibit 59: Overview on Criticality of inputs and Factors of differentiation

• 10.3 Landscape disruption
• Exhibit 60: Overview on factors of disruption

• 10.4 Industry risks
• Exhibit 61: Impact of key risks on business

11 Vendor Analysis

• 11.1 Vendors covered
• Exhibit 62: Vendors covered

• 11.2 Market positioning of vendors 
• Exhibit 63: Matrix on vendor position and classification

• 11.3 Bumwood Co. Ltd.
• Exhibit 64: Bumwood Co. Ltd. - Overview
• Exhibit 65: Bumwood Co. Ltd. - Product / Service
• Exhibit 66: Bumwood Co. Ltd. - Key offerings

• 11.4 Daewoo E and C
• Exhibit 67: Daewoo E and C - Overview
• Exhibit 68: Daewoo E and C - Product / Service
• Exhibit 69: Daewoo E and C - Key offerings

• 11.5 DL Group
• Exhibit 70: DL Group - Overview
• Exhibit 71: DL Group - Product / Service
• Exhibit 72: DL Group - Key offerings

• 11.6 DPR Construction
• Exhibit 73: DPR Construction - Overview
• Exhibit 74: DPR Construction - Product / Service
• Exhibit 75: DPR Construction - Key offerings

• 11.7 GS E and C Corp.
• Exhibit 76: GS E and C Corp. - Overview
• Exhibit 77: GS E and C Corp. - Business segments
• Exhibit 78: GS E and C Corp. - Key offerings
• Exhibit 79: GS E and C Corp. - Segment focus

• 11.8 Hanwha Corp.
• Exhibit 80: Hanwha Corp. - Overview
• Exhibit 81: Hanwha Corp. - Product / Service
• Exhibit 82: Hanwha Corp. - Key news
• Exhibit 83: Hanwha Corp. - Key offerings

• 11.9 HL D and I Halla
• Exhibit 84: HL D and I Halla - Overview
• Exhibit 85: HL D and I Halla - Product / Service
• Exhibit 86: HL D and I Halla - Key offerings

• 11.10 Hyundai Development Co. 
• Exhibit 87: Hyundai Development Co. - Overview
• Exhibit 88: Hyundai Development Co. - Product / Service
• Exhibit 89: Hyundai Development Co. - Key offerings

• 11.11 LOTTE Engineering and Construction Co. Ltd. 
• Exhibit 90: LOTTE Engineering and Construction Co. Ltd. - Overview
• Exhibit 91: LOTTE Engineering and Construction Co. Ltd. - Product / Service
• Exhibit 92: LOTTE Engineering and Construction Co. Ltd. - Key offerings

• 11.12 MUNYOUNG Corp.
• Exhibit 93: MUNYOUNG Corp. - Overview
• Exhibit 94: MUNYOUNG Corp. - Product / Service
• Exhibit 95: MUNYOUNG Corp. - Key offerings

• 11.13 Namkwang Construction Co. Ltd. 
• Exhibit 96: Namkwang Construction Co. Ltd. - Overview
• Exhibit 97: Namkwang Construction Co. Ltd. - Product / Service
• Exhibit 98: Namkwang Construction Co. Ltd. - Key offerings

• 11.14 POSCO
• Exhibit 99: POSCO - Overview
• Exhibit 100: POSCO - Business segments
• Exhibit 101: POSCO - Key news
• Exhibit 102: POSCO - Key offerings
• Exhibit 103: POSCO - Segment focus

• 11.15 Samsung Electronics Co. Ltd. 
• Exhibit 104: Samsung Electronics Co. Ltd. - Overview
• Exhibit 105: Samsung Electronics Co. Ltd. - Business segments
• Exhibit 106: Samsung Electronics Co. Ltd. - Key news
• Exhibit 107: Samsung Electronics Co. Ltd. - Key offerings
• Exhibit 108: Samsung Electronics Co. Ltd. - Segment focus

• 11.16 SGC eTEC E and C
• Exhibit 109: SGC eTEC E and C - Overview
• Exhibit 110: SGC eTEC E and C - Product / Service
• Exhibit 111: SGC eTEC E and C - Key offerings

• 11.17 SK ecoplant CO. LTD.
• Exhibit 112: SK ecoplant CO. LTD. - Overview
• Exhibit 113: SK ecoplant CO. LTD. - Product / Service
• Exhibit 114: SK ecoplant CO. LTD. - Key offerings

12 Appendix

• 12.1 Scope of the report

• 12.2 Inclusions and exclusions checklist 
• Exhibit 115: Inclusions checklist
• Exhibit 116: Exclusions checklist

• 12.3 Currency conversion rates for US$ 
• Exhibit 117: Currency conversion rates for US$

• 12.4 Research methodology
• Exhibit 118: Research methodology
• Exhibit 119: Validation techniques employed for market sizing
• Exhibit 120: Information sources

• 12.5 List of abbreviations 
• Exhibit 121: List of abbreviations

About Us

Technavio is a leading 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.

Contact

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