South Korea Construction Market is to grow by USD 50.9 billion from 2022 to 2027, Growing demand for modular houses to drive the growth- Technavio

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. 

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FAQS

• How do the major trends impact the market?
• How do the key drivers and challenges impact the market?

Related Reports:

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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.

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SOURCE Technavio