Excavator Market in South Korea 2015-2019
About Excavator Market in South Korea
Excavators are used to excavate, move, and lift materials with the help of a bucket fitted to a boom. These are self-propelled machines that run using crawlers or wheels. They are highly versatile heavy construction machinery and are used for various applications such as below- and above-ground-level operations including land leveling, digging of trenches, and sinking of wells.
Technavio's analysts forecast the excavator market in South Korea to grow at a CAGR of 7.18 % over the period 2014-2019.
Covered in this Report
This report covers the present scenario and the growth prospects of the excavator market in South Korea for the period 2015-2019. To calculate the market size, the report considers the consumption value of excavators in South Korea. The performance of the excavator market in South Korea is forecast with the help of the predicted CAGR after analyzing the present condition of the market. The report presents four key vendors and a detailed analysis of these vendors. It also discusses growth drivers, the challenges faced by vendors and the industry as a whole, as well as key trends emerging in the market.
Technavio Announces the Publication of its Research Report – Excavator Market in South Korea 2015-2019
Technavio recognizes the following companies as the key players in the Excavator Market in South Korea: Doosan Infracore, HHIE, Kubota and Sunward
Other Prominent Vendors in the market are: Caterpillar, Komatsu, Liebherr Group and Volvo
Commenting on the report, an analyst from Technavio’s team said: “The government of South Korea has been increasingly investing in the construction sector to improve the infrastructure in the country. It is also focusing on improving the road and rail networks by enhancing their coverage. The government invested nearly $100 billion in construction in the transportation sector in 2014 and is continuing to invest in it. The transportation sector construction is also closely being matched by construction in the commercial sector. There are various hotels and resorts being developed in the country not only to cater to the estimated tourist demand for the Winter Olympics of 2018, but from a future perspective as well. The city of PyeongChang is being developed with the aim of making it a tourist spot. Further, the American film studio 20th Century Fox has announced plans to open a studio in the Changwon city of South Korea. The increased investment in construction is expected to boost the demand for earthmoving equipment including excavators.”
According to the report, the 2018 Winter Olympic Games will be held in South Korea. To make the event successful, the government of South Korea is investing extensively in the development of high-quality infrastructure. One of the major projects associated with the Winter Olympics is the development of PyeongChang city. In 2014, the government invested $4 billion for the development of PyeongChang city. Construction of high-quality infrastructure and supporting structures for this mega event requires a fully functional fleet of excavators. Efficient deployment of excavators is a prerequisite for efficient implementation and timely completion of these high-quality infrastructure projects.Further, the report states that the Jeonse system of leasing is one of the key challenges in the market.
Doosan Infracore, HHIE, Kubota, Sunward, Caterpillar, Komatsu, Liebherr Group, Volvo
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