- The key vendors in the earthmoving equipment market in South Korea 2015-2019 are Doosan Infracore Co. Ltd., HHIE, Kubota Corp. and Sunward Equipment Group
London, 08 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the earthmoving equipment market in South Korea 2015-2019. The government of South Korea has been increasing the investment being made in the construction sector. It aims at improving the infrastructure scenario of the country. It is also focusing on improving road and rail networks by enhancing their coverage. The earthmoving equipment market in South Korea 2015-2019 is expected to grow at a CAGR of 6.53% during the forecast period of 2014-2019.
Several nuclear power plants are underway in the country, which has resulted in increased demand for earthmoving equipment. The upcoming Winter Olympics of 2018 is a major factor driving growth of the earthmoving equipment market in South Korea. Moreover, government’s focus on development of infrastructure, especially with regard to transportation and roads to improve connectivity in the country, will lead to market growth.
“The government of South Korea is focusing on developing nuclear power plants to reduce greenhouse gas emissions and meet power demand in the country,” says Faisal Ghaus, Vice President of Technavio Research.
“The government is planning to construct and bring 10 more reactors into operational state by 2020. Construction of these big nuclear power plants will drive the need for earthmoving equipment in South Korea.”
To define the market conditions in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
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