- The key vendors in the excavator market in South Korea 2015-2019 are Doosan Infracore Co. Ltd., Hyundai Heavy Industries Co. Ltd. And Sunward Resources Ltd.
London, 01 July 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the excavator market in South Korea 2015-2019. Increasing investments on the construction sector is one of the major trends upcoming in the market. 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 excavator market in South Korea is predicted to post a CAGR of 7.18% during the forecast period of 2014-2019.
The government of South Korea has taken several initiatives to boost the growth of this market. It is predominantly focusing on improving the construction market environment in the country. The government restructured the financing of the construction projects to attract builders to venture into the market. The government is further planning to have a control on bad debts and provide tax relaxation to builders who buy unsold apartments.
“To maintain the large customer base, manufacturers in South Korea are focusing on improving the efficiency of their equipment,” says Faisal Ghaus, Vice President of Technavio Research.
“Many countries across Asia need to abide by strict emission standards laid down in their jurisdictions. Old excavators, which may be five or 10 years old, do not meet the current emission standards and need to be replaced with fuel-efficient models.”
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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