- The key vendors in the construction tractor market in South Korea 2015-2019 are Doosan Infracore Construction Equipment, Hyundai Heavy Industries Co. Ltd. And Sunward Intelligent machinery Co. Ltd.
London, 18 June 2015: Technavio, an independent tech-focused global research firm, has announced the publication of its market research report on the construction tractor market in South Korea 2015-2019. Provision of rental services for construction tractors is one of the key trends emerging in the market. Construction tractors can be rented on a daily or annual basis, where the lease period is often less than the average lifetime of the equipment. This allows construction companies to use high-cost construction tractors without major monetary investments, which leads to higher profits. The construction tractor market in South Korea is expected to grow at a CAGR of 1.37% during the forecast period of 2014-2019.
With the widespread development and growth of the global construction industry, the demand for construction tractors has increased significantly worldwide. Developing and emerging economies such as China, India, Brazil, and MEA are currently undergoing large-scale urban and infrastructure development. These construction projects require continuous deployment of construction tractors and other earthmoving equipment for efficient implementation and timely completion.
“Construction companies in South Korea are focusing extensively on reducing costs incurred during construction processes,” says Faisal Ghaus, Vice President of Technavio Research.
“Moreover, construction companies are using fuel-efficient equipment to reduce the overall cost of construction. This has led to a rise in demand for fuel-efficient equipment in the country, especially for construction tractors.”
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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