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Buoyancy in South Korea

The construction equipment market in South Korea is expected to stabilise at a high level in the coming years, following a period of sustained growth.

Construction equipment sales this year are expected to exceed 12,000 units, with a similar number of agricultural tractors expected to be sold. This makes South Korea one of the ten largest construction equipment markets in the world and the third largest in east Asia. These levels of sales are expected to continue for the next 2-3 years.

These headline findings, along with detailed market analysis on 16 types of construction equipment as well as agricultural tractors can be found in Off-Highway Research’s latest Multi-Client Study on the construction equipment industry in South Korea.

As well as providing five years of historic data and a five-year forecast by equipment type in South Korea, the 172-page report looks in-depth at market shares, production levels, component sourcing by OEMs, machine populations and the models available, among other areas. It also provides profiles of South Korea’s equipment manufacturers and major equipment distributors.

Market structure and forecasts

Demand in South Korea is dominated by excavators, with crawler, mini and wheeled machines accounting for more than 80 per cent of construction equipment unit sales last year. It is an unusual market in that wheeled excavators out-sell crawler machines.

Having said that, other types of construction equipment which sell in good volumes in South Korea include skid-steer loaders wheeled loaders and compressors.

Off-Highway Research forecasts that over the next five years there will be good growth in compact equipment sales. However, these will be offset to some extent by declines in excavator sales, with the market for crawler and wheeled machines above 6 tonnes having peaked.

The overall effect will be that the market stabilises around its current high level of 12,000 unit sales per year. This represents more than a 20% increase on the market size in 2012.

Off-Highway Research’s study on the South Korean equipment industry industry is available to buy from Click here to go straight to the report, alternatively, click here to download a brochure and order form.

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