The construction market in South Korea is segmented by type (private and public) and end-user (residential, non-residential, and civil works). An increase in public infrastructure spending is the major construction market in South Korea trend which will positively influence the market value.
The construction market share in South Korea will value over USD 50.9 billion in 2027.
It is estimated to expand at a CAGR of 4.79% from 2022 to 2027
The construction market size in South Korea will witness a YOY growth rate of 4.42% in 2023
Get a peek into the South Korea Construction Market Analysis Report 2023-2027. Unlock the Sample Report The report includes historic market data from 2017 to 2021. In 2017, the market was valued at USD 157.99 billion.
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The increase in public infrastructure spending is a significant trend influencing the growth of the construction market in South Korea. The South Korean government plans to invest billions of dollars in upgrading the country's public infrastructure to drive economic growth despite. Thus, the increasing investments by the government in public infrastructure will lead to market growth during the forecast period.
The growing demand for modular houses is a key driver impacting the growth of the construction market in South Korea. The demand for modular houses has been increasing steadily over the last few years in South Korea due to the increasing housing rents and the high cost of building new houses. The low cost of these houses, when compared with that of traditional houses, has increased their demand among students in large cities, where renting or buying a house is expensive.
Some of the major construction market vendors in South Korea are:
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The uncertain macroeconomic conditions are the major hindrance for market players.
The construction market in South Korea structure is fragmented in nature.
The market growth by the private segment will be significant during 2023-2027 owing to the aging of existing buildings and the growing resale of properties in South Korea.
