Summary

South Korea's economy has grown to be the world's eleventh-largest and the fifth-largest exporter of products and services. Being leaders in the field, several industries are engaged in offering their clients rental services for high-end earthmoving equipment. To maintain its reputation in the market, these services are given in accordance with the established standards. In addition, the hiring of the staff members providing these services follows a careful evaluation of their qualifications. Japan is likewise seen as having the fastest growth in the Asia Pacific throughout the anticipated period. The growth of the Asia-Pacific machinery leasing market is accelerated by the expansion of the construction industry, an increase in the number of rental services as contractors and dealers choose rentals to lower operational and maintenance costs, and an increase in the number of infrastructure projects in the region.

According to the research report "South Korea Construction Equipment Rental Market Overview, 2028," published by Bonafide Research, the South Korean Construction Equipment Rental market is expected to add USD 0.93 billion by 2028. Construction tools will be in high demand when the infrastructure for South Korea's power system reform is built. Infrastructure in South Korea, including greenhouses and power plants, will stimulate demand for material handling and the entire construction rental equipment sector. The market for construction rental equipment in South Korea has the largest segment in 2021 for material handling equipment, followed by earthmoving and road construction equipment. In order to remain competitive in the market, market participants are making a significant contribution to market growth by using a variety of tactics, such as mergers and acquisitions, partnerships, funding, and the launch of new products.

The market for renting construction equipment is divided into three categories based on the type of equipment used: earth movement, material handling, and road building and concrete.Earth movement equipment refers to, motorised vehicles that are used to spread, haul, dig, or move earth or other materials. These tools, such as excavators, loaders, dozers, and motor graders, are frequently used to move or remove substantial amounts of soil as well as to lay foundations and design landscapes. The selection of earthmoving equipment is heavily influenced by the volume of material to be moved, the type of soil already present, and compaction issues. Due to the increasing infrastructure investments being made to upgrade public and private infrastructures, businesses that hire earthmoving equipment now have a chance. Earthmoving equipment is expensive and requires significant capital commitments for installation.

South KoreanPurchasing a construction machine is frequently out of the question for medium-sized and small building projects. Even used machines, which are more affordable, are sometimes out of reach. The machine is used too infrequently and at an excessively high cost. Order flexibility benefits small construction businesses in particular.Both the selection of the machines and the scheduling must be flexible. On a building site, they may occasionally require a mini-excavator, a dozer, or a telescopic loader—all preferably nowadays. For these temporary assignments, construction machinery leasing is the ideal choice. Although they often maintain a fleet of earthmoving equipment, large construction businesses frequently require the use of construction machinery rentals since concurrent projects might create bottlenecks. A wheel loader or excavator rental can easily address the capacity issue. Renting specialised equipment, such as excavators for rail roads or material handling equipment, is frequently advantageous. Many South Korean rental equipment businesses offer a broad selection of top-notch earthmoving machines and material handling machines, from demolition excavators to rail-road excavators. that rent excavators, loaders, and dumpers along with the necessary attachment equipment.

COVID-19 impact:
In South Korea, the construction rental equipment market is not much affected by the COVID-19 pandemic. Construction equipment rental is increasing during certain times of the COVID-19 pandemic because the government has prioritised certain projects and infrastructure. So the market for rental equipment is not affected by the pandemic.

Considered in this report
• Geography: South Korea
• Historic year: 2017
• Base year: 2022
• Estimated year: 2023
• Forecast year: 2028

Aspects covered in this report
• South Korea Construction Rental market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation

By equipment Type:
• Earthmoving
• Material handling
• Concrete and road construction

By Application Type:
• Residential
• Non residential
• Others

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, and annual reports of companies, analyzing the government-generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age groups, and gender. Once we have primary data with us we started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to the Construction Rental industry, government bodies, and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.