Market Size of South Korea Transportation Infrastructure Construction Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 5.59 Billion |
| Market Size (2029) | USD 6.62 Billion |
| CAGR (2024 - 2029) | 3.50 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Transportation Infrastructure Construction Market Analysis
The South Korea Transportation Infrastructure Construction Market size is estimated at USD 5.59 billion in 2024, and is expected to reach USD 6.62 billion by 2029, growing at a CAGR of 3.5% during the forecast period (2024-2029).
- Due to COVID-19 lockdowns and labor unavailability, the transport infrastructure construction market took a hit. Many construction projects were stopped to ensure the safety of the workers. The supply chains, plants, equipment, and manpower were hugely impacted. Now, the sector is recovering and focusing on developments.
- The government has been enhancing equity in land use and publicness through road projects such as the Gwangmyeong-Seoul Expressway, which started construction in 2019, and the Jecheon-Yeongwol Expressway, which passed a preliminary feasibility study last year. Increased efficiency.
- According to the situation in which 96.5% of the current transport sector's greenhouse gas emissions are generated on roads, a reduction effect can be expected through the operation of exclusive lanes for trucks and the construction of ICs for trucks.
- In particular, in response to the rapid demographic change in Korean society and the demand for easing the disparity in the extinction region and congestion in the metropolitan area due to overcrowding in the metropolitan area, the low-carbon road logistics system, digital road asset maintenance, wide area transportation network maintenance, and three-dimensional road project are necessary.
- MOLIT will accelerate key transportation projects such as the Great Train eXpress (GTX), high-speed railways, underground expressways, and the new airport in Gadeokdo to solve traffic congestion issues in metropolises and achieve more balanced national growth. To provide consumer-centric services, public transportation will make an innovative shift. MOLIT intends to increase investment in expanding public transportation services and improving intermodal transfer while updating outdated regulations. Efforts will also be made to improve transportation accessibility for vulnerable groups such as disabled people, older people, and those living in remote areas. The transportation industry is currently undergoing a period of rapid mobility transformation in South Korea.
