Forecast: Output of Warehousing and Support Activities for Transportation in South Korea

The output of warehousing and support activities for transportation in South Korea exhibited a general upward trend from 2015 to 2023, starting at 32.949 trillion South Korean Wons in 2015 and reaching 44.99 trillion South Korean Wons in 2023. Despite a significant dip in 2020 with a -17.13% year-on-year variation due to extraordinary events likely related to the COVID-19 pandemic, the sector rebounded with a 16.51% increase in 2021. Over the last two years, the market saw a moderate growth with a 7.08% increase in 2022 and a smaller 1.66% rise in 2023. The average annual growth rate over the last five years was 1.25%.

Future forecasts predict a steady increase, with an output expected to reach 48.702 trillion South Korean Wons by 2028. The forecasted Compound Annual Growth Rate (CAGR) for the next five years is 1.31%, indicating stable but moderate growth.

Trends to watch for in the future include:

• Technological advancements in logistics and automation.
• Shifts in global trade dynamics affecting demand for warehousing.
• Environmental regulations influencing logistics and transportation practices.
• Potential economic fluctuations impacting the industry.