From 2013 to 2023, the import of inflatable pleasure craft to South Korea has shown significant fluctuations. Despite a marked rise in imports during 2014 and 2015, subsequent years presented notable declines, particularly in 2017 and 2020. However, recent years indicate a modest recovery, with 2023 standing at 3.025 million US dollars.
Year-on-year variations reveal sharp declines in 2017 (-42.06%) and 2020 (-43.63%), juxtaposed with significant increases in 2014 (85.96%) and 2021 (70.74%). Despite recent growth, the compound annual growth rate (CAGR) from 2019 to 2023 is a modest 3.7%.
The forecasted average annual growth for the next five years is 0.51%, suggesting steady but slow growth through 2028, expected to reach 3.1123 million US dollars.
Future trends to watch for:
- Potential impact of economic policies on imports
- Inflation and exchange rate fluctuations affecting purchase power
- Increased interest in water sports driving demand growth
