The number of employees in the electrical equipment sector in South Korea has shown a stable increase from 2013 to 2023. It stood at 163.1 thousand persons in 2023. The annual year-on-year variation has been gradually declining, indicating a stabilization in employment growth within this sector. Over the last five years (2019-2023), the average annual growth (CAGR) was 1.26%, reflecting a steady, albeit modest, expansion in workforce numbers.
Looking ahead, from 2024 to 2028, the forecasted 5-year CAGR is slightly lower at 0.83%, suggesting a slower growth rate compared to previous years. The total forecasted growth over this period is anticipated to be 4.24%.
Future trends to watch for include potential impacts from automation and digital transformation, which may influence employment numbers, as well as shifts in global demand for electrical equipment that could affect the growth trajectory in this sector.
