The production value of ship and boat building in South Korea has seen significant changes from 2013 to 2023. Starting at 66.36 trillion South Korean Wons in 2013, it faced fluctuations with a general declining trend, reducing to 30.668 trillion Wons by 2023. The year-on-year variations exhibited sharp declines notably in 2016 (-9.05%), 2017 (-25.17%), and 2020 (-21.24%), indicating industry volatility. Slight recoveries in 2015, 2019, and 2021 were insufficient to reverse the overall negative trend.
Future forecasts predict a continued downward trend, expecting the production value to decrease to 20.961 trillion Wons by 2028. The forecasted 5-year CAGR of -5.98% suggests sustained contraction.
Trends to watch for:
- Technological advancements in shipbuilding
- Global maritime trade influences
- Environmental regulations impacting production practices
- Cost of raw materials and supply chain disruptions
