In 2023, the value added of transport equipment in South Korea was 54 trillion South Korean Wons. Forecasted figures show a consistent, albeit modest, increase in this sector. The value is projected to be 55.063 trillion Wons in 2024, climbing to 58.202 trillion Wons by 2028. This translates to a year-on-year growth rate as follows:
- 2024: 1.97%
- 2025: 1.47%
- 2026: 1.42%
- 2027: 1.37%
- 2028: 1.33%
The compound annual growth rate (CAGR) over the next five years is approximately 1.51%. This steady upward trend indicates a stable yet moderate expansion in the transport equipment sector in South Korea.
Future trends to watch for include advancements in electric and autonomous vehicle technologies, the impact of global supply chain adjustments, and South Korea's strategic movements in international trade agreements. These factors could significantly influence the trends and forecasts for this sector.
