Between 2013 and 2023, the value added of ships and boats building in South Korea experienced fluctuations, initially showing minor growth but eventually declining. For instance, after peaking in 2016, the value saw a marked decrease by 2017 and has since been in a downward trend. By 2023, the value stood at 7.3619 trillion South Korean Wons, reflecting the shrinking industry.
Key year-on-year variations reveal significant changes with the most pronounced drop of 22.77% in 2017 and a consistent decrease in recent years, averaging -3.4% in 2023. The compound annual growth rate (CAGR) analyzed over the past five years (-2.05%) and the forecasted five years (-3.23%) highlights consistent industry contraction.
Future trends to observe include advancements in shipbuilding technology, shifts towards eco-friendly vessels, and global economic impacts, which may influence demand and production capabilities. Additionally, South Korea’s strategy in addressing these trends, such as automation and sustainability initiatives, will be critical for the industry's evolution.
