The number of employees in the ships and boats building industry in South Korea has seen a significant decline over the past decade. Starting from 93.8 thousand in 2013, it reached 60.8 thousand units in 2023. The highest drop occurred between 2015 and 2018, with a marked YoY decline of around 16.6%, -9.1%, and -12.82% in the years 2016, 2017, and 2018 respectively. The 5-year CAGR for the period ending in 2023 was -1.42%.
Forecasts from 2024 onwards predict a continuous decline. The number of employees is expected to decrease from 59.1 thousand in 2024 to 52.5 thousand in 2028, with a forecasted 5-year CAGR of -2.34% and an overall reduction rate of -11.17%.
Future trends to watch:
- Potential impact of automation and technological advancements in shipbuilding.
- Changes in global trade dynamics which might affect demand for ships.
- Environmental regulations driving the need for greener ship technologies.
- Government policies and support for the shipbuilding sector.