From 2015 to 2023, the value-added of electrical equipment in South Korea has shown fluctuations with a notable drop of 17.03% in 2020 most likely due to the global pandemic. This sector experienced a significant recovery in 2021 with a 21.49% increase and continued to grow moderately by 0.81% in 2022 and 0.79% in 2023. The sector stood at 32.367 trillion South Korean Wons in 2023.
Forecasts suggest steady growth from 2024 to 2028, with the value anticipated to reach 33.691 trillion South Korean Wons in 2028. The five-year compound annual growth rate (CAGR) from 2023 onwards is expected to be 0.63%, indicating a consistent albeit slow upward trend.
Future trends to watch for:
- The impact of technological advances and automation on production efficiency.
- Potential effects of global supply chain dynamics and geopolitical tensions.
- Growth in renewable energy segments driving demand for electrical equipment.
- Legislative and policy changes impacting the sector.
- Continued recovery and growth post-pandemic influence on the global economy.