The output of air transport in South Korea has shown notable fluctuations, particularly impacted by global events such as the COVID-19 pandemic. From 2015 to 2019, the sector experienced modest yet steady growth. However, 2020 saw a dramatic decline (-43.54%) due to the pandemic, from which it significantly rebounded in 2021 with a 71.58% increase. By 2022, the sector grew by 6.43%, and in 2023, it stood at 22.746 trillion South Korean Wons, marking a smaller year-on-year growth of 1.07%. The compound annual growth rate (CAGR) for the last five years leading up to 2023 has been relatively modest, averaging at 1.03%.
Looking ahead, forecasted data suggests a consistent but modest growth trend, with a forecasted 5-year CAGR of 0.86% and an overall growth rate of 4.4% by 2028. By analyzing these trends, future growth seems to be stabilizing after the volatility experienced in recent years.
Future trends to watch for include the recovery trajectory post-pandemic, the impact of ongoing global economic conditions, technological advancements in air transport, and potential regulatory changes affecting the industry.
