Forecast: Production in Warehousing and Storage by Size Class in South Korea

The warehousing and storage production in South Korea has witnessed a consistent upward trajectory from 2013 to 2023, with the value standing at 2.7768 trillion South Korean Wons in 2023. The market showed a robust growth pattern with significant year-on-year variations including a notable spike of 22.01% in 2015 followed by a dip of -14.08% in 2020. Over the past two years, the industry rebounded with year-on-year increases of 3% in 2023. The compound annual growth rate (CAGR) over the last five years stands at 2.82%, highlighting moderate yet steady growth.

Looking ahead, the forecast from 2024 to 2028 suggests a continued growth with a 5-year CAGR of 2.24%, cumulating in an estimated value of 3.1915 trillion South Korean Wons by 2028. This implies a forecasted 5-year growth rate of 11.73%.

Future trends to watch for include advancements in automation and digitalization, enhancing efficiency in warehousing operations. Additionally, the increasing demand for e-commerce is likely to drive further expansion in the sector. Sustainability practices and the adoption of eco-friendly technologies are also expected to shape the future landscape of warehousing and storage in South Korea.