In South Korea, the production of air transport stood at 23.319 trillion South Korean Wons in 2023. From 2013 to 2023, the sector exhibited fluctuations, with notable declines in 2015 and 2020, but a significant rebound in 2021. The average annual growth rate (CAGR) over the last five years stood at 1.24%, reflecting a modest recovery post-pandemic.
- 2013-2023 saw ups and downs with a sharp decline in 2020 followed by a strong recovery in 2021.
- Year-on-year growth for 2022 over 2021 was 6.99%, indicating resilience despite prior setbacks.
- 2023 showed a tighter growth margin with a year-on-year increase of 1.58%.
Future trends to watch for:
- Continued recovery and stabilization post-COVID impact, with a forecasted CAGR of 1.25% from 2024 to 2028.
- Technological advancements and sustainability initiatives could drive new efficiencies and growth within the air transport industry.
