Market Size of south korea aviation Industry
| Icons | Lable | Value |
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Study Period | 2017 - 2030 |
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Market Size (2024) | USD 4.74 Billion |
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Market Size (2030) | USD 4.71 Billion |
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Largest Share by Aircraft Type | Commercial Aviation |
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CAGR (2024 - 2030) | -0.14 % |
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Fastest Growing by Aircraft Type | Military Aviation |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
South Korea Aviation Market Analysis
The South Korea Aviation Market size is estimated at 4.74 billion USD in 2024, and is expected to reach 4.71 billion USD by 2030, growing at a CAGR of -0.14% during the forecast period (2024-2030).
4.7 B
Market Size in 2024 (USD)
4.7 B
Market Size in 2030 (USD)
322
Total Deliveries in the Historic Period (2017-2023)
477
Total Deliveries during the Forecast Period (2024-2030)
Largest Market by Aircraft Type
79.45 %
value share, Commercial Aviation, 2023
Increasing air passenger traffic and its recovery to pre-pandemic levels, coupled with the replacement of existing aircraft with advanced sustainable aircraft, are driving the commercial aviation market.
Largest Market by Sub-Aircraft Type
79.45 %
value share, Passenger Aircraft, 2023
The increasing international reach of the country's airlines to match ongoing passenger traffic is anticipated to drive the market during 2024-2030.
Leading Market Player
37.68 %
market share, Lockheed Martin Corporation, 2022
The company's ability to provide its most advanced fighter jets with superior lethality, connectivity, and survivability is driving it to capture a major market share.
Second Leading Market Player
34.38 %
market share, The Boeing Company, 2022
Several types of aircraft across the commercial, military, and general aviation sectors are being offered by the company, which is driving it to become a third-leading player.
Third Leading Market Player
12.45 %
market share, Korea Aerospace Industries, 2022
An extensive range of product offerings that include multi-mission helicopters, transport helicopters, and other helicopters for various countries is expected to support company's domination in the region.
The commercial aviation sector is expected to experience a significant expansion Over the forecast period
- The South Korean aviation market is segmented by type into commercial aircraft, military aircraft, and general aviation segments. The country's air transport industry is regarded as one of the most efficient industries in the world and continues to grow firmly and steadily. Over the past 20 years, South Korea's international passenger and cargo traffic volumes have steadily increased.
- The military aviation sector benefits from the increasing government investment in R&D and the procurement of advanced fighter jets, helicopters, and transport and training aircraft from the local players. Though the deliveries have been affected by a halt in production and lockdowns, this segment showed positive growth.
- South Korea is one of the world's strongly growing commercial aviation markets, despite the COVID-19 pandemic impacting the region's commercial airline industry. The recovery of passenger traffic is anticipated to aid in the revival of South Korea's commercial aviation industry. South Korea witnessed a total increase of 205% in 2021. The rise in passenger traffic is due to ease in border restrictions.
- The South Korean general aviation market is expected to expand over the forecast period due to an increasing emphasis on improving the infrastructure of private airports and the increasing number of HNWIs in the country.
- During the COVID-19 pandemic in 2020, there was a decline in business jet deliveries, but the piston fixed-wing, turboprop, and helicopters segment remained strong regarding aircraft deliveries. The growth in the country's overall GDP is expected to aid in propelling the overall South Korean aviation sector.
Understand The Key Trends Shaping This Market
