South Korea Aviation Market Size Insights Forecasts to 2032

• The South Korea Aviation Market Size was valued at USD 3.08 Billion in 2022.
• The Market Size is Growing at a CAGR of 3.51% from 2022 to 2032.
• The South Korea Aviation Market Size is Expected to Reach USD 4.32 Billion by 2032.

The South Korea Aviation Market Size is expected to reach USD 4.32 Billion by 2032, at a CAGR of 3.51% during the forecast period 2022 to 2032.

Market Overview

Aviation is a dynamic field that includes a wide range of activities related to aircraft design, development, operation, and maintenance. It includes both fixed-wing and rotary-wing aircraft that can take off and land vertically, like helicopters. It includes balloons, airships, gliders, and sailplanes, which are common in recreational aviation and utilize rising air currents to stay aloft. It also covers unmanned aerial vehicles (UAVs), such as drones, which are employed in scientific research, photography, and surveillance. It depends on engineers in the fields of avionics, materials science, propulsion, and aerodynamics. Moreover, the market is growing because of the rise of electric vertical takeoff and landing (eVTOL) aircraft and urban air mobility. In addition, airlines can expand their reach, optimize their route networks, and reduce costs through partnerships, alliances, and mergers and acquisitions (M&As). Airlines companies are being encouraged to invest in cutting-edge security technologies and procedures due to the constant need for strict security measures owing to the constantly evolving threats. Additionally, the South Korea market growth is being supported by the growing investments made in bolstering the defiance system through the use of effective fighter jets, transport planes, and helicopters. Furthermore, more players are working together to develop next-generation combat and non-combat aircraft in the military segment of the market, which is anticipated to support the players' overall growth throughout the forecast period in South Korea.

Report Coverage

This research report categorizes the market for South Korea aviation market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea aviation market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the South Korea aviation market.

Driving Factors

A growing middle class and increased disposable income have been the outcomes of economic expansion in many parts of the South Korea. Because more consumers can now afford to travel, there is a greater demand for flights, which calls for the acquisition of new aircraft to accommodate the growing passenger base. Particularly in South Korea emerging economies have experienced rapid economic development and urbanization. Air travel is increasing in these areas as more people choose to fly for leisure, business, and other purposes. The fleet of aircraft needs to be increased to accommodate the growing number of routes and passengers in these markets. As aircraft get older, they may require more maintenance and experience a decrease in fuel efficiency. Such factors boost the market growth in the forecast period in South Korea.

Restraining Factors

International trade restrictions and stringent export regulations apply to aviation electronics. The purpose of these regulations is to protect national security while impeding technological advancement. Companies in the South Korean market for electronic protection may encounter difficulties adhering to export laws. Such factors are hampering the market growth in South Korea.

Market Segment

• In 2022, the military aviation segment accounted for the largest revenue share over the forecast period.

Based on the aircraft type, the South Korea aviation market is segmented into commercial aviation, general aviation, and military aviation. Among these, the military aviation segment has the largest revenue share over the forecast period. The nation is spending money on military hardware due to several factors, including growing geopolitical tensions and ongoing hostilities between the nations. Furthermore, military aviation has been vital to the prosperity of numerous nations. Military aviation is an essential tool that has proven itself in numerous conflict situations, whether it is used for air support during battles or for the transportation of supplies and goods to war zones.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea aviation market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Leonardo S.p.A
• Airbus SE
• Cirrus Design Corporation
• Dassault Aviation
• General Dynamics Corporation
• Korea Aerospace Industries
• Lockheed Martin Corporation
• Robinson Helicopter Company Inc.
• The Boeing Company

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts country revenue from 2021 to 2032. Spherical Insights has segmented the South Korea aviation market based on the below-mentioned segments:

South Korea Aviation Market, By Aircraft Type

• Commercial Aviation
• General Aviation
• Military Aviation