The statistic shows the total population of South Korea from 2019 to 2023, with projections up until 2029. In 2023, the total population of South Korea was about 51.71 million people. Population of South Korea South Korea, also called Republic of Korea, has one of the highest population densities worldwide, i.e. a very high number of inhabitants per square kilometer. However, this does not equal bad standard of living; on the Human Development Index, which ranks countries by their level of living standards using key factors, such as unemployment rate, literacy rate, fertility and mortality rates, etc., South Korea is among the highest-ranked countries. When looking at the aforementioned key factors, South Korea indeed seems to offer a fairly stable environment for its inhabitants, economically and demographically: The country’s unemployment rate has been relatively steady for the past decade, its gross domestic product (GDP) is constantly increasing, and it is among the countries with the highest trade surplus worldwide. As for standard of living, life expectancy at birth in South Korea is among the highest worldwide – South Korea is even mentioned in a recent ranking of the best birthplaces for children. Despite the high population density, South Korea is now one of the countries with the lowest fertility rates, i.e. the number of babies born by women of childbearing age. This apparent discrepancy could be explained by a high number of immigrants coupled with the aforementioned high life expectancy.

In 2025, the total population of South Korea is projected to be around 51.68 million. In thirty years, the number of people aged 15 to 64 is estimated to decrease by one-third, while the number of older adults is anticipated to more than double. Additionally, the overall population is expected to decline by around six million people by that time. Declining birth rate Several factors are contributing to the expected demographic changes in South Korea. Firstly, the birth rate has been declining for years. As of 2024, South Korea had the lowest fertility rate in the world. This trend continues despite the efforts of successive governments to encourage young people to have children. An increasing number of South Korean women are prioritizing their careers, often choosing to focus on work rather than starting a family at a young age. While the employment rate for South Korean women is still lower than that of men, it has steadily risen over the past decade. Increase in life expectancy Secondly, life expectancy in South Korea has steadily increased due to improved living standards and healthcare. The average life expectancy at birth for South Koreans has risen from less than 75 years to almost 83 years over the past twenty years. As a result, the proportion of people aged 65 and older has grown from less than 11 percent to around 18 percent in the last decade.

The statistic shows gross domestic product (GDP) of South Korea from 1987 to 2023, with projections up until 2029. GDP or gross domestic product is the sum of all goods and services produced in a country in a year; it is a strong indicator of economic strength. In 2023, South Korea's GDP was around 1.71 trillion U.S. dollars. See global GDP for a global comparison.

South Korea’s economy

South Korea is doing quite well economically. It is among the leading export countries worldwide, it mainly exports electronics, automobiles and machinery. South Korea is also one of the leading import countries worldwide. Additionally, it is one of the leading countries with the largest proportion of global domestic product / GDP based on Purchasing Power Parity (PPP). Its GDP has been increasing for the last few years, while the gross domestic product / GDP growth in South Korea has not been steady but increasing since 2009.

South Korea is an OECD member and a member of the G20 states. Among the latter, its GDP growth was higher than that of the United States or the European Union in 2013. South Korea is one of the fastest-growing economies worldwide. Its standard of living is also considered to be quite high, the unemployment rate, which is one key factor, has been at around 3 percent, give or take a few percentage points, for the past decade. As a comparison, the United States’ unemployment rate was almost twice, sometimes three times as high as in South Korea during the same period. As for employment, South Korea’s rate is almost the same as that of the United States or France, with more than 60 percent of employed persons in the population.

The statistic shows the unemployment rate in South Korea from 2019 to 2023, with projections up until 2029. In 2023, the unemployment rate in South Korea was at around 2.7 percent. See the figures for the population of South Korea for comparison. Economy of South Korea South Korea is one of the world’s richest countries as well as a member of the G20, an organization made up of the 20 strongest economies in the world. Due to excessive growth from the 1960s to the 1990s, South Korea established itself as a developed country in the world with a strong economy and high wages. Continued economic growth is attributed to a robust export-oriented economy, which was deemed necessary for the country particularly due to a scarcity in natural resources as well as overpopulation in comparison to available living space. During the global financial crisis, South Korea surprised many economists by maintaining a stable economy and even experiencing economic growth, most notably during the peak of the crisis. Through stimulus packages as well as a high level of consumption, South Korea’s strong export-oriented economy was not affected as negatively as many other developed countries. South Korea’s economy primarily revolves around the production and export of technological goods. Some primary exports of the country include electronics, ships and automobiles. South Korea also has some of the largest shipbuilding companies worldwide, which are highly profitable but also have accumulated a rather large sum of debt over the course of several years.

According to Cognitive Market Research, the global Elevator Guide Rail market size will expand at a CAGR of 5.3% from 2023 to 2030.

The demand for Elevator Guide Rail is rising due to increasing commercial and residential construction.
Demand for Solid Guide remains higher in the Elevator Guide Rail market.
The Hydraulic technology held the highest Elevator Guide Rail market revenue share in 2023.
Asia Pacific Elevator Guide Rail will continue to lead, whereas the North America Elevator Guide Rail market will experience the most substantial growth until 2030.

Increasing Commercial and Residential Construction to Provide Viable Market Output

The escalating pace of commercial and residential construction activities worldwide is a key driver propelling the Elevator Guide Rail market. As urbanization and population growth persist, the demand for high-rise buildings and urban infrastructure rises. Elevators, crucial in these structures, stimulate the need for elevator guide rails. Increasing construction of commercial complexes and residential buildings necessitates efficient and safe vertical transportation systems. Elevator guide rails, integral to elevator functionality, experience heightened demand, aligning with the thriving construction industry and ensuring continued growth in the market.

According to the Ministry of Land, Infrastructure, and Transport in South Korea, the number of commercial buildings in the country increased from approximately 1.29 million in 2019 to about 1.32 million in 2020. This data indicates a growth in the overall count of commercial structures, reflecting the dynamic nature of South Korea's real estate and commercial development sector during this period. The rise in the number of commercial buildings suggests ongoing construction activities and an expanding business landscape in the country.

(Source:www.worldbank.org/en/country/korea/overview)

Technological Advancements to Propel Market Growth

Technological advancements are propelling the elevator guide rail market by introducing precision manufacturing techniques, advanced materials, and energy-efficient designs. Innovations enhance the performance, safety, and durability of guide rails, meeting evolving industry standards. Cutting-edge technologies, such as sensor integration and smart elevator systems, contribute to the market's growth, providing enhanced functionality and performance. The industry's ability to adopt and implement these advancements ensures that elevator guide rails remain at the forefront of modern construction, meeting the demand for high-quality, technologically advanced vertical transportation systems in both commercial and residential structures.

In March 2021, the Chinese government officially sanctioned China's 14th Five-Year Plan (FYP) covering the period from 2021 to 2025. This comprehensive strategic outline also included longer-term objectives for the year 2035. One of the key targets outlined in the plan is the aim to achieve an urbanization rate of 65% for the population by 2025. Looking further ahead, the government aspires to elevate this urbanization rate to 75%, comparable to that of an advanced economy, by the year 2035. These goals signify China's commitment to advancing urban development and transforming into a more urban-centric and economically advanced nation over the specified time frames.

(Source:cset.georgetown.edu/wp-content/uploads/t0284_14th_Five_Year_Plan_EN.pdf)

Market Dynamics of Elevator Guide Rail

High Initial Costs Restrict Market Growth

High initial costs pose a significant challenge to the elevator guide rail market. The installation of elevator systems, including guide rails, demands substantial upfront investment, potentially acting as a deterrent for some construction projects. The capital-intensive nature of these systems can strain project budgets, leading to delays or reconsideration of vertical transportation options. As a result, the market may need more support from certain developers or construction projects that prioritize cost-effectiveness, hindering widespread adoption and contributing to challenges associated with the affordability and feasibility of incorporating elevator guide rails into construction plans.

Impact of COVID–19 on the Elevator Guide Rail Market

The COVID-19 pandemic had a notable impact on the elevator guide rail market. Disruptions in global sup...

The gross domestic product (GDP) per capita in South Korea was forecast to continuously increase between 2024 and 2029 by in total 8,215.6 U.S. dollars (+22.74 percent). After the seventh consecutive increasing year, the GDP per capita is estimated to reach 44,347.44 U.S. dollars and therefore a new peak in 2029. This indicator describes the gross domestic product per capita at current prices. Thereby the gross domestic product was first converted from national currency to U.S. dollars at current exchange prices and then divided by the total population. The gross domestic products is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).Find more key insights for the gross domestic product (GDP) per capita in countries like Mongolia, Japan, and Taiwan.

The statistic shows the total population in Japan from 2019 to 2023, with projections up until 2029. In 2023, the total population of Japan amounted to around 124.48 million inhabitants. See the figures for the population of South Korea for comparison. Total population in Japan From steadily low fertility rates to a growing elderly population, it is no secret that Japan’s population is shrinking. Population growth rates jump around a little, but are currently following a declining trend. The post-war baby boom generation is now in the 65-and-over age group, and the percentage of the population in that category is expected to keep growing, as is indicated by a high median age and high life expectancy. Japan already has the highest percentage of its population over 65 in the world, and the aging population puts some pressure on the Japanese government to provide welfare services for more people as rising numbers leave the workforce. However, the amount of jobs opened up for the younger generations by the older generations leaving the workforce means that unemployment is kept to a minimum. Despite a jump in unemployment after the global recession hit in 2008, rates were almost back to pre-recession rates by 2013. Another factor affecting Japan is the number of emigrants to other countries. The United States absorbs a number of emigrants worldwide, so despite a stagnating birth rate, the U.S. has seen a steady rise in population.

The global population of Buddhists is projected to slightly increase up until the year 2030, at which point it will begin a gradual decline. In terms of its share of total world population, however, Buddhism has already seen a decline from over seven percent in 2010, with this being projected to decline further to close to five percent in 2050. This decline is related to Buddhism being popular in countries whose populations are in a natural decline, such as Japan or South Korea (and Thailand in the near future), as well as demographic developments in countries that have a policy of state atheism, such as China or Vietnam.While this decline in its traditional regions of influence in East and Southeast Asia will cause an aggregate fall in the number of Buddhists, there is likely to be some growth in other regions of the globe, such as Western European and North American countries, where the popularity of the ideas of Buddhism have grown in influence in recent decades.

The total population in Mongolia was forecast to continuously increase between 2024 and 2029 by in total 0.2 million people (+5.63 percent). After the tenth consecutive increasing year, the total population is estimated to reach 3.78 million people and therefore a new peak in 2029. Notably, the total population was continuously increasing over the past years.This indicator describes the total population in the country at hand. This total population of the country consists of all persons falling within the scope of the census.Find more key insights for the total population in countries like Japan, China, and South Korea.

With an average of 4.3 births per woman, Afghanistan had the highest fertility rate throughout the Asia-Pacific region in 2024. Pakistan and Papua New Guinea followed with the second and third-highest fertility rates, respectively. In contrast, South Korea and Hong Kong had the lowest fertility rates across the region. Contraception usage Fertility rates among women in the Asia-Pacific region have fallen throughout recent years. A likely reason is an increase in contraception use. However, contraception usage varies greatly throughout the Asia-Pacific region. Although contraception prevalence is set to increase across South Asia by 2030, women in both East Asia and Southeast Asia had higher contraception usage compared to South Asia in 2019. Women in APAC With the rise of feminism and the advancement of human rights, attitudes towards the role of women have changed in the Asia-Pacific region. Achieving gender equality has become a vital necessity for both men and women throughout the region. Alongside changes in traditional gender roles, women in certain Asia-Pacific countries, such as New Zealand, have become more inclined to marry later in life. Furthermore, the focus for younger women appears to be with having stability in their lives and securing an enjoyable job. This was displayed when female high school students in Japan were questioned about their future life aspirations.