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Discover How South Korea's Warehouse Automation Sales Spark by 210 Trillion Won: Ken Research

Finanznachrichten News

GURUGRAM, India, Oct. 10, 2023 /PRNewswire/ -- South Korea's warehouse automation market is booming, driven by e-commerce growth, demand for efficient logistics, labor shortages, and aging population. This article explores the key catalysts behind its rapid growth.

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Storyline

  • E-Commerce Surge: South Korea's e-commerce market booms, ranking 6th globally with sales surpassing USD 180 Bn in 2022.
  • Logistics Demands Soaring: Increasing online sales and same-day delivery expectations drive the urgent need for automated warehouses to handle rising logistics demands efficiently.
  • Labor Shortages Spur Automation: With an aging population and labor scarcity, South Korea turns to automation solutions to overcome labor shortages and scale operations.
  • Embracing Digitalization: South Korea embraces advanced warehousing techniques like ASRS and digitalization for accurate tracking, forecasting, and streamlined stock management.

Introduction

South Korea's e-commerce industry has grown exponentially, making it the sixth largest market globally with nearly 210 trillion South Korean won in sales in 2022. Fueled by COVID-19, online shopping has surged, necessitating efficient warehousing and logistics solutions. To meet the demand for large warehouses and same-day delivery, companies are turning to automation technologies to streamline operations and address labor shortages. This article delves into South Korea's evolving e-commerce landscape, the emphasis on digitalization, and the growing need for automation in warehousing and delivery services.

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1. E-Commerce Growth: E-commerce sales in South Korea amounted to almost 210 trillion South Korean won in 2022.

  • South Korea is the 6th largest market for e-commerce
  • The value of e-commerce sales in South Korea amounted to almost 210 trillion South Korean won in 2022. The popularity of online shopping via different e-commerce channels has continuously grown over the last years. This was especially true in the last year due to the effects of COVID-19, as the South Korean e-commerce market experienced an increase.
  • This is rapidly generating need for large warehouse capacity with proper automation to tackle increasing logistics demands with increasing same day delivery demands.
  • Hence, companies are continuously moving towards automating their warehouses in order to fulfill high volume of order efficiently with minimum possible errors.

2. As labor shortage rises South Korea looks to foreign workers

  • General merchandise, Retail, E-commerce etc. companies are readily adopting automation technologies to grow and expand their business in line with changing business environment.
  • This will allow these companies to scale their business independently of issues including expensive labor and labor shortage.
  • Further, labor shortage is expected in coming years due to fast ageing population of the country and low fertility rate.
  • This leads to accelerate the demand for automation solutions to offset insufficient warehousing labor.

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3. Rise in demand for Same-day Delivery

Online food delivery is a growing market worldwide, with an estimated number of around 1.96 Bn people using such services in 2021. In South Korea, around 31.5% of households ordered food delivery that same year. This was often done for reasons of convenience and the possibility of limiting contact with others. Mobile and online ordering was the method of choice for around 47 percent of consumers in South Korea.

Increasing customers demand for same-day delivery mainly driven by pandemic which have led to manifold increase in online sales and bulk orders with same-day delivery preference such as grocery shopping. This will influence the companies to automate their warehouses to fulfill the rise in demand.

4. Increasing Focus on Digitalization

  • The increasing digitization is paving way for automated warehousing technologies, ASRS and several other advanced techniques of warehousing in the country.
  • Automation allows for more accurate tracking, forecasting and stock replenishment.

According to Ken Research: South Korea's warehouse automation market is thriving due to e-commerce growth, same-day delivery demand, labor shortages, and digitalization. Companies are investing in automated warehousing technologies to scale operations, overcome labor challenges, and achieve efficiency, accuracy, and cost-effectiveness. Embracing automation positions them for success in South Korea's evolving market.

Market Taxonomy

South Korea Warehousing Automation Market Segmentation

By Type of Automotive Solution

Basic Warehouse Automation

Warehouse System Automation

Mechanized Warehouse Automation & Advanced Warehouse Automation

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By End-User Industry

General merchandise, Retail, Wholesale

Apparel

Grocery & e-Commerce

Post & Parcel

Pharma

3PL

Others (Food & Beverage, Aerospace & defense, Oil & Gas etc.)

By new installation project vs maintenance services market

New Installation Project

Maintenance Service

By Dedicated and Multi Client Warehouse

Dedicated

Multi-Client

By New Installation Project VS Maintenance Services Market

New Installation Project

Maintenance Service

For More Insights On Market Intelligence, Refer To The Link Below: -

South Korea Warehouse Automation Market

Related Reports by Ken Research: -

Australia Cold Chain Market Outlook to 2027 Driven by Rising Meat and Seafood Consumption Owing to Growing demand for Fresh Food

The Australia cold chain market is anticipated to grow with a CAGR of 10.3% due to the ever-growing demand Majority of the end users' segments are expected to register a robust CAGR in the Australia Cold Chain Market in the upcoming years Demand for perishable food products is expected to increase due to the rising disposable income and retail spending of the people in the country, which will necessitate the development of cold storage facilities and positively affect the market growth

Vietnam Logistics Market Outlook to 2027 Driven by Infrastructural and Government Investments Coupled with the Growth of E-Commerce Sector in Vietnam

According to Ken Research estimates, the Market Size of Vietnam Logistics has shown increasing trend from 2017 to 2022. However, there was a decline after 2019 due to restrictions imposed during covid-19; however, the conditions have been better as the market recovers from Covid 19. Logistics sector in Vietnam is growing due to surge in e-commerce sector in response to Covid-19 and increase in the use of new technologies to meet customer demands. Vietnam's expanding economy, manufacturing has also added to the growth in the logistics sector.

KSA Warehousing Automation Market Outlook to 2027 Driven by Bolstering Ecommerce Industry & Ambitious Government Plans for Digitalization to Pave Strong Grounds for Automation

The market is expected to grow at high pace in the coming 5 years owing to rapid digitalization and surge in investment. The demand and market share of e-commerce and retail is expected to increase in the future due to increasing focus towards reducing the overall sales cycle duration. Government initiatives, such as Saudi Vision 2030, National Industrial Development and Logistics Program (NIDLP), etc., establishment of new logistic zones, among others is expected to bring massive Greenfield investments. In turn, it would catalyze the requirement for multi-client warehouses in the country.

Saudi Arabia Warehouse Automation Market Outlook to 2026 Bolstering Ecommerce Industry & Ambitious Government Plans for Digitalization to Pave Strong Grounds for Automation

According to Ken Research estimates, the Saudi Arabia Warehouse Automation Market expanded at a CAGR of ~33.8% in between 2016 and 2021 on the basis of revenue generated. The market saw rapid growth owing to its emergence as a transhipment hub, rising number of logistics players, the influx of new investments, Saudi Vision 2030 and increasing focus on digitization. KSA Warehouse Automation Market is estimated to grow at a positive CAGR between 2021 and 2026F.

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Contact Us:-

Ken Research Private Limited
Ankur Gupta, Director Strategy and Growth
Ankur@kenresearch.com
+91-9015378249

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Cision View original content:https://www.prnewswire.co.uk/news-releases/discover-how-south-koreas-warehouse-automation-sales-spark-by-210-trillion-won-ken-research-301952063.html

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