Domestic market share of shipbuilding companies South Korea 2023

In 2023, HD Hyundai Heavy Industries was the leading shipbuilding company in South Korea, based on its domestic market share of around 33.2 percent. HD Hyundai Samho and Samsung Heavy Industries recorded similar market shares based on gross tonnage. By this metric, Hanwha Ocean accounted for only around 5.2 percent of the domestic shipbuilding market.

Leading as a conglomerate

Samsung Heavy Industries continues to be a prominent force in the market. However, the company has seen decreases in revenue in recent years. As for the listed HD Hyundai companies, both are subsidiaries of HD Korea Shipbuilding and Offshore Engineering (HDKSOE), making it the actual market leader. As a holding company, HDKSOE is able to boast a larger scale of combined operations, and recorded revenue levels that eclipse its competitors.

Among the international leaders

The shipbuilding industry is one of South Korea’s major economic sectors, with the country having a strong global presence in the market. The majority of worldwide shipbuilding orders are split between China and South Korea, with Japan falling behind recently. As such, South Korea's key  prominent on the global stage.