The passenger kilometers carried by railway in South Korea have shown substantial growth from 2013 to 2023, starting at 66.35 billion in 2013 and reaching 110.65 billion in 2023. This period saw a notable spike in 2016 with a 27.06% year-on-year increase, followed by more stable growth averaging around 2-3% annually in the later years. The five-year CAGR from 2018 to 2023 stood at 3.72%, indicating steady improvement.
Looking ahead, the forecast suggests continued growth, albeit at a slower pace, with a 5-year CAGR of 1.85% projected through 2028. By 2028, passenger kilometers are anticipated to reach 124.39 billion, marking a 9.58% increase over five years.
Future trends to watch for include the potential impact of advancements in railway technology and infrastructure, shifts in commuter behavior, and government policies geared towards sustainable transportation. Monitoring these factors will be crucial in accurately forecasting future railway passenger volumes.
- 2013: 66.35 billion passenger kilometers.
- 2016: Significant increase by 27.06% from the previous year.
- 2023: Reached 110.65 billion passenger kilometers.
- Forecast 2028: Expected to reach 124.39 billion passenger kilometers.
