The analysis of new road vehicle registrations in South Korea shows a stable but slightly declining trend over the past decade. From a value of 27.43 units per thousand persons in 2013 to 30.32 units per thousand persons in 2023, the market experienced varied year-on-year changes. The highest growth occurred in 2015 (6.68%), while declines were noted in 2018, 2019, 2021, 2022, and 2023. Between 2013 and 2023, the CAGR indicates a moderate upward trend, peaking at 2.82% in 2013 but moderating to 0.42% by 2023.
Looking at the forecast for the period from 2024 to 2028, the expected declining trend is evidenced by a forecasted 5-year CAGR of -0.37%, increasingly negative towards -1.83%. This suggests a modest contraction in the market going forward.
Future trends to watch for include the impact of electric vehicle adoption, government policies promoting sustainable transport, and potential economic fluctuations affecting consumer purchasing power. These factors could significantly influence new vehicle registration patterns in the coming years. Additionally, changes in consumer preferences and technological advancements in the automotive industry should be monitored.
