In 2023, the ownership of road motor vehicles in South Korea stood at 549.58 units per thousand persons. In 2024, it is forecasted to reach 552.67, reflecting a year-on-year increase of 0.56%. By 2025, this value is expected to rise to 556.46, marking a year-on-year increase of 0.69%. The projected levels for 2026, 2027, and 2028 are 559.62, 562.26, and 564.47 units per thousand persons, respectively. This shows a steady annual growth rate, with a five-year compound annual growth rate (CAGR) of 0.56% from 2024 to 2028.

Trends to Watch For:

The impact of electric and autonomous vehicle adoption
Government policies regarding vehicle ownership and environmental regulations
Urbanization trends and the development of public transportation infrastructure
Economic factors influencing consumer purchasing power and vehicle affordability