In 2023, household expenditure on transportation in South Korea stood at 110.6 trillion South Korean Wons. The forecasted data for 2024 indicates a value of 113.82 trillion Wons, representing an increase of 2.91% year-on-year. For 2025, the projected expenditure is 117.13 trillion Wons, showing a growth of 2.91% compared to the previous year. The forecast for 2026 expects a value of 120.4 trillion Wons, marking an increase of 2.80%. In 2027, the projected value is 123.64 trillion Wons, indicating a growth of 2.70%. Finally, the value for 2028 is anticipated to be 126.84 trillion Wons, reflecting a 2.59% increase from the previous year. The compound annual growth rate (CAGR) for the period from 2024 to 2028 is approximately 2.78%.
Future trends to watch for include the impact of technological advancements in transportation, such as the rise of electric vehicles, the integration of autonomous driving technologies, and the expansion of smart city initiatives. Additionally, changes in fuel prices and government policies aimed at reducing carbon emissions could influence household expenditure on transportation over the next few years.
