In 2023, the share of motorcycles in total road motor vehicles in South Korea was at 7.24%. According to the forecasts, this share is expected to decline year-on-year, going from 7.24% in 2024 to 6.96% by 2028. Year-on-year percentage variations indicate a gradual decrease in the share of motorcycles among road motor vehicles:
• 2024-2025: -1.10%
• 2025-2026: -0.97%
• 2026-2027: -1.00%
• 2027-2028: -0.85%
The Compound Annual Growth Rate (CAGR) over the next five years illustrates an average annual decline of approximately -1.01%.
Future trends to watch for: Key factors to monitor include advancements in electric vehicles, changes in transportation regulations, urbanization trends, and consumer preferences shifting towards more diverse mobility options such as e-scooters and shared mobility services. These elements could potentially influence the share dynamics of motorcycles in the overall motor vehicle market in South Korea.
