As of 2024, South Korea's ownership of passenger cars is forecasted to reach 407.41 units per thousand persons. Continuing into the following years, the predicted figures show a consistent upward trend: 416.48 units in 2025, 425.47 units in 2026, 434.38 units in 2027, and 443.21 units in 2028. These numbers suggest a steady growth trajectory in vehicle ownership.
Year-on-year percentage variations indicate progressive growth:
- From 2024 to 2025: 2.23%
- From 2025 to 2026: 2.16%
- From 2026 to 2027: 2.09%
- From 2027 to 2028: 2.03%
The compound annual growth rate (CAGR) over the forecast period from 2024 to 2028 stands at approximately 2.125%.
Future trends to watch for include the potential impact of increasing urbanization and government policies promoting electric and autonomous vehicles, which could influence the dynamics of car ownership in South Korea. Additionally, shifts in consumer preferences towards shared mobility services and advancements in public transportation infrastructure could also play a significant role in shaping the market.
