The rail passenger transport sector in South Korea has seen notable variations in billion passenger kilometers over the years. From 2013 to 2019, there was a generally positive trend, with a sharp decline in 2020 due to the pandemic. The sector rebounded significantly in 2021 and stabilized with positive growth through 2023. Standing at 114.68 billion passenger kilometers in 2023, the market showed a 2.89% year-on-year increase. While the average growth rate was strong in the past decade, the next five years project a moderate increase with a 2.17% CAGR, leading to an 11.32% growth by 2028.
Future trends to watch for:
- Government investment in high-speed rail infrastructure.
- Technological advancements in rail transportation.
- Shift towards sustainable and energy-efficient transport solutions.
- Potential impacts of economic changes and travel behavior post-pandemic.
