The volume of national road freight transport in South Korea stood at 142.66 billion tonne-kilometers in 2023. Observing the variations, the transport volume exhibited strong growth from 2013 to 2017, reaching a peak in 2018, followed by a decline from 2019 to 2020, and marginal growth has been observed since then. Lastly, the market reported a slight recovery and stabilization in recent years.
For the variations over the last two years, 2022 reported a year-on-year growth of 0.97%, nearly identical to 2023, creating a stable but slow growth trajectory. Analyzing the Compound Annual Growth Rate (CAGR) over the last five years from 2023, it recorded an average yearly decline of -0.12%, showing a stagnant development phase during this period.
The forecast for the next five years, leading to 2028, projects an average annual growth rate of 0.72%, reflecting a gradual but modest rebound in the sector. The cumulative growth over these five years is expected to be 3.66%.
Future trends to watch for include potential impacts from technological advancements in transportation, shifts toward more sustainable logistics practices, and national economic policies influencing road freight demand. Monitoring these factors will be crucial for projecting precise future volumes.
