In 2023, the volume of road freight transport in South Korea stood at 143.23 billion tonne kilometers, a slight increase from the previous year. Over the past decade, the market has faced fluctuations with an overall rising trend from 118.58 billion tonne kilometers in 2013.
The year-on-year variations show significant growth early in the period, with notable peaks in 2013, 2014, and 2015, followed by a deceleration and even contractions in 2019 and 2020. The last two years saw modest increases in volume, stabilizing the market.
The 5-year CAGR indicates an average annual growth rate of -0.042%, reflecting a relatively stagnant market in recent years. However, forecasted data predicts a growth trajectory, projecting a 0.86% CAGR over the next five years, suggesting a slow but steady increase to 151.22 billion tonne kilometers by 2028.
Future trends to watch for include the impact of technological advancements in logistics, policies promoting sustainability and green transportation, and the economic recovery post-pandemic influencing the road freight demand dynamics in South Korea.
