From 2013 to 2023, rail passenger transport volume in South Korea experienced notable fluctuations, peaking at 108.99 Billion Passenger Kilometers in 2023. This period saw strong annual growth prior to a significant drop in 2020 due to COVID-19, followed by a robust recovery. Notably, there was a -56.17% decline in 2020 and a subsequent recovery with a 31.65% increase in 2022 and 17.71% in 2023. The Compound Annual Growth Rate (CAGR) over the last five years reflects steady growth at 3.4%.
Future trends suggest continued growth, with a forecasted 2.99% CAGR over the next five years, leading to a 15.9% increase by 2028, reaching 131.69 Billion Passenger Kilometers. Factors influencing future trends to watch include advancements in rail technology, government investments, and potential impacts of global health crises.
