The road freight transport industry in South Korea has seen varying trends over the past decade, ranging from healthy growth to notable declines. Between 2013 and 2019, the sector demonstrated a gradual increase, peaking in 2018 with value reaching 143.53 billion tonne kilometers, although the year-on-year growth fluctuated with instances of decline in 2019. A significant drop occurred in 2020 due to external factors, but the sector rebounded in 2021. By 2023, the industry value stood at 151.2 billion tonne kilometers amidst relatively stable growth over the past two years (1.54% increase in 2023).
The industry is projected to continue a positive trajectory from 2024 onwards, with annual forecasting indicating stable, albeit moderate growth with a five-year CAGR of 1.22%, culminating in an expected value of 162.75 billion tonne kilometers by 2028. This translates to an overall growth rate of 6.24% over the forecasted five-year period. Future trends to watch for include advancements in logistics technologies, growing demand for e-commerce, and the impact of environmental regulations on the road freight sector.
