The road passenger transport sector in Australia has experienced steady growth from 2013 to 2023, with the value standing at 328.9 Billion Passenger Kilometers in 2023. The year-on-year growth over this period fluctuated, peaking at 2.38% in 2016 and showing a more gradual increase toward 2023 with a 0.87% rise. The Compound Annual Growth Rate (CAGR) over the past five years up to 2023 was 0.94%, indicating consistent, albeit moderate, expansion.
Looking ahead, the forecast suggests continued growth with the sectors expected to reach 342.31 Billion Passenger Kilometers by 2028. The forecast for the next five years indicates a CAGR of 0.63%, which signals a steady but slower growth trajectory compared to the previous decade.
Future trends to watch for:
- Impact of evolving transportation technologies, such as electric and autonomous vehicles.
- Influence of urbanization and population growth on travel patterns.
- Government policies and investments in sustainable transport infrastructure.
- Potential shifts in commuter preferences post-pandemic impacting public and private transport usage.
