The volume of road traffic in South Korea stood at 11.78 million units (Vehicle-Km) per motor vehicle in 2023. Forecasted values from 2024 to 2028 show a steady decline. The data for 2024 projects a volume of 11.65 million units, decreasing further to 11.14 million units by 2028. Year-on-year percentage variations indicate a consistent reduction in traffic volumes:
- 2024: -1.10%
- 2025: -1.12%
- 2026: -1.13%
- 2027: -1.14%
- 2028: -1.06%
The compound annual growth rate (CAGR) for the 5-year forecast period from 2024 to 2028 is approximately -0.99%, reflecting a gradual and consistent decrease in road traffic volumes.
Future trends to watch for include technological advancements in mobility, increased adoption of public transportation and ride-sharing services, and potential regulatory changes aimed at reducing vehicular emissions. These trends could further accelerate the decline in road traffic volumes.
