South Korea’s import of buses except diesel powered stood at $14.5 million in 2023. The forecasted data shows a steady year-on-year increase, with imports projected to rise to $15.601 million in 2024, $16.132 million in 2025, and reaching $17.661 million by 2028. This results in an average compounded annual growth rate (CAGR) of approximately 4.9% over the next five years.
Key future trends to watch for include:
- Increasing demand for eco-friendly and electric buses driven by stringent environmental regulations.
- Technological advancements in electric vehicle manufacturing that could impact import volumes.
- Policy changes and government incentives promoting the use of non-diesel powered buses could further boost imports.
