The forecast for first registrations of new passenger cars in South Korea indicates a declining trend over the next five years. The number is expected to decrease from 1.098 million in 2024 to 0.99656 million by 2028. This represents a year-on-year reduction of approximately -2.35% from 2024 to 2025, about -2.37% from 2025 to 2026, roughly -2.42% from 2026 to 2027, and around -2.45% from 2027 to 2028. This continuous decline equates to a compound annual growth rate (CAGR) of approximately -2.4% over the five-year period.
Considering we are in 2024, the actual data available for the year 2023 shows that registrations stood at [Value/Volume Figure for 2023].
Future trends to watch for include potential impacts of macroeconomic factors such as changes in consumer confidence and purchasing power, shifts in government policies related to environmental regulations, and the growth of alternative transportation options like electric vehicles and car-sharing services which may further influence the registration numbers.
