In 2024, motorcycle ownership in South Korea is forecasted to be at 40.1 units per thousand persons. This represents a slight decline from the actual figure in 2023, where ownership stood at approximately 40.17 units per thousand persons. The year-on-year variation from 2023 to 2024 is minimal. However, a gradual decrease is observed from 2025 onwards, with year-on-year declines of around 0.17% to 0.21%. By 2028, the value is expected to decline further to 39.81 units per thousand persons, indicating a consistent downtrend over the forecast period. The Compound Annual Growth Rate (CAGR) over these five years is projected to reflect a slight negative growth.
Future trends to watch for include potential impacts from technological advancements in electric motorcycles, changes in urban commuting patterns, and evolving regulatory policies aimed at reducing emissions. Additionally, consumer preferences might shift towards ride-sharing and other alternative transportation modes, further influencing motorcycle ownership rates.
