The road passenger transport movements by passenger cars in South Korea have demonstrated a remarkable growth pattern. Starting from 250.43 billion passenger kilometers in 2013, the value experienced consistent increases each year, peaking at 313.04 billion by 2023. The year-on-year variations saw significant jumps, particularly in years like 2015 (4.09%) and 2021 (11.14%), indicating periods of accelerated growth. The CAGR for 2013 stands at 3.55%, showing robust long-term growth. Heading into the forecasted years, the growth rate is expected to stabilize with a CAGR of 0.44% over the next five years, predicting gradual increases through to 321.89 billion passenger kilometers by 2028.
Key trends to watch for in the future include:
- Potential impacts of environmental policies on car usage patterns.
- Technological advancements in autonomous and electric vehicles.
- Urbanization trends and their effect on road transport infrastructure.
