The first registrations of brand new goods vehicles in South Korea have shown a fluctuating pattern over the years, starting from 4.33 units per thousand persons in 2013 and peaking at 4.75 in 2017 and 2018. Since then, there has been a slight but consistent decline, reaching 4.54 units per thousand persons in 2023. The year-on-year variations have generally indicated a downward trend in growth, with a prominent dip of -3.47% in 2016 followed by intermittent minor fluctuations.
Looking at the CAGR over the last five years, a steady decline is observed, with a decrease of -0.91% by the end of 2023. The forecast data indicate a continued downward trend with an anticipated CAGR of -0.09% between 2024 and 2028, suggesting that the market for brand new goods vehicles is expected to slightly shrink over the next five years.
Future trends to watch for include potential impacts of policy changes on emissions, the adoption rate of electric and alternative fuel vehicles, evolving supply chain dynamics, and technological advancements in autonomous and connected vehicle technologies. These factors could significantly influence the market landscape and alter the current forecast.
