SEOUL, KOREA - Korea’s annual car growth rate averages at 2.9 percent, about two or three times higher than those of industrialized countries.The number of passenger cars is expected to reach 20 million units by 2030, with the total number of cars likely to reach 25 million units by then.
The Korea Transport Institute released a report titled “Long-Term Outlook for the Trend in the Number of Car Ownership” on November 20.The report said that the number of car ownership per 1,000 Korean populations stood at 370 units in 2011,similar to the 1980s level of the UK and Japan.
The nation’s annual number of cars sold has averaged at 2.9 percent per year since 2005, higher than the UK’s 1.7 percent, France’s 0.7 percent and Japan’s 0.5 percent. The upward trend in the number of cars is likely to continue for the time being.