Bus Tickets - South Korea | Statista Market Forecast

South Korea is expected to see a significant increase in revenue for the Bus Tickets market.
It is projected to reach US$329.70m in 2024, with an annual growth rate (CAGR 2024-2029) of 2.19%, resulting in a projected market volume of US$367.30m by 2029.
The number of users is expected to increase to 6.38m users by 2029, with a user penetration of 11.7% in 2024 and 12.4% by 2029.
The average revenue per user (ARPU) is anticipated to amount to US$54.71.
Furthermore, in the Bus Tickets market, 73% of total revenue will be generated through online sales by 2029.
It is noteworthy that in global comparison, China is expected to generate the most revenue, which is projected to reach US$5bn in 2024.
South Korea's bus market is seeing a shift towards eco-friendly options, with an increasing demand for electric and hybrid buses.

Definition:

The Bus tickets market consists of tickets for long-distance travel or cross-regional travel by bus or coach. This includes country-specific providers of bus transport, e.g., Eurolines, National Express and Greyhound. As a rule, travel for single passengers and groups or time-limited subscription-based travel can be booked up to a year in advance. Tickets for public transport, for within a city or other local travel are not included.

Additional Information:

The main performance indicators of the Bus tickets market are revenues, average revenue per user (ARPU), user numbers and user penetration rates. Additionally, online and offline sales channel shares display the distribution of online and offline bookings. The ARPU refers to the average revenue one user generates per year while the revenue represents the total booking volume. Revenues are generated through both online and offline sales channels and include exclusively B2C revenues and users for the above-mentioned markets. User numbers show only those individuals who have made a reservation, independent of the number of travelers on the booking. Each user is only counted once per year. Additional definitions for each market can be found within the respective market pages.

The booking volume includes all booked rides made by users from the selected region, regardless of where the ride took place.

For further information on the data displayed, refer to the info button right next to each box.

Tickets for long-distance travel or cross-regional travel by bus or coach
Time-limited subscription based travel
Line service and regular, scheduled bus service
All online and offline booked long-distance bus tickets regardless of the purchase channel

Tickets for public transport, for within a city or other local travel
Bus trips that are organized as an excursion or specifically for a travel group

The Buses market in South Korea has been experiencing steady growth in recent years, driven by customer preferences for reliable and efficient public transportation options.

Customer preferences: South Korean customers have shown a strong preference for buses as a mode of transportation due to their affordability, convenience, and environmental friendliness. Buses provide a cost-effective alternative to private cars and are often seen as a more sustainable option for commuting. Additionally, the government has been actively promoting the use of public transportation, including buses, through various initiatives such as discounted fares and improved infrastructure.

Trends in the market: One of the key trends in the South Korean Buses market is the increasing demand for electric buses. As the government aims to reduce carbon emissions and improve air quality, there has been a push to transition from traditional diesel buses to electric buses. This trend is driven by both environmental concerns and technological advancements in battery technology, which have made electric buses more practical and cost-effective. As a result, many bus operators and municipalities have been investing in electric buses to modernize their fleets. Another trend in the market is the adoption of smart technologies in buses. South Korea is known for its advanced technology infrastructure, and this has translated into the buses market as well. Many buses are now equipped with smart features such as GPS tracking, real-time passenger information systems, and cashless payment options. These technologies enhance the overall passenger experience and improve the efficiency of bus operations.

Local special circumstances: South Korea has a highly urbanized population, with a significant portion of the population living in densely populated cities. This has created a high demand for public transportation, including buses, to efficiently transport people within and between cities. The government has recognized this need and has been investing in the expansion and improvement of public transportation infrastructure, including bus lanes, bus stops, and terminals. These efforts have further fueled the growth of the Buses market in South Korea.

Underlying macroeconomic factors: The South Korean economy has been relatively stable in recent years, with a growing middle class and increasing disposable incomes. This has led to higher demand for transportation services, including buses, as people have more resources to spend on commuting and travel. Additionally, South Korea is a popular tourist destination, attracting millions of visitors each year. The tourism industry has contributed to the growth of the Buses market, as tourists rely on buses for sightseeing and transportation between cities. In conclusion, the Buses market in South Korea is experiencing growth due to customer preferences for affordable and sustainable transportation options, the adoption of electric and smart technologies, the high demand for public transportation in urban areas, and the stable macroeconomic factors supporting the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on bookings, revenues, and online shares of bus tickets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on a specific rationale for each market. As a basis for evaluating markets, we use financial reports, third-party studies and reports, federal statistical offices, industry associations, and price data. To estimate the number of users and bookings, we furthermore use data from the Statista Consumer Insigths Global survey. In addition, we use relevant key market indicators and data from country-specific associations, such as demographic data, GDP, consumer spending, internet penetration, and device usage. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, ARIMA, which allows time series forecasts, accounting for stationarity of data and enabling short-term estimates. Additionally, simple linear regression, Holt-Winters forecast, the S-curve function and exponential trend smoothing methods are applied.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change.

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