Key Market Indicators
Korean vehicle registration is projected to hit approximately 2.2 million units by 2028, up from nearly 2 million units in 2023. This represents an average annual growth rate of 1.8%. The Korean market has seen a consistent year-on-year increase of 1.8% since 2010. As of 2023, Korea ranks 21st globally in vehicle registration, with Colombia slightly ahead with the same number of units. Canada, China, and Austria occupy the second, third, and fourth positions, respectively, in this ranking. In contrast, Korean vehicle production is expected to decline, with projections indicating a drop to around 3.2 million units by 2028 from about 3.8 million units in 2023. This marks an average annual decrease of 2.6%. Since 2002, Korean vehicle production has been on a downward trend, decreasing by 1.1% annually. In 2023, Korea ranked seventh in vehicle production, with India surpassing it with approximately 3.8 million units. The United States, Japan, and Germany hold the second, third, and fourth spots in the global production ranking, respectively.
