Key Market Indicators
In 2021, car registrations in South Korea climbed to approximately 181,000 units, marking a 17% increase from the roughly 154,000 units recorded in 2020. Despite this surge, the demand for cars in South Korea has plummeted by nearly 35% since 2010. In the global ranking, South Korea held the 50th position, with the Philippines narrowly surpassing it with similar registration numbers. Leading the chart were Indonesia, Austria, and Belgium, occupying the second, third, and fourth spots respectively. Looking ahead, South Korean car production is projected to decline. By 2028, it is expected to reach around 3.2 million units, down from nearly 3.5 million units in 2023. This represents an average annual decrease of 1.4%. Historically, since 2002, the country’s automobile supply has seen a yearly reduction of about 1%. In 2023, South Korea ranked fifth in car production, with India taking the lead, followed by Japan, Germany, and India again in the second, third, and fourth positions respectively.
