Key Market Indicators
Korean commercial vehicle registrations are projected to climb to nearly 247,000 units by 2028, rising from approximately 220,000 units in 2023. This marks an annual growth rate of 1.8%. However, since 2010, the Korean market has experienced a decline of about 6.1% each year. As of 2023, Korea ranks 19th globally in commercial vehicle registrations, with Israel slightly ahead. Leading the rankings are Canada, Mexico, and Argentina in second, third, and fourth places, respectively. In contrast, Korean commercial vehicle production is expected to decrease significantly. By 2028, production is forecasted to fall to around 164,000 units, down from nearly 225,000 units in 2023, showing a yearly decline of 5%. Since 2002, the supply from Korea has diminished by approximately 9.3% annually. In 2023, Korea ranked 13th in commercial vehicle production, with Argentina just ahead. Mexico, China, and Canada occupy the second, third, and fourth spots in this category.
