Key Market Indicators
Korean vehicle registration is projected to reach approximately 2.2 million units by 2028, up from about 2 million units in 2023. This marks an average annual growth rate of 1.8%. The Korean market has been experiencing steady growth at this rate since 2010. In 2023, Korea ranked 21st globally, with Colombia surpassing it at nearly 2 million units. Canada, China, and Austria occupied the second, third, and fourth positions, respectively. Meanwhile, Korean vehicle production is expected to decline, reaching around 3.2 million units by 2028, down from approximately 3.8 million units in 2023. This represents a compound annual growth rate (CAGR) of -2.6%. Since 2002, the supply in Korea has decreased by an average of 1.1% annually. In 2023, Korea ranked as the seventh-largest vehicle producer, with India overtaking it at about 3.8 million units. The United States, Japan, and Germany held the second, third, and fourth spots in vehicle production, respectively.
South Korea Automotive Innovation Articles
-
Hyundai and Google Maps: Driving Towards the Future of Connected Mobility
Dec 27th 2024
-
Hyundai’s Bold Leap into the Future: Betting Big on Hydrogen and Electric
Nov 20th 2024
-
Why Samsung and Hyundai Teaming Up Could Be the Game-Changer for Connected Cars
Oct 14th 2024
South Korea Automotive Key Players Articles
-
Hyundai’s Bold Leap: Appointing the First Non-Korean CEO to Spearhead Innovation and Growth
Nov 19th 2024
-
GM and Hyundai Forge a Strategic Alliance: A Game Changer in the Automotive Industry
Oct 15th 2024
Latest reports
South Korea Automotive Market Report- Q1 2025
The first quarter of 2025 has been a pivotal period for the automotive market in South Korea, characterized by significant developments across various...
South Korea Automotive Market Report- Q4 2024
The South Korean automotive industry in the fourth quarter of 2024 is navigating a complex and evolving landscape characterized by both challenges and...
South Korea Automotive Market Report - Q4 2024
The South Korean automotive market in Q4 2024 is characterized by significant developments and challenges, driven by technological advancements, regulatory changes, and shifting...
