South Korea Automotive Industry Outlook 2022 - 2026

Key Market Indicators

Korean vehicle registration is projected to reach nearly two million units by 2026, up from 1.8 million in 2021. The market has remained steady since 2010. Korean vehicle production, however, is expected to drop by 0.2% to 3.9 million units by 2026, down from 3.9 million in 2021. Since 2002, production has dropped 1.7% annually on average. Mexico ranked ahead of Korea in 2021, with 3.9 million units, followed by the United States, Japan, and India.

South Korea Automotive Market Data and Forecasts

Improve your Knowledge with the latest Indicators and Trends

• Automotive Financing: Unveiling Trends and Opportunities in Leasing and Loan Markets

  Automotive funding, a crucial sector of the automotive industry, is witnessing a paradigm shift in its operating model driven by changes in customer preferences and technological advancements. Strong growth in new vehicle sales and rising used car prices are fuelling growth in this sector. The primary role of auto leasing...

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• Automotive Industry: Comprehensive Insights into New Car Dealers and Vehicle Parts Retailing

  The new car dealership segment in the automotive industry continues to demonstrate a growth trajectory. This can be attributed to factors such as a rise in consumer demand driven by an improved economic outlook, low-interest rates, and an expansion in car ownership in emerging markets. Digitalization has redefined traditional sales...

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• Auto Repair and Body Shops: Navigating Future Challenges and Opportunities

  The vehicle repair industry is poised for significant shifts driven by emergent technologies. Innovations in automotive design, such as electric and autonomous vehicles, are demanding new skills from mechanics and body repair professionals. In conjunction, technologies to streamline shop operations, like digital diagnostics and advanced management software, are increasingly integral...

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• Vehicle Rental and Repair: An In-depth Exploration of Industry Dynamics

  The vehicle rental and repair industry has made significant strides over the past years, prompted by technological advancements, changing consumer behaviours and evolving business models. The industry is a key pillar to transportation needs in various geographical regions, fulfilling short-term mobility needs. Economy dynamics, especially urbanization and tourism activities, chiefly...

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• Insights into the Evolving Caravan, Trailer, and Motor Vehicle Body Manufacturing Sector

  Substantial technological advancements and a rising regard for recreational activities are driving the development in the motor vehicle body, caravan and trailer manufacturing sector. Increasingly, consumers opt for these vehicles as a lifestyle choice, valuing their ability to provide comfort, freedom, and connectivity on the road. The growth of this...

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