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.
