The first registrations of new passenger cars in South Korea stood at 25.82 units per thousand persons in 2023. From 2013 to 2023, the trend showed variations with occasional growth and declines. Year-on-year growth peaked in 2015 at 7.34%, while in 2020, there was a notable increase of 6.9%. However, recent years have seen smaller declines, with a -0.65% change in 2023. The five-year CAGR indicates a slight decline of -0.4% is expected through 2028, suggesting a moderate downward trend.
Future trends to watch for:
• The impact of environmental regulations and the shift towards electric vehicles.
• Economic factors influencing consumer purchasing power and preferences.
• Technological advancements in automotive industries that could alter market dynamics.
