The South Korean passenger car market showed significant fluctuations from 2013 to 2023. Registrations peaked in 2016 at 128.67 thousand units before declining slightly and then recovering by 2019. Despite a sharp drop in 2020, likely due to the COVID-19 pandemic, the market rebounded impressively in the following years, reaching 141.22 thousand units in 2023. The year-on-year variation was 1.65% in 2023, marking continued stability. The last five-year CAGR stood at 1.97%, indicating moderate growth over the period.
Looking ahead, the forecast points to steady growth, with registrations expected to reach 152.77 thousand units by 2028. The forecasted five-year CAGR is 1.29%, suggesting a stable yet modest market expansion. Future trends to watch include advancements in vehicle technology, increased demand for electric vehicles, and potential policy changes affecting car ownership and transportation.
