South Korean Car Market Strong During Last Year

Despite falling numbers in global automobile sales, which declined by 14 percent last year, the South Korean market proved to remain strong with a growing number of new registrations.

Registrations have increased by 6.2 percent to 1,905,972, exceeding the historical landmark of 1.9 million. This makes the South Korean market the only global top 10 market with increases in domestic sales, managing to rise from 12^th to ninth spot regarding market size.

The market share of imported cars has increased from 15.3 percent to 15.9 percent regarding sales volume, and up to 28 percent regarding sales value, with the number of imported cars exceeding 300,000. Standard vehicle selling prise has increased from 32.9 million won to 35.9 million won.

in 2020, the market share of electric and hyrid vehicle sales broke the 10 percent mark for the first time ever, with the hybrid car sales volume exceeding 173,000 and the electric vehicle sales volume reaching 5,841.

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Julian Busch

About the author: Julian Busch is the founder and managing director of MPR International GmbH

Publisher: MPR International GmbH

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