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In 2024, there were approximately **** million automobiles registered in South Korea. Although the rate of increase has decreased slightly since 2015, the number of car registrations has grown steadily over the past 10 years. 2015 was the year with the greatest number of new car registrations, with approximately *** thousand units. As more and more households start to own *** or even vehicles, continuous if slow growth is expected in the coming years. 

Domestic car brands

One popular brand for vehicles in South Korea is the domestic brand Hyundai Motors, as reflected in their growing sales revenue from their passenger cars. Another prominent South Korean car brand is Kia Motors. Kia recorded a revenue of around trillion South Korean won from their passenger cars. These brands are not only in demand in the domestic market but also in the international market, with exports of vehicles from South Korea having grown in recent years.

On the road to a greener car market

Electric vehicles have seen a significant increase in popularity, contributing to the country’s push towards a greener and more sustainable automobile industry. In 2022, the number of electric cars that were sold stood at more than 100,000 units. The amount of registered electric vehicles has also been increasing over the years.