Republic of Korea: Passenger Car Market 2024

Passenger Car Market Size in Republic of Korea

The South Korean passenger car market expanded rapidly to $X in 2021, growing by 12% against the previous year. Over the period under review, consumption, however, saw a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Passenger Car Production in Republic of Korea

In value terms, passenger car production rose significantly to $X in 2021 estimated in export price. In general, production, however, continues to indicate a mild descent. Over the period under review, production hit record highs at $X in 2013; however, from 2014 to 2021, production remained at a lower figure.

Passenger Car Exports

Exports from Republic of Korea

Passenger car exports from South Korea rose rapidly to X units in 2021, increasing by 8.8% against the previous year. In general, exports, however, showed a relatively flat trend pattern. The exports peaked at X units in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, passenger car exports soared to $X in 2021. Over the period under review, exports continue to indicate a relatively flat trend pattern. The exports peaked at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car exports from South Korea, accounting for a 33% share of total exports. Moreover, passenger car exports to the United States exceeded the volume sent to the second major destination, Canada (X units), fivefold. Australia (X units) ranked third in terms of total exports with a 5.4% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +3.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+2.3% per year) and Australia (+1.5% per year).

In value terms, the United States ($X) remains the key foreign market for passenger cars exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by Canada ($X), with a 6.8% share of total exports. It was followed by Russia, with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States totaled +5.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+3.7% per year) and Russia (-2.3% per year).

Export Prices by Country

In 2021, the average passenger car export price amounted to $X per unit, with an increase of 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.2%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($X per unit), while the average price for exports to Turkey ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+6.7%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Republic of Korea

In 2021, imports of passenger cars into South Korea declined to X units, shrinking by -6% on the year before. Over the period under review, imports, however, continue to indicate a buoyant increase. The most prominent rate of growth was recorded in 2014 when imports increased by 49% against the previous year. Over the period under review, imports reached the peak figure at X units in 2020, and then fell in the following year.

In value terms, passenger car imports rose rapidly to $X in 2021. In general, imports, however, recorded a prominent increase. The pace of growth was the most pronounced in 2014 when imports increased by 45%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

Germany (X units), the United States (X units) and Japan (X units) were the main suppliers of passenger car imports to South Korea, with a combined 46% share of total imports. The UK, China, Mexico and Austria lagged somewhat behind, together comprising a further 11%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by China (with a CAGR of +39.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Japan ($X) were the largest passenger car suppliers to South Korea, with a combined 77% share of total imports. These countries were followed by Austria, the UK, Mexico and China, which together accounted for a further 11%.

In terms of the main suppliers, China, with a CAGR of +39.6%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2021, growing by 14% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 an increase of 16%. As a result, import price reached the peak level of $X per unit. From 2018 to 2021, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Austria ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Austria (+8.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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