New Cars in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2019-24, and forecast to 2029). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Key Highlights
- New cars market includes retail sales/registrations of new passenger cars. The scope of passenger cars covers saloons, hatchbacks, SUVs, 4x4s, and light pickup vehicles. Market volume refers to the total number of cars sold in a year, while market value is calculated by multiplying the average retail selling price with the market volume.
- The South Korean new cars market recorded revenues of $36.1 billion in 2024, representing a compound annual growth rate (CAGR) of 0.4% between 2019 and 2024.
- Market consumption volumes declined with a negative CAGR of 1.0% between 2019 and 2024, reaching a total of 1,423,559.0 units in 2024.
- During 2019-24, the volume of the South Korean new cars market contracted by 1.0%, primarily due to the rise in consumer price inflation. According to the World Bank, the consumer price inflation rate surged to 5.1% in 2022. This rise in inflation affected consumer confidence, leading to a decreased willingness to make significant purchases such as vehicles.
Report Scope
- Save time carrying out entry-level research by identifying the size, growth, major segments, and leading players in the new cars market in South Korea
- Use the Five Forces analysis to determine the competitive intensity and therefore attractiveness of the new cars market in South Korea
- Leading company profiles reveal details of key new cars market players’ global operations and financial performance
- Add weight to presentations and pitches by understanding the future growth prospects of the South Korea new cars market with five year forecasts by both value and volume
Reasons to Buy
- What was the size of the South Korea new cars market by value in 2024?
- What will be the size of the South Korea new cars market in 2029?
- What factors are affecting the strength of competition in the South Korea new cars market?
- How has the market performed over the last five years?
- Who are the top competitors in South Korea's new cars market?
Table of Contents
1 Executive Summary
2 Market Overview
3 Market Data
4 Market Segmentation
5 Market Outlook
6 Five Forces Analysis
7 Competitive Landscape
8 Company Profiles
9 Macroeconomic Indicators
10 Appendix
List of Tables
List of Figures
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Bayerische Motoren Werke AG
- Renault-Nissan-Mitsubishi Alliance
- Mercedes-Benz Group AG
- Hyundai Motor Co
