South Korean Vehicles Market in 2023 closed with a total of 1.72 million sales, a 3.2% increase compared to last year. Despite December falling 11.6%, the market reported 8 monthly growths during the year.
Market Trend and Outlook
The South Korean vehicles market in 2023 totaled 1.72 million registrations, a 3.2% increase in year to date figures. Although December was losing 11.6% with only 142,008 new sales, the market reported 8 monthly growths during the year.
Looking at cumulative data from 2023 brand-wise, Hyundai maintains 1st with 636,229 sales (+14.9%), followed by Kia in 2nd with 565,270 new registrations (+4.5%), Genesis in 3rd with 126,569 units sold (-6.3%), BMW -up 1 spot- at 77,395 (-1.5%) and Mercedes -down 1 spot- in 5th with 76,697 sales (-5.3%).
SsangYong maintains 6th with 63,345 new registrations (-7.7%), in front of GM Korea -up 1 spot-at 38,755 sales (+4.1%) and Renault Samsung with 22,048 registrations (-58.1%).
Audi maintains 9th spot with 17,868 sales (-16.5%) in front of Volvo -up 1 spot- closing the Top 10 with 17,018 units sold (+17.9%).
Looking at specific models the Hyundai Grandeur is the best seller, rising 2 spots with an 68.7% increase in year-on-year sales. Previous year’s leader the Hyundai Porter falls into 2nd place despite being up 5.7%.
Tables with sales figures
In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.
