South Korea 2023. Auto Market Gained Volume Rising 3.2% From 2022

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The 2023 Hyundai Ioniq 6
The 2023 Hyundai Ioniq 6

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. Despite December 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.

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