Republic of Korea: Passenger Car Market 2024

Passenger Car Market Size in Republic of Korea

The South Korean passenger car market dropped sharply to $X in 2022, shrinking by X% against the previous year. Over the period under review, the total consumption indicated mild growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2019 indices. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Passenger Car Production in Republic of Korea

In value terms, passenger car production shrank slightly to $X in 2022 estimated in export price. Overall, production saw a slight slump. The most prominent rate of growth was recorded in 2017 when the production volume increased by X% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2022, production growth failed to regain momentum.

Passenger Car Exports

Exports from Republic of Korea

In 2022, shipments abroad of passenger cars increased by X% to X units, rising for the second year in a row after four years of decline. Over the period under review, exports, however, recorded a abrupt descent. Over the period under review, the exports reached the peak figure at X units in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, passenger car exports soared to $X in 2022. The total export value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure in 2022 and are likely to continue growth in the near future.

Exports by Country

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

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Australia (X% per year) and Canada (X% per year).

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

From 2012 to 2022, the average annual growth rate of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Australia (X% per year).

Export Prices by Country

The average passenger car export price stood at $X per unit in 2022, rising by X% against the previous year. Overall, export price indicated resilient growth from 2012 to 2022: its price increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, passenger car export price increased by X% against 2016 indices. The growth pace was the most rapid in 2017 an increase of X% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was China ($X per unit), while the average price for exports to Spain ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Republic of Korea

In 2022, imports of passenger cars into South Korea rose sharply to X units, with an increase of X% against 2021. In general, total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2014 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in years to come.

In value terms, passenger car imports totaled $X in 2022. Over the period under review, imports posted a strong expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum in 2022 and are likely to see gradual 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 X% share of total imports. Slovakia, Austria, the UK, Mexico, China and Sweden lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), the United States ($X) and Austria ($X) appeared to be the largest passenger car suppliers to South Korea, together comprising X% of total imports. The UK, Slovakia, Japan, China, Mexico and Sweden lagged somewhat behind, together comprising a further X%.

Among the main suppliers, China, with a CAGR of X%, saw the highest rates of growth with regard to 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

In 2022, the average passenger car import price amounted to $X per unit, flattening at the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 when the average import price increased by X%. Over the period under review, average import prices reached the maximum in 2022 and is likely to continue growth in the near future.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Japan ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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