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Large Cars - South Korea

South Korea
  • Revenue in the Large Cars market is projected to reach US$3bn in 2024.
  • Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.33%, resulting in a projected market volume of US$3bn by 2029.
  • Large Cars market unit sales are expected to reach 94.5k vehicles in 2029.
  • The volume weighted average price of Large Cars market in 2024 is expected to amount to US$32k.
  • From an international perspective it is shown that the most revenue will be generated China (US$106bn in 2024).

The Large Cars Market segment includes family passenger cars of an average footprint around 4.30m2 (46 ft2), an average mass around 1640kg (3620lbs) and a passenger/cargo volume between 3.1 m3 and 3.4 m3 (110 ft3 and 119 ft3). All key figures shown represent the sales of new large cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models.

  • European Car Segment: D (Large Cars)
  • US Car Segment: Mid-size Cars
  • Chinese Car Segment: Category B
  • Also known as: Large Family Cars, Intermediate Cars, Compact Executive Cars, Entry-level Luxury Cars

Example models: Audi A4, BMW 3 Series, Citroën C5, Ford Mondeo, Honda Accord, Mazda 6, Mercedes-Benz C-Class, Opel Insignia, Opel Zafira, Škoda Superb, Subaru Forester, Subaru Outback, Toyota Avensis, Volkswagen Passat.

In-Scope

  • Family passenger cars - Large cars
  • Premium large cars

Out-Of-Scope

  • Large SUVs
  • Sports models
Large Cars: market data & analysis - Cover

Market Insights report

Large Cars: market data & analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    Analyst Opinion

    The Large Cars market in South Korea has seen significant growth in recent years, driven by changing customer preferences, emerging trends, and local special circumstances.

    Customer preferences:
    South Korean customers have shown a growing preference for large cars due to their spaciousness, comfort, and advanced features. Large cars are seen as a status symbol and are often associated with luxury and prestige. Additionally, South Koreans value safety and reliability, which are key features offered by large cars.

    Trends in the market:
    One of the key trends in the South Korean Large Cars market is the increasing demand for electric and hybrid vehicles. The government has been actively promoting the adoption of eco-friendly vehicles through various incentives and subsidies. As a result, many automakers have introduced electric and hybrid versions of their large cars to cater to this growing segment. Another trend in the market is the integration of advanced technologies in large cars. South Korean consumers are tech-savvy and value cutting-edge features such as advanced infotainment systems, driver-assistance technologies, and connectivity options. Automakers are incorporating these technologies into their large cars to meet the evolving needs of the customers.

    Local special circumstances:
    South Korea has a well-developed infrastructure for electric vehicles, including a widespread charging network. This has encouraged the adoption of electric and hybrid large cars in the country. Additionally, the government has set ambitious targets for reducing carbon emissions, which has further incentivized the purchase of eco-friendly vehicles.

    Underlying macroeconomic factors:
    The South Korean economy has been growing steadily, and this has had a positive impact on the Large Cars market. Rising disposable incomes and improving living standards have increased the purchasing power of consumers, enabling them to afford large cars. Furthermore, low interest rates and favorable financing options have made it easier for consumers to finance their purchases. In conclusion, the Large Cars market in South Korea is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for electric and hybrid vehicles, the integration of advanced technologies, and the government's support for eco-friendly vehicles have all contributed to the growth of the market. With a strong economy and favorable market conditions, the future looks promising for the Large Cars market in South Korea.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation in which the vehicle can perform most driving tasks. In certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Methodology

    Data coverage:

    The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

    Modeling approach:

    Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

    Forecasts:

    In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

    Additional notes:

    The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).

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