Sports Cars - South Korea

South Korea

Highlights

Revenue in the Sports Cars market is projected to reach US$2bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.24%, resulting in a projected market volume of US$2bn by 2029.
Sports Cars market unit sales are expected to reach 36.4k vehicles in 2029.
The volume weighted average price of Sports Cars market in 2024 is expected to amount to US$66k.
From an international perspective it is shown that the most revenue will be generated United States (US$20bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sports Cars market in South Korea has been experiencing steady growth in recent years. Customer preferences have shifted towards more luxurious and high-performance vehicles, driving the demand for sports cars in the country.

Additionally, local special circumstances and underlying macroeconomic factors have contributed to the development of the market. Customer preferences in South Korea have been influenced by the global trend of seeking unique and high-end vehicles. Sports cars are seen as a symbol of status and prestige, appealing to affluent consumers who value style and performance.

The younger generation, in particular, is attracted to the sleek designs and advanced technologies offered by sports car brands. As a result, there has been an increase in the number of consumers opting for sports cars as their preferred choice of vehicle. Trends in the sports car market in South Korea reflect the global shift towards electric and hybrid vehicles.

With growing concerns about environmental sustainability and fuel efficiency, many sports car manufacturers have introduced electric or hybrid models to cater to the changing preferences of consumers. This trend is also driven by government initiatives and regulations promoting the adoption of eco-friendly vehicles. As a result, the market has seen an increase in the availability and popularity of electric and hybrid sports cars.

Local special circumstances in South Korea have also contributed to the growth of the sports car market. The country has a strong automotive industry and a culture that values innovation and technology. This has attracted international sports car manufacturers to establish a presence in South Korea, offering a wide range of models to cater to the diverse preferences of consumers.

Additionally, South Korea has a well-developed infrastructure and a growing network of charging stations, making it convenient for owners of electric sports cars to travel around the country. Underlying macroeconomic factors have played a significant role in the development of the sports car market in South Korea. The country has experienced steady economic growth, resulting in an increase in disposable income among consumers.

This has enabled more individuals to afford sports cars and indulge in their passion for luxury vehicles. Furthermore, favorable financing options and low interest rates have made it easier for consumers to purchase sports cars, driving the demand in the market. In conclusion, the Sports Cars market in South Korea is growing due to customer preferences for luxurious and high-performance vehicles, the global trend towards electric and hybrid sports cars, local special circumstances such as a strong automotive industry and well-developed infrastructure, and underlying macroeconomic factors including economic growth and favorable financing options.

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).