Leading domestic automobile company market share South Korea 2023

The leading car manufacturer in South Korea was local brand Hyundai Motor Company with around 43.2 percent market share of sales, followed by Kia Corporation in 2023. Vehicles manufactured by Kia accounted for about 39.3 percent of automobile sales in South Korea that year. For decades, the car industry has grown exponentially and has also been an indicator of the country’s economic growth.

Leading passenger car models

Based on the sales volume, the top 10 registered car models in the country was led by domestic car brands. Although South Korea is the home of Hyundai and Kia, imported cars can also be seen very commonly. The proportion of imported passenger cars registrations has shown significant growth over the years. The most popular imported car brands in South Korea included German automakers such as Mercedes-Benz and BMW.

Shift to electric vehicles

Survey results found that the majority of South Koreans owned a conventional car. Nevertheless, increased awareness about climate change and various government incentives are driving consumers towards electric mobility in the country. Domestic and foreign carmakers are increasingly focusing on expanding their electric fleet, and it is generally expected that the market will continue to shift away from engines with harmful emissions for the environment.