Vehicle production South Korea 2009-2023

In 2023, around 4.24 million units of vehicles were manufactured in South Korea. This was an increase from about 3.76 million units in the previous year and the highest figure recorded since 2015.

The automotive market in South Korea

South Korea is home to a bustling automobile market. Statistics regarding the modal share of transport show that passenger cars have consistently accounted for the majority of movement within the country. The ownership rate of such vehicles has gradually increased since the early 2000s, with the rate reaching 0.5 passenger cars per inhabitant in recent years.

Ongoing efforts for electrification

Amidst looming climate change concerns and ambitious emissions targets, electric vehicles (EVs) have become a fixture in the industry. Consumers are certainly considering making their next car purchase an EV, with a significant portion prepared to pay a premium compared to traditional combustion engine automobiles. In order to incentivize EV purchases, the South Korean government has offered subsidies for a variety of EV models from domestic and foreign carmakers.