In a market where the top two brands, Hyundai and Kia, control together over 70% of the market share and the top 10 best-selling models ranking is almost entirely held by the two Koreans.

Up to October 2023, the new best seller is a sedan, the very popular Hyundai Grandeur, which moves up  3 spots into leadership with 96,672 sales (+77.8%).

In second place previous year’s leader the Hyundai Porter with 82,367 sales (+8.2%) followed by the  Kia Sorento -down 1 spots- with 68,379 sales (+24.7%).

The Kia Carnival rises 2 spots into 4th with 58,695 sales (+32.9%) followed by the Kia Sportage with 58,028 new registrations (+33.6%), the Hyundai Avante with 54,394 units sold (+21.4%) and the Kia Bongo with 53,249 sales (-2.8%).

In 8th ranks the Kia Seltos -up 6 spots- with 42,633 new registrations (+21.3%) ahead of the Kia Ray with 42,089 units sold (+16.4%) and the Genesis G80 closing the top 10 with 38,084 sales (+0.0%).

Tables with sales figures

In the tables below we report sales for Top 50 models.

Excel Dataset

We purchase new vehicles registrations for 159 countries worldwide – included this one – from the local official authorities and receive a monthly file with raw data by country.

You can have access to this service:

• Data by Year/Month/Brand/Model/Segment
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Market Report

The report provides a comprehensive and complete overview of the market competitive environment including information on the sales volumes of cars and light commercial vehicles, market size, market share, and industry trends.

Through our comprehensive global sales database and the expertise of seasoned consultants in this field, we can help you gain further insight into the automotive market trends and base your business decisions on actionable data.

Table of contents

• Country Overview
  • Geography
  • History
  • People & Politics
• Economic Outlook
  • Economy
  • Infrastructure
• Market Outlook
  • Market Heritage
  • Car Passenger’s segmentation
  • LCVs segmentation
  • Car Passengers Body Type mix
  • LCVs Body Type mix
  • Premium segment share
  • Chinese OEMs share
• Key Players
  • Top selling Groups 2022
  • Top selling Brands 2022
  • Premium Brands
  • Chinese Brands
• Market Data By Model
  • Top selling Models 2022
  • Top models by segment and body type
• Key Factors for market Evolution
  • Country development
  • Economic Outlook
  • Customer base evolution
  • Low-Carbon Transition Policy
  • Infrastructure & Investments
• 2023-2028 Volume Forecast
  • TIV evolution by segment
  • Cars and LCVs forecast
  • Segments forecast
  • Premium segment share forecast
  • Chinese OEMs share forecast
  • Forecast by Manufacturer

Price for market research: €2,500

Price for market research + Last 2 Years dataset in excel: €4,000

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Market Trend and Outlook

The South Korean Vehicles Market in October 2023 falls for the second month in a row, with new sales at 137,819 (-5.0%). YTD figures at 1.42 million are up 5.0% from the previous year.

Looking at cumulative data up to October 2023 brand-wise, Hyundai maintains 1st with 523,582 sales (+16.5%), followed by Kia in 2nd with 469,781 new registrations (+7.2%), Genesis in 3rd with 104,984 units sold (-3.0%), BMW at 62,514 (-3.1%) and Mercedes in 5th with 60,988 sales (-4.4%).

SsangYong maintains 6th with 54,788 new registrations (-3.4%), in front of GM Korea at 33,525 sales (+0.6%) and Renault Samsung with 18,579 registrations (-57.6%).

Audi maintains 9th spot with 15,258 sales (-10.7%) in front of Volvo closing the Top 10 with 13,770 units sold (+37.7%).

Looking at specific models the Hyundai Grandeur is the best seller, rising 3 spots with an 77.8% increase in year-on-year sales. Previous year’s leader the Hyundai Porter falls into 2nd place despite being up 8.2%.

Medium-Term Market Trend

South Korean automotive industry has been closed to foreign vehicles import until 2012. Then, the entrance of several new competitors fueled the market growth and the domestic sales grew up until the 2015, when the all-time record was established at 1.8 million sales.

Then the market was steady until the 2020, when the strong control over the covid diffusion allowed plus incentives to support the industry, pushed up the market (+5.8%) to hit the new record of 1.87 million. In this data there was a sort of pull-ahead effect, due to the incentives and then market started to moderately decline again.

In 2021 the market lost 8.5% in volume, falling to 1.72 million cumulative sales and in 2022 also lost another 2.5%, dropping to 1.67 million sales.

Perspectives are not positive. The market is fast moving towards electrification, but the high prices offered for EVS is discouraging part of consumers. In addition the industry suffer for the supply chain disruption, for microchips shortage and demand for cars is declining.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

In a market where the top two brands, Hyundai and Kia, control together over 63% of the market share, the top 10 best-selling models ranking is entirely held by the two Koreans.

In 2022, the best seller is a light vehicle, the very popular Hyundai Porter, which confirms the previous year leadership, with 92,411 sales (+0.2%) and a safe gap over the followers to win the full year race.

In second place the Kia Sorento, up 3 spots, with 68,902 sales (-1.5%) followed by the  Hyundai Grandeur with 67,030 sales (+9.2%), down 1 spot.

In fourth place rises the Kia Bongo, with 64,826 sales (+8.5%) followed by the Kia Carnival with 59,058 (-19.4%), the Hyundai Avante with 58,743 (-17.3%) and the Kia Sportage with 55,394 (+39.3%) which benefited from the last generation success.

In 8th place the Hyundai Palisade with 49,737 (-5.0%) ahead of the Hyundai Sonata with 48,308 sales and the Hyundai Casper, rising 27 spots into 10th with 48,002 sales (+344.2%).

Remarkable the success of other models, like the Kia  EV6 in 26th (+125.5%), the Genesis G90 in 28th  (+356.5%) and the new Ssangyong Torres in 29th.

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend and Outlook

The South Korean vehicles market in 2022 totals 1.67 million sales, a 2.4% decrease in sales compared to the prior year. Despite the overall downtrend, in December sales grew for the 5th month in a row, posting 160,726 new registrations (+5.2%).

Looking at cumulative data from 2022 brand-wise, the Top 5 remain unchanged from the previous year: Hyundai in 1st with 553,839 sales (-6.3%), Kia in 2nd with 541,068 (+1.1%), Genesis in 3rd with 135,045 registrations (-2.7%) followed by Mercedes with 80,976 (+6.3%) and BMW in 5th with 78,545 (+19.6%).

SsangYong ranks in 6th with 68,657 new registrations (+21.8%), in front of Renault Samsung at 52,621 sales (-13.9%) and GM Korea with 37,237 registrations (-31.4%).

Audi remains in 9th with 21,402 sales (-16.4%) in front of Volkswagen closing the Top 10 with 15,791 (+9.9%).

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

In a market where the top two brands, Hyundai and Kia, control together a dominating percentage of the market share, the top 10 best-selling models ranking is entirely held by the two Koreans except for the Genesis G80.

The best-seller in 2021 is the Hyundai Porter, with 92,218 units sold (5.4% share).

In second place, overtaken by the new leader, the Hyundai Grandeur with 5.2% market share and 89,084 units sold, ahead of the rising Kia Carnival, jumping 5 spots with 73,233 units sold (4.3% share).

In fourth position the Hyundai Avante -down 1 spot- with 71,031 units (4.1% share) followed by the Kia Sorento with 69,934 units (4.1% share) and the Hyundai Sonata with 63,109 units (3.7% share).

In seventh place the Kia Bongo with 59,729 units (3.5% share), ahead of the Kia K5 which ended up in eighth position -down 4 spots-, with 59,499 units (3.5% share).

The Genesis G80 rose 2 positions registering 59,463 units sold (3.5% share), followed by the Hyundai Palisade which fell 3 spots with 52,338 units sold (3.1% share).

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

The South Korean car market this year attempted to maintain the growth experienced the previous year despite the pandemic, but unfortunately fell in double-digits in Q2 and Q3.

The market has been closed to foreign vehicles import until the recent (2012) FTA with the EU. The entrance of many new competitors fueled the market growth in these years and the all-time record sales had been established in three years in a row in the period 2014-2016, with the record fixed at 1.83 million units.

On 26 March 2017, the U.S. and Korea agreed to revise their bilateral free trade agreement. The agreement—which would improve U.S. access to Korea’s automobile market and require Korea to curb its steel exports to the U.S. in return for an exemption from higher U.S. steel tariffs. The industry continued to assist at the growth of imported vehicles, mainly luxury brands, while in 2017 and was stable at around 1.8 million units. In 2019, the market fell marginally down, at 1.77 million sales.

Despite the COVID-19 pandemic sales increased in  2020. In fact, sales have been 1,874,630, reporting an increase of 5.9% compared to 2019.

In 2021 the year started positively for the South Korean market, in fact, in Q1 431,505 units have been sold, reporting a 11.3% increase in sales compared to Q1 2020, but in Q2 sales started falling in double-digits, reporting a 12.6% decrease with 470,336 units sold.

In Q3 sales kept falling in double-digits, losing 14.4% with 388,460 units, and started rising again in Q4 with 545,880 units (+10.2%).

Indeed, Full-Year sales for 2021 have been 1.84 million, reporting a 2.1% decrease compared to 2020. 

Brand-wise, this year the leader Hyundai (-4.1%) lost 0.9% market share, followed by Kia (+4.8%), which gained 1.9% share. Genesis (+36.1%) gained 2.2% market share and reported the best performance on the leaderboard.  Mercedes reached 4th place and lost 0.9%, followed by Renault Samsung which fell 1 spot and lost 31.1%.

BMW jumped in 6th place -up 2 spots- (+12.5%), followed by SsangYong (-28.1%) -down 2 spots- and GM Korea which lost 2 spots and fell 31.3% sales, reporting the worst performance. Closing the leaderboard we have Audi gaining 0.4% and Volvo entering the leaderboard, gaining 19.2%.

The most sold vehicle this year has been the Hyundai Porter (+2.9%) with 98,507 units sold, followed by the Hyundai Grandeur, which lost 35% registering 94,557 new sales this year. The Hyundai Avante (-15.1%) closes the podium and reports 74,473 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

In a market where the top two brands, Hyundai and Kia, control together a dominating percentage of the market share, the top 10 best-selling models ranking is entirely held by the two Koreans.

The best-seller in 2020 is the Hyundai Grandeur, still on top, with 145.463 units sold (7.8% share).

In second place, again behind the leader, the Hyundai Porter with a decreasing market share of 5.1% with 95.694 units sold, ahead of the rising Hyundai Avante with 87.731 units sold (4.7% share).

In fourth position the Kia K5 – up 13 spots – with 84.550 units (4.5% share) followed by the Kia Sorento -up 4 spots- with 82.275 units (4.4% share) and the Hyundai Sonata -down 3 spots- with 67.440 units (3.6% share).

In seventh place the Hyundai Palisade -up 4 spots- with 64.791 units (3.5% share), ahead of the Kia Carnival which ended up in eighth position, with 64.195 units (3.4% share).

The Kia Bongo falls 2 spots registering 61.906 units sold (3.3% share), followed by the free-falling Hyundai Santa Fe which dropped 6 positions with 57.578 units sold (3.1% share).

Tables with sales figures

In the tables below we report sales for Top 50 models.

Market Trend

The Korean car market has grown in 2020 despite the global pandemic and restrictions damaging the economy.

The market has been closed to foreign vehicles import until the recent (2012) FTA with the EU. The entrance of many new competitors fueled the market growth in these years and the all-time record sales had been established in three years in a row in the period 2014-2016, with the record fixed at 1.83 million units.

On 26 March 2017, the U.S. and Korea agreed to revise their bilateral free trade agreement. The agreement—which would improve U.S. access to Korea’s automobile market and require Korea to curb its steel exports to the U.S. in return for an exemption from higher U.S. steel tariffs. The industry continued to assist at the growth of imported vehicles, mainly luxury brands, while in 2017 and was stable at around 1.8 million units. In 2019, the market fell marginally down, at 1.77 million sales.

However, the South Korean market in 2020 started in a very negative tone with sales in January down 13.1%. Several local factories suspended production due to component shortage caused by the Coronavirus outbreak, leading to 19.1% fewer sales in February. Nevertheless, the only other negative month this year has been August (-3.3%). The highest increase in sales was reported in June (+43.5%), but also September’s performance has been very impressive (+26.8%).

Indeed, Full-Year sales for 2020 have been 1.874.630, reporting an increase of 5.9% compared to 2019.

Brand-wise, this year the leader Hyundai (-0.4%) lost 2.2% market share, followed by Kia (+7%), which gained 0.4% share. Genesis (+90.8%) gained 2.6% market share and reached third place -up 4 spots-.  Renault Samsung remained in 4th place and grew 10.6%, followed by SsangYong which fell 2 spots and lost 18.8%, registering the worst performance in the leaderboard.

GM Korea jumped in 6th place -up 25 spots-, followed by Mercedes (-1.5%) -down 2 spots- and BMW which lost 32.1% sales. Closing the leaderboard we have Audi -up 1 spot- registering the best performance in the leaderboard by gaining 113.9% and Volkswagen entering the leaderboard by jumping 8 spots, gaining 107%.

The most sold vehicle this year has been the Hyundai Grandeur (+44.6%) with 145.463 units sold, followed by the Hyundai Porter, which lost 4.6% registering 95.694 new sales this year. The Hyundai Avante (+37.4%) closes the podium by jumping 2 spots and reports 87.731 new units sold.

Tables with sales figures

In the tables below we report sales for all Brands, top 10 Manufacturers Group and top 10 Models.

Economic Environment

South Korean economic growth was stable in the third quarter, according to revised GDP data. Private and government consumption growth remained robust, despite weakening slightly, while fixed investment declined at a softer pace and growth in exports of goods and services accelerated.

Shifting focus to the fourth quarter, the economy appears more or less on an even keel: Consumer confidence hit a seven-month high in November, while the service sector held up fairly well in October, boding well for household spending.

Meanwhile, in other news, Korea and Indonesia agreed to a free-trade deal in late November, which is expected to be ratified next year. The deal plans to eliminate tariffs on steel and automobiles, which should benefit Korean manufacturers and provide some relief to the external sector.

Market Trend

South Korean vehicles market has been closed to foreign vehicles import until the recent (2012) FTA with EU. The entrance of many new competitors fueled the market growth in these years and the all time record sales had been established in three years in a row in the period 2014-2016, with the record fixed at 1.83 million units.

On 26 March 2017, the U.S. and Korea agreed to revise their bilateral free trade agreement. The agreement—which would improve U.S. access to Korea’s automobile market and require Korea to curb its steel exports to the U.S. in return for an exemption from higher U.S. steel tariffs. The industry continued to assist at the growth of imported vehicles, mainly luxury brands, while in the 2017 and was stable around the 1.8 million units.

In 2019, according to data released by KAMA and KAIDA, the South Korean Car Passenger’s market was marginally negative. Indeed, the Full-year ended with 1.77 million sales, down 1.9% from the previous year.

The market was dominated by Hyundai and Kia, despite in recent years they are losing share. Indeed, from a record 75% of combined share in the 2012, actually they have 67.3%, over 7 points lost. Total domestic brands have been actually just over 80% of market share, down 9 points of share since 2012.

The top imported brands were Mercedes, holding over 4% of market share from 0.1% in 2011, BMW, at 2.5% and Lexus at 0.7%.

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Rank 2019	Rank 2018	Brand	Sales 2019	Sales December	+/- YTD	Share 2019	Share December
1	1	Hyundai	675.402	64.732	2,4%	38,12%	36,31%
2	2	Kia	516.171	45.843	-2,9%	29,14%	25,71%
3	3	SsangYong	107.949	8.432	-1,1%	6,09%	4,73%
4	5	Renault Samsung	86.755	9.876	-4,0%	4,90%	5,54%
5	6	Mercedes	78.036	8.324	10,2%	4,40%	4,67%
6	4	Chevrolet	76.520	5.618	-18,0%	4,32%	3,15%
7	7	Genesis	56.696	4.600	-7,6%	3,20%	2,58%
8	8	BMW	44.191	5.130	-13,1%	2,49%	2,88%
9	11	Lexus	12.241	840	-8,2%	0,69%	0,47%
10	12	Audi	11.930	2.302	-4,2%	0,67%	1,29%
11	18	Jeep	10.706	1.092	41,1%	0,60%	0,61%
12	9	Toyota	10.611	1.323	-36,7%	0,60%	0,74%
13	16	Volvo	10.570	765	24,0%	0,60%	0,43%
14	30	Chrysler	10.251	10.251		0,58%	5,75%
15	15	Mini	10.222	1.274	11,2%	0,58%	0,71%
16	17	Honda	8.760	1.045	10,1%	0,49%	0,59%
17	14	Ford	8.737	1.228	-24,6%	0,49%	0,69%
18	10	Volkswagen	8.510	2.804	-44,7%	0,48%	1,57%
19	13	Land Rover	7.713	982	-34,5%	0,44%	0,55%
20	21	Porsche	4.204	390	-1,9%	0,24%	0,22%
21	20	Peugeot	3.505	297	-21,7%	0,20%	0,17%
22	19	Nissan	3.049	324	-39,7%	0,17%	0,18%
23	22	Jaguar	2.484	201	-32,9%	0,14%	0,11%
24	23	Infiniti	2.000	138	-6,1%	0,11%	0,08%
25	24	Cadillac	1.714	172	-18,4%	0,10%	0,10%
26	25	Maserati	1.260	147	-24,1%	0,07%	0,08%
27	26	Citroen	962	126	-8,6%	0,05%	0,07%
28	29	Lamborghini	173	18	1472,7%	0,01%	0,01%
29	28	Rolls-Royce	161	11	30,9%	0,01%	0,01%
30	27	Bentley	129	11	-40,0%	0,01%	0,01%

Rank 2019	Rank 2018	Group	Sales 2019	Sales December	+/- 2019	Share 2019	Share December
1	1	Hyundai-Kia	1.248.269	115175	-0,4%	70,61%	64,60%
2	2	Mahindra Group	107.949	8432	-1,1%	6,11%	4,73%
3	3	Renault Nissan Alliance	91.804	10338	-5,9%	5,19%	5,80%
4	4	General Motors	78.234	5790	-18,0%	4,43%	3,25%
5	5	Mercedes Daimler	78.036	8324	10,2%	4,41%	4,67%
6	6	BMW	54.574	6415	-9,3%	3,09%	3,60%
7	7	Volkswagen Group	24.946	5525	-22,9%	1,41%	3,10%
8	8	Toyota Group	22.852	2163	-24,1%	1,29%	1,21%
9	11	F.C.A.	22.217	11490	140,2%	1,26%	6,44%
10	12	Geely Group	10.570	765	24,0%	0,60%	0,43%