New Cars in South Korea industry profile provides top-line qualitative and quantitative summary information including: market share, market size (value and volume 2012-16, and forecast to 2021). The profile also contains descriptions of the leading players including key financial metrics and analysis of competitive pressures within the market.
Essential resource for top-line data and analysis covering the South Korea new cars market. Includes market size data, textual and graphical analysis of market growth trends, leading companies and macroeconomic information.
The new cars market consists of the initial retail sale/registration of new passenger cars. Passenger cars include saloons, hatchbacks, SUVs, 4x4s and other related vehicles. The market value is calculated at retail selling price (RSP) and the market volume is given in terms of units sold. Market shares consist of motor manufacturing groups as opposed to their individual brands, i.e. for the Volkswagen Group this includes all of its brands such as Volkswagen, Audi, Skoda, Seat etc. Any currency conversions used in this report have been calculated at constant 2016 annual average exchange rates.
The South Korean new cars market had total revenues of $55.4bn in 2016, representing a compound annual rate of change (CARC) of 7.6% between 2012 and 2016.
Market consumption volume increased with a CAGR of 5.1% between 2012 and 2016, to reach a total of 1,533.8 thousand units in 2016.
Sales in the South Korean market reached a peak in 2015, driven by a temporary cut in excise taxes and high consumer confidence. In 2016, the demand was stagnant as consumer confidence suffered due to political uncertainty and growth deceleration of the economy. Additionally, a stricter law framework on taxation of business cars also hit demand as the loophole that allowed private owners to register their cars as business cars to pay concessionary tax rates was closed.
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What was the size of the South Korea new cars market by value in 2016?
What will be the size of the South Korea new cars market in 2021?
What factors are affecting the strength of competition in the South Korea new cars market?
How has the market performed over the last five years?
Who are the top competitiors in South Korea's new cars market?