Korean Automobile Ownership: Volume Reaches 19.95 Million units
- Korea's automobile ownership volume increased 551,000 units to 19.95 million units between December 2013 and September 2014 while automobile ownership volume rose to 395.7 units per 1,000 persons.
- Looking at data by automobile type, passenger vehicles went up 511,000 units to 15.58 million units, accounting for 78.1 percent of all automobiles. Sedan and other standard types increased 327,000 units to 11.69 million units, posting the highest growth followed by multi-purpose vehicles with a 203,000-unit increase to 3.02 million units. Utility vehicles went up 53,000 units to 3.33 million units. In contrast, buses fell 16,000 units to 955,000 units. Impacted by the ending of preferential tax treatment of buses with occupant capacity of less than 10 persons in 2006, new registration of 7-9-seater buses has been declining. The scrapping of old vehicles is also adding to dwindling ownership volume. As of September 2014, there were 206,000 units of 7-9-seater buses, down 33,000 units from the end of 2013.
- Looking at data by region, ownership volume of the capital area, which is comprised of Seoul, Incheon and Gyeonggi, is 8.88 million units, accounting for 44.5 percent of Korea's total ownership volume. Jeju's ownership volume went up 12.2 percent or 41,000 units to 375,000 units driven rising tourism from China.
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