The Korean market fell by 4.3% in 2021 compared to 2019
- The Korean vehicle market (PC+UV) fell by 8.8% in 2021 compared to 2020 and by 4.3% compared to 2019. South Korea registered 1,707,959 vehicles in 2021, compared to 1,873 764 in 2020 and 1,784,000 in 2019. Given the evolution of this market since 2015, this market seems saturated. South Korea had been a rare country (along with Turkey) to see its market progress in 2020, and the year 2021 marks a kind of upside-down catch-up, because the surplus of vehicles purchased in 2020 was not bought in 2021.
- As a result, the level reached in 2021 returns to the level of the years 2014-2015. The sales record remains that of 2020.
- In this context, the Hyundai-Kia group remains largely the leader in the Korean market, with a market share of 72% in 2021 (a share higher than that of the Toyota group in Japan, which is already extremely large). Far behind, the German Premium manufacturers BMW (6%) and Mercedes (5%) take second and third place in the Korean market, ahead of Renault-Samsung, which alone represents the Renault-Nissan group (4%). This group lost two places, which may explain the new strategy that the manufacturer's management has just put in place, namely to now produce Chinese models of the Geely brand from 2024.
- Ssangyong is no longer among the six largest manufacturers, its market share having been halved in 2021. This struggling manufacturer has just been acquired from Mahindra by Edison Motors (manufacturer of electric buses) to attempt a final rescue. Top-selling models in Korea in 2021 are Hyundai Grandeur (89,084 units), Kia Carnival (73,503 units), Hyundai Avante (71,036 units), Kia Sorento (69,934 units) and Hyundai Sonata (63,109 units).
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