South Korea’s 2024 Automobile Sales by Segment

The South Korean automobile market (total sales volume of KAMA [Korea Automobile Manufacturers Association] and KAIDA [Korea Automobile Importers & Distributors Association] members) dropped 7.3% from the previous year to 1,601,540 units in 2024. Uncertainty about the future due to domestic political turmoil and economic concerns such as high interest rates and soaring prices are restraining consumers from purchasing automobiles, resulting in an overall market decline.