2024 Vehicle Sales of South Korea

South Korea’s vehicle sales decreased by 6.4% year-on-year to 1,631,290 units in 2024. The figure is based on the combined results of the members of South Korea’s automotive industry association KAMA and imported vehicle association KAIDA. The decline is due to weakening demand after the reduction of individual consumption tax on automobiles ending in 2023, as well as cooling consumer sentiment triggered by persistently high interest rates and uncertainty about the future.