Car Registrations Surpass 25 Million... 1 in 2 Citizens Own a Vehicle

Cumulative 25.07 Million Units in Q1 This Year... 0.6% Increase
Eco-Friendly Vehicle Registration Share 5%... Electric Vehicles 1%
New Registrations Decline Due to Semiconductor Supply Shortage

[Image source=Yonhap News]

[Asia Economy Reporter Kangwook Cho] The number of registered vehicles in South Korea has surpassed 25 million. This means that one out of every two people owns a car. However, due to the semiconductor supply shortage, the number of new registrations has decreased.

The Ministry of Land, Infrastructure and Transport announced on the 13th that the cumulative number of registered vehicles in the first quarter of this year reached 25.07 million, an increase of 0.6% (159,000 vehicles) compared to the previous quarter. This equates to one car for every 2.06 people.

The cumulative market share of domestic cars was 88.0% (22.069 million vehicles), while imported cars accounted for 12.0% (3.001 million vehicles). The market share of imported cars has steadily increased each year from 9.4% in 2018 to 10.2% in 2019, 11.0% in 2020, and 11.8% in 2021.

By fuel type, eco-friendly vehicles (electric, hydrogen, hybrid cars) increased by 7.7% (89,000 vehicles) compared to the previous quarter, reaching a cumulative registration of 1.248 million. The share of eco-friendly vehicles is 5.0%, with regional shares highest in Jeju (8.4%), Sejong (7.1%), Incheon (6.6%), and Seoul (6.1%).

Electric vehicles increased by 74.9% (110,000 vehicles) year-on-year and 11.6% (26,000 vehicles) quarter-on-quarter, with a cumulative total of 258,253 registered. The cumulative number of hydrogen vehicles registered was 20,683, up 66.3% (8,244 vehicles) year-on-year and 6.6% (1,279 vehicles) quarter-on-quarter. Hybrid vehicles increased by 6.7% (61,000 vehicles) quarter-on-quarter, totaling 969,000.

Gasoline vehicles increased by 0.7% (81,000 vehicles) quarter-on-quarter, while diesel and LPG vehicles decreased by 0.1% (12,000 vehicles).

The number of newly registered vehicles in the first quarter of this year was 393,000, down 12.6% year-on-year and 3.3% quarter-on-quarter. This decline is attributed to disruptions in vehicle production caused by semiconductor supply shortages.

By region, Ulsan saw a 22.4% decrease, Gyeongnam 19.2%, and Seoul 18.3% compared to the same period last year, showing significant drops in new registrations. By vehicle type, passenger cars decreased by 5.8%, vans by 28.3%, and special vehicles by 9.8% quarter-on-quarter, while trucks increased by 14.8%.

Newly registered electric vehicles numbered 28,000, a 11.2% (3,000 vehicles) decrease quarter-on-quarter. Among electric vehicle types, passenger cars accounted for 78.7% (203,311 vehicles), trucks 19.8% (51,153 vehicles), vans 1.4% (3,651 vehicles), and special vehicles 0.1% (138 vehicles).

The market share of domestic electric vehicles among new registrations rose slightly from 74.1% last year to 79.0% in the first quarter of this year. Of the electric vehicles, 44.8% (115,000 vehicles) were registered in Gyeonggi, Seoul, and Jeju, with the highest growth rates in the first quarter seen in Busan (23.9%), Ulsan (19.7%), and Chungbuk (18.2%).

The cumulative market share of electric vehicles by manufacturer was Hyundai Motor Company 44.2%, Kia 24.3%, and Tesla 13.8%. The top electric vehicle models by cumulative registrations as of March this year were Kona Electric (12.6%), Ioniq 5 (11.3%), Porter II (11.0%), Tesla Model 3 (9.3%), and Niro EV (7.7%).

Park Ji-hong, Director of the Automobile Policy Division at the Ministry of Land, Infrastructure and Transport, said, "The supply of eco-friendly vehicles is showing a high growth trend," adding, "We will establish automobile policies that align with market trends and changes in the era, and provide customized statistics by segmenting automobile registration status."

This content was produced with the assistance of AI translation services.