Imported Eco-Friendly Passenger Car Market in Korea Expands 15.9 Times Over 10 Years

8.6 Out of 10 Imported Passenger Vehicles Sold Last Year Were "Eco-Friendly"

Sales of eco-friendly passenger vehicles in the domestic automobile market have surpassed 780,000 units. This accounts for 51.9% of the total passenger car market.

The Korea Import Automobile Association (KAIDA) announced that after analyzing the domestic passenger car market, the scale of the eco-friendly passenger vehicle market has increased 11.4 times over the past 10 years. Eco-friendly passenger car sales, which stood at 68,774 units in 2016, reached 785,890 units last year, showing significant growth. Eco-friendly vehicles include electric vehicles, hybrids (full, mild, and plug-in), and hydrogen vehicles.

Electric Vehicle Sales Share by Year. Korea Import Automobile Association

Sales of imported eco-friendly passenger vehicles have continued to rise, increasing by 15.9 times over the past 10 years, while domestic eco-friendly passenger vehicles also grew 10.0 times during the same period. Notably, among the 307,377 imported passenger vehicles sold last year, the proportion of eco-friendly vehicles was 86.4% (265,471 units), significantly higher than the proportion for domestic passenger vehicles, which stood at 43.1%.

With an increase in the number of models, eco-friendly vehicle lineups have expanded to cover all categories. As of last year, out of the 365 eco-friendly passenger car models sold, 323 were imported models, broadening consumer choice and leading the expansion of the eco-friendly passenger car market. Among all models sold, imported passenger vehicles accounted for 62.1% eco-friendly models, while domestic passenger vehicles accounted for 36.8%.

By vehicle type, based on all eco-friendly passenger vehicles sold domestically last year, SUVs made up the largest share with 200 models, followed by 141 sedan models, 15 convertible models, and 4 van models. This tally only includes models sold domestically and excludes those produced exclusively for export.

Trends in the transition to eco-friendly vehicles in the domestic passenger car market.

If limited to plug-in hybrids (PHEV), electric vehicles (EV), and hydrogen fuel cell vehicles (FCEV), a total of 219,228 such vehicles were sold in the domestic passenger car market last year. Of these, imported vehicles accounted for 104,896 units and domestic vehicles for 114,332 units.

The annual sales volume of electric vehicles (EV) increased from 5,753 units in 2016 to 199,907 units last year. Among imported passenger vehicles sold last year, 91,253 were electric vehicles, while 108,654 domestic passenger vehicles were electric. According to statistics from the Ministry of Land, Infrastructure and Transport, as of the end of December last year, the total number of registered electric vehicles stood at 755,581, accounting for 3.4% of all passenger vehicles (22,038,603 units).

Yoon Young Jung, Vice President of the Korea Import Automobile Association, stated, "Over the past 10 years, imported vehicles have expanded consumer choice and increased satisfaction in the domestic eco-friendly vehicle market, leading the way in diversifying the sector." He added, "We will continue to strive to contribute to innovation and change, fulfilling our generational responsibility for sustainability."

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