In 2022, there were around 0.5 passenger cars per inhabitant in South Korea. This meant that there was a registered car for every two people in the country. The number of cars registered per person first hit the 0.5 mark in 2019, and has stayed at that level for the past few years.
”Homebrand Hyundai Motor Group“
As of 2018, the top 10 of the best-selling car models in South Korea were from the Hyundai Motor Group (including Kia), the home brand. Hyundai Motor Group’s market share accounted for more than 80 percent of the entire Korean automobile manufacturing market. After Kia was merged into Hyundai during the Asian financial crisis, both companies have grown, and sales revenue has been steadily increasing. Since 2000, it succeeded as a strong player in the domestic market with its leading passenger car models such as Avante, Sonata, and Grandeur. Hyundai Motor has three domestic factories including its main factory in Ulsan and seven overseas factories.
“New mobility services“
In South Korea, it is common to use public transportation such as buses or subways due to traffic congestion or lack of parking spaces. In addition, the population using electric scooters, electric bikes, and segways has increased recently. The personal mobility devices (PMD) market was expected to grow significantly by 2022. Tada, a ride-hailing service company that was launched in 2018, secured 1.25 million users in a year after the service began despite continued opposition from the traditional taxi industry and barriers due to government regulations. In addition to this, the use of ride-hailing services such as Kakao taxi and T-map taxis has greatly increased. According to one survey, taxi app usage was nearly 90 percent and the satisfaction level among Korean commuters was high.
