In the 1970s, owning a car was a status symbol in South Korea, and four-door sedans were popular. And Hyundai’s Pony was the country’s first mass-produced sedan and a dream car for many.
More than 50 years later, Koreans are obsessed with sport utility vehicles, and it’s safe to say that six out of every 10 cars on the road are SUVs. The sedan is in a cold place now.
According to Seoul-based automotive data provider CarIsYou, SUVs accounted for 61.4% of all vehicle registrations in South Korea in the first 11 months of this year.
With less than a month left until the end of the year, analysts said it is certain that the share of SUVs will exceed the 60% threshold for the first time in a year.
Just 10 years ago, SUVs accounted for about one-third of South Korea’s car market, and in 2014, new SUV sales totaled 460,470 units. Since then, the share of SUVs has steadily increased, breaking through the 40% resistance line and surpassing 50% in 2017. Just a few years later.
In 2019, SUV sales exceeded sedan sales for the first time in South Korea. The gap widened in 2020, with 121,000 more SUVs than sedans, 242,000 in 2021, and 343,000 last year.
Fascinated by fuel efficiency, comfort, and interior space
SUVs have become a leading presence in the Korean car sales market, attracting attention to their high fuel efficiency, comfortable ride quality, and versatile use of interior space thanks to technological advances.
According to the Korea Institute of Automotive Technology, the appeal of sport utility vehicles in South Korea is stronger than the global trend. SUVs will account for 40.8% of global car sales in 2022.
New registrations of SUVs, including RVs with more seating, reached 856,362 in the January-November period, the highest since 2014 and higher than the 837,948 for all of last year, according to data from CarIsYou. .
The average monthly SUV registrations for the first 11 months of this year was 77,851, and considering that SUV sales were normally stronger in the fourth quarter compared to the previous three quarters, new SUV registrations this year would be 90. Industry sources said they are sure to surpass the 10,000-unit milestone. .
According to CarIsYou, seven of the 10 best-selling cars sold from January to November were SUVs.
Hyundai Motor’s luxury sedan “Grandeur” was the bestseller, followed by affiliated company Kia Motors’ “Sorento SUV,” Kia Motors’ “Carnival MPV,” and Kia Motors’ compact SUV “Sportage.”
increase risk
South Korea’s three major automakers, Hyundai, Kia Motors and KG Mobility, are launching sleek and stylish new models this summer, raising the bar in their fight to capture a bigger share of the fast-growing midsize SUV market. It was announced that
In September, KG Mobility, which specializes in SUVs, launched the Torres EVX, its first EV model since changing its name from Ssangyong Motor in March.
A month ago, South Korea’s top automaker Hyundai Motor began selling its latest all-new Santa Fe, a significantly improved flagship model that offers stiff competition to the Kia Sorento.
The showdown comes as foreign automakers such as Toyota, Tesla, and Mercedes-Benz also launch flagship models to challenge their Korean peers in the SUV field.
Midsize SUVs are becoming increasingly popular as family cars among South Korean drivers thanks to their affordable prices, and their sales growth is likely to continue next year, industry officials say.
Write destination Bae Sung-soo baebae@hankyung.com
In-Soo Nam edited this article.