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South Korea Used Car Market Size, Share, Growth and Report 2025-2033
South Korea Used Car Market Overview
Market Statistics
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Growth Rate: 4.85% (2025-2033)
South Korea’s used car sector is thriving, driven by robust demand and innovative digital platforms. Strong economic trends and consumer confidence fuel promising market growth. According to the latest report by IMARC Group, south korea used car market size is projected to exhibit a growth rate (CAGR) of 4.85% during 2025-2033.
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South Korea Used Car Industry Trends and Drivers:
The used vehicle market in South Korea is thriving due to growing demand for budget-friendly and environmentally-right modes of transportation. Specifically, new vehicle prices are going up because consumer disposable income is limitless, with GDP per capita at USD34,997.8 in 2022, leading consumers to reduce their costs with used vehicles. Furthermore, with online opportunities being more prevalent and a 93% Internet penetration rate at the end of 2022, it is becoming easier to access and use digital channels to gain access to online marketplaces, including Hyundai's used vehicle platform initiated in June of, 2023 In addition, the growing trend for used EVs, demonstrated by a 47% rise in sales in Q1 of 2025, may suggest not only a consumer preference to sustainability but suggest that used EVs probably have a lower cost of ownership as well.
The organized or certified vehicles occupied 90% penetration, with 95% consumer trust in certified pre-owned vehicles. Certainly most of those sales run an SUV or luxury sedan with SUVs and luxury sedans accounting for over 70% of total sales clearly position Hyundai and Kia, among a few others, accounted for most of the sales in large cities such as Seoul. Further, new limitations established by governments will prohibit the sales of internal combustion engines after 2035, fuelling the used owned EV market and expanding access to pre-owned EVs to more consumers. Though the methodology of observing market trends enables the auto industry to anticipate changes faced by the influence of emerging technologies such as artificial intelligence, and engage with perspectives based on the possibilities for growth while providing transparency for consumers which is very important. To sum up, many factors suggest continued automotive growth; furthermore, from the study's findings, the phenomenon associated with digitalization, trends in sustainability, and demand from consumers all indicate positive feelings and anticipation towards the automotive landscape in South Korea.
South Korea Used Car Industry Segmentation:
The market report offers a comprehensive analysis of the segments, highlighting those with the largest south korea used car market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.
The report has segmented the market into the following categories:
Vehicle Type Insights:
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- Hatchback
- Sedan
- Sports Utility Vehicle
- Others
Vendor Type Insights:
- Organized
- Unorganized
Fuel Type Insights:
- Gasoline
- Diesel
- Others
Sales Channel Insights:
- Online
- Offline
Country Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant. Additionally, the report features detailed profiles of all major companies in the south korea used car industry.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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by vishalguptaimarc on 2025-06-24 08:49:36
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