Imports of luxury vehicles increase 74 percent year-on-year

30. September 2021

As the market share of imported cars continues to expand, demand for luxury vehicles with a price tag equivalent to more than $85,000 increased last year. Of imported cars in this price range, 39,965 were sold in the first seven months of the current year. This represents 23.2 percent of the total 172,146 vehicles imported into South Korea during the period. The data was provided by the Korean Association of Auto Importers and Distributors. The Korean automotive market is strong; growth is recovering in manufacture and production since the beginning of the COVID-19 crisis. International supply lines are active and import of components, which often need KC certification, is closing in on levels comparable to 2019.

 

 

The business of imported luxury vehicles priced at $85,000 or higher grew 74 percent year-on-year. Their share within total imported vehicles rose 8 percent to 15.5 percent. Sales of expensive imported vehicles from three German automakers, Mercedes-Benz, BMW and Audi, doubled from last year. Mercedes-Benz continues to rank first with 17,524 vehicles, followed by BMW with 5,286 vehicles and Audi with 2,437 vehicles.

SUVs and cars with environmentally friendly engines are enjoying increasing popularity in the category of expensive imported vehicles. Sales of SUVs more than doubled to 21,398 units. Imported vehicles with environmentally friendly engines (hybrid, plug-in and electric) were in very high demand. Sales of these increased fourfold year-on-year to 20,470 units. Sales of these vehicles now outstrip imported luxury cars with conventional gasoline or diesel engines. Their share of imports to Korea now accounts for 51.2 percent, up from just 22.2 percent in 2020.

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