SEOUL, March 13 (AJP) - The demand for small and medium-sized vehicles in South Korea is expected to climb as women and elderly drivers account for a growing share of the nation’s auto market, according to a report released Thursday by the Korea Automotive Research Institute.
The report, titled “Population and Social Structure Changes and the Domestic Automobile Market,” highlights a significant shift in vehicle ownership patterns over the past decade.
Between 2015 and 2024, the per capita vehicle registration growth rate for women stood at 2.8 percent, surpassing the 1.0 percent growth rate for men. Women exhibited higher per capita registration growth across all age groups except for those in their 80s. As a result, the ratio of female to male per capita vehicle registrations has steadily risen, from 32.4 percent in 2015 to 34.2 percent in 2020 and 37.3 percent in 2024.
Older drivers have also emerged as a major force in the market.
Vehicle registrations among individuals in their 60s and 70s grew by 6.7 percent over the past decade, while registrations for those in their 80s increased by 5.5 percent. These figures far exceed the national average vehicle registration growth rate of 2.3 percent. By contrast, registrations for drivers in their 30s declined by 0.4 percent, while those in their 40s saw only marginal growth of 0.1 percent.
“Rather than changes in purchasing tendencies, the impact of population growth appears to be more significant for the elderly,” said Lim Hyun-jin, a senior researcher at the institute.
As of the end of 2023, South Korea’s total registered vehicle count stood at 26.3 million, marking a 1.3 percent increase from the previous year. However, long-term trends indicate a steady decline in the growth rate, which stood at 27.6 percent in 1990, 8.0 percent in 2000, 3.6 percent in 2010, and 2.9 percent in 2020.
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