The Korea Automobile Importers & Distributors Association reported that the number of new registrations for imported passenger vehicles in May reached 21,339, reflecting a 2.1% increase over April’s 20,910 registrations. Year-to-date, the cumulative sales stand at 103,933, which is a 4% decrease compared to the 108,314 units sold during the same period last year.
In May, the brand registration numbers indicated that Mercedes-Benz led the way with 6,292 units, up marginally by 1.9% from the previous month’s 6,176. The cumulative sales for the year reached 27,420 units, down 17.8% from last year’s 33,352. BMW followed with 6,036 registrations, a 3.4% increase from 5,834 in the previous month, totaling 30,036 units sold cumulatively, which represents a 3.5% decline from last year’s 31,103.
Volvo recorded 1,502 units, showing a 6.1% decrease from the previous month’s 1,599, yet the cumulative figure stands at 7,091, up 24.3% year-on-year from 5,707. Porsche also saw registrations of 1,005, down 12.3% from 1,146 last year but accrued 5,117 units in cumulative sales, a whopping increase of 27% from the previous year. While Mercedes and BMW have slowed down, Volvo and Porsche continue their growth compared to last year, showcasing a subtle difference among the top brands.
When examining the engine displacement of imported cars, those under 2,000cc accounted for 11,131 units (52.2%), highlighting that more than half of new customers preferred compact cars. In terms of country of origin, European models dominated the market with 18,434 units (86.4%), indicating strong affinity towards European imports.
Regarding fuel type, gasoline cars led with 9,444 units (44.3%) and hybrids accounted for 6,559 units (30.7%), suggesting that the majority of customers are choosing gasoline or hybrid vehicles.
The best-selling models in May were the BMW 5 Series (1,785 units), followed by the Mercedes E-Class (1,466 units) and the Mercedes S-Class (854 units).
In conclusion, the import car market in South Korea remains competitive, with notable shifts in consumer preferences and strong performances from European brands, setting the stage for an exciting year ahead.
Written by 이상진 daedusj@autodiary.kr