As of the end of 2024, South Korea reached a significant milestone with 26.3 million registered vehicles, marking a 1.3% increase compared to the previous year. Despite a slowdown in the demand for electric vehicles, the market for hybrid cars grew, pushing eco-friendly vehicles to represent over 10% of the total vehicle count for the first time. Eco-friendly vehicles, which include electric, hydrogen, and hybrid vehicles, accounted for more than 40% of new vehicle registrations in 2024.
According to the Ministry of Land, Infrastructure, and Transport, the number of registered vehicles in South Korea stood at 26,298,000 by the end of 2024, reflecting a rise of 349,000 vehicles from the previous year.
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With a population of approximately 51.2 million, the ratio of vehicles to people stands at roughly 1.95. Gasoline vehicles dominate the fleet, with 12.4 million registered, followed by 9.1 million diesel vehicles and 1.85 million LPG vehicles. Eco-friendly vehicles totaled 2.75 million, accounting for 10.4% of the total number of vehicles.
Hybrid vehicles, at 2.02 million, made up the largest portion of eco-friendly cars. By vehicle size, mid-sized vehicles were the most common, totaling 13.7 million, while large vehicles numbered 7.2 million, and small vehicles 3.2 million. Domestic cars comprised the majority of registered vehicles, with 22.8 million, while imported cars totaled 3.54 million. Notably, registered vehicles increased across most regions, except for Seoul, which saw a decrease of 14,000 vehicles.
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In 2024, the total number of new vehicle registrations decreased by 6.5% to 1.65 million. However, the registration of eco-friendly cars saw a rise, with 663,000 new registrations accounting for 40.3% of all new vehicles. While electric vehicle registrations decreased compared to the previous year, hybrid vehicle registrations increased significantly.
Bae So-myung, director of the Automobile Operation Insurance Division at the Ministry of Land, Infrastructure and Transport, stated that the demand for hybrid vehicles had grown across all vehicle categories, emphasizing the noticeable rise in eco-friendly vehicles.
Source: Businesskorea