The South Korean economy was projected to grow by 2.2% in 2024, largely driven by semiconductor exports. Inflation eased to 1.3% in October 2024, approaching the Bank of Korea’s 2% target, reflecting a stable progression in maintaining price stability amid global turmoil.
Contrasting the overall economic trend, the South Korean automotive market lost momentum in 2024. Specifically, the country sold a total of 1.62 million new vehicles last year, a 5.7% decrease compared to 2023. This trend was foreshadowed by declining car sales in the first seven months of 2024.
The best-selling model in the South Korean market last year was a familiar name to Vietnamese, the Kia Sorento. Accordingly, in 2024, South Koreans purchased a total of 94,538 of these mid-sized SUVs, a growth of 10.2%, capturing a 5.8% market share. Compared to 2023, the Kia Sorento climbed two ranks to lead the overall market. It was also the best-selling SUV in South Korea last year.
In second place was its sibling, the Kia Carnival. Domestic sales of this large MPV reached 82,748 units, an increase of 18.5%.
Following closely was the Hyundai Santa Fe, with 77,161 units sold, an impressive growth of 50.3%. Although outpaced by its segment competitor, the Kia Sorento, the Santa Fe still climbed five ranks in the top 10 compared to 2023.
Ranking fourth was the Kia Sportage with sales of 74,255 units, a 6.5% increase. This C-segment SUV also climbed one position. Additionally, the Kia Sportage surpassed its corporate sibling, the Hyundai Tucson, which ranked tenth with 55,257 units sold. Compared to 2023, Tucson’s sales and ranking increased by 26.3% and two positions, respectively.
In fifth place among South Korea’s top-selling vehicles in 2024 was the Hyundai Grandeur. In contrast to the aforementioned models, the Grandeur experienced a sales decline of 38.6% to 71,656 units. Its ranking in the top 10 also dropped by four positions. In 2023, the Hyundai Grandeur was the best-selling vehicle in the South Korean market.
Next was the Hyundai Porter truck with 68,637 units sold, a decrease of 29.7%. Similar to the Hyundai Grandeur, the Porter also slipped four places in the top 10 compared to the previous year.
The seventh position in the top 10 went to the Kia Seltos, with sales growing by 21.8% to 61,897 units. Meanwhile, the Hyundai Sonata witnessed a remarkable growth of 44.7%, achieving sales of 57,355 units. The ranking of this D-segment sedan improved by nine places.
Lastly, the Hyundai Avante concluded the list, with both sales and ranking declining. Its sales dropped by 13% to 56,890 units, and its ranking fell from sixth to ninth in the top 10.
| Rank | Model | Sales (Units) | Growth Rate |
| 1 | Kia Sorento | 94,538 | +10.2% |
| 2 | Kia Carnival | 82,748 | +18.5% |
| 3 | Hyundai Santa Fe | 77,161 | +50.3% |
| 4 | Kia Sportage | 74,255 | +6.5% |
| 5 | Hyundai Grandeur | 71,656 | -38.6% |
| 6 | Hyundai Porter | 68,637 | -29.7% |
| 7 | Kia Seltos | 61,897 | +21.8% |
| 8 | Hyundai Sonata | 57,355 | +44.7% |
| 9 | Hyundai Avante | 56,890 | -13% |
| 10 | Hyundai Tucson | 55,257 | +26.3% |
Top 10 Best-Selling Car Models in South Korea in 2024.
Top 10 Best-Selling Automotive Brands in South Korea in 2024
In terms of brands, Hyundai maintained its leading position in the South Korean market, with cumulative sales of 574,336 units, a decrease of 9.7%. Closely following Hyundai was its corporate sibling, Kia, with sales down 3% to 548,312 units. The combined market share of these two brands in South Korea currently stands at 69.2%.
The third position continued to be held by another member of the Hyundai Group, Genesis. Despite being a luxury brand, Genesis performed well with sales of 133,581 units, a growth of 5.5%. Remarkably, Genesis outsold its foreign competitors, BMW and Mercedes-Benz, despite being a much younger brand.
Right behind Genesis was BMW, with sales declining by 4.7% to 73,574 units. Mercedes-Benz trailed BMW, with sales of 66,400 units, a decrease of 13.4%.
The sixth position in the top 10 went to the domestic brand SsangYong. In 2024, this local brand sold 47,046 units, a drop of 25.7%. Meanwhile, Renault ranked seventh with sales growth of up to 80% to 39,816 units. Renault’s ranking also improved by one place compared to 2023.
The fastest-growing brand in the South Korean market in 2024 was Tesla. This American brand sold 29,750 vehicles to South Koreans, recording a growth rate of 548.9%. Tesla’s ranking also climbed eight places compared to 2023.
On the other hand, GM slipped two spots to ninth place, as its sales reached only 24,824 units in 2024. Compared to 2023, GM’s sales declined by 35.9%. The final position in the top 10 was held by Volvo, with sales of 15,051 units, a decrease of 11.6%.
| Rank | Brand | Sales (Units) | Growth Rate |
| 1 | Hyundai | 574,336 | -9.7% |
| 2 | Kia | 548,312 | -3% |
| 3 | Genesis | 133,581 | +5.5% |
| 4 | BMW | 73,574 | -4.7% |
| 5 | Mercedes-Benz | 66,400 | -13.4% |
| 6 | SsangYong | 47,046 | -25.7% |
| 7 | Renault | 39,816 | +80% |
| 8 | Tesla | 29,750 | +548.9% |
| 9 | GM | 24,824 | -35.9% |
| 10 | Volvo | 15,051 | -11.6% |
Top 10 Best-Selling Automotive Brands in South Korea in 2024.
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