The imported car market has broken its two-year streak of negative growth and is showing strong growth this year. As various brands launch a large number of new models, sales of eco-friendly and ultra-high-end vehicles have increased, and purchases by people in their 40s and by corporations have also risen.
According to the Korea Automobile Importers & Distributors Association (KAIDA) on July 20, a total of 138,120 imported passenger cars were sold in Korea from January to June this year, up 9.9% from the same period last year. On an annual basis, sales had declined for two consecutive years?270,134 units in 2023 (down 4.4%) and 263,288 units last year (down 2.9%)?but the first half of this year has laid the groundwork for a rebound. If this upward trend continues in the second half, annual sales are expected to reach 276,240 units, marking the second-highest performance ever.
The main factor behind these strong results is considered to be the "new model effect." In the first half of this year, there were 511 imported car trims registered with KAIDA, a 9.9% increase from 460 in the first half of last year. Analysts attribute the performance to aggressive marketing efforts and stable supply resulting from new model launches. In fact, the top three best-selling models in the first half of this year?Tesla Model Y (15,432 units), Mercedes-Benz E-Class (13,428 units), and BMW 5 Series (11,958 units)?were all newly introduced models.
By powertrain, the growth of eco-friendly vehicles stands out. Hybrid cars increased by 33.2% to 83,841 units, while electric vehicles rose by 20.2% to 32,420 units. Eight out of every ten imported cars (84.2%) were eco-friendly, with hybrids accounting for six (60.7%) and electric vehicles for two (23.5%) out of every ten. In contrast, sales of gasoline cars dropped by 37.1% to 20,122 units, and diesel cars fell by 53.7% to just 1,737 units.
In terms of price range, ultra-high-end vehicles showed remarkable growth. Among vehicles sold in the first half of this year, models priced at 150 million won or more totaled 17,493 units, a 55.9% increase from 11,218 units last year. Compared to the first half of 2020 (5,177 units), this is more than a threefold increase over five years. The brands with the highest sales in this price range were BMW (6,244 units), Mercedes-Benz (5,587 units), and Porsche (3,211 units). Vehicles priced at 150 million won or more accounted for 12.7% of first-half sales, surpassing the "100 million to 150 million won" range (11.6%, 16,063 units) to rank third. The top spot went to the "70 million to 100 million won" range (34.2%, 47,172 units), followed by "50 million to 70 million won" (33.3%, 40,659 units).
From the buyer's perspective, people in their 40s emerged as the biggest spenders. Among individual purchases (88,090 units), those in their 40s bought 31,135 units, up 9.6% from last year and accounting for the largest share (35.3%). This was followed by people in their 30s (22,505 units, 25.5%), 50s (19,811 units, 22.5%), 60s (8,732 units, 9.9%), and 20s (3,537 units, 4.0%).
Corporate car sales also rebounded. In the first half of this year, corporate purchases surged by 18.6% year-on-year to 50,030 units, marking the first increase in four years for the first half. After peaking at 54,243 units in 2021, sales had declined to 53,085 units in 2022, 50,229 units in 2023, and 42,200 units in 2024. In particular, last year saw a sharp decline as green license plates became mandatory for corporate vehicles priced over 80 million won.
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