South Korea’s automotive industry produced 4,128,242 motor vehicles in 2024, while automobile exports were worth $70.8 billion. The available measures span national production, trade, domestic sales, company-reported deliveries, electrification, employment, wages and regional production value, with different populations and definitions.
Key Korean Automotive Industry Statistics
The following figures summarize the most useful measures across the Korean automotive industry:
- South Korea produced 4,128,242 motor vehicles in 2024, covering all vehicle types in the OICA country series.
- South Korea’s 2024 vehicle production was 3% below its 2023 output of 4,243,597 vehicles.
- South Korea’s 2024 production was 9% above its 2022 level of 3,757,049 vehicles.
- Global motor-vehicle production totaled 92,723,280 units in 2024.
- Korean automobile exports were worth $70.8 billion in 2024.
- Automobile export value decreased 0.1% in 2024 compared with 2023.
- Korea’s total exports reached $683.8 billion in 2024, including goods beyond automobiles.
- September 2024 domestic vehicle production was 307,026 units, up 1.7% year over year.
- September 2024 domestic vehicle sales were 130,685 units, down 2.3% year over year.
- September 2024 eco-friendly vehicle sales reached 58,983 units, up 37.9% year over year.
- Hyundai sold 4,141,791 vehicles worldwide in 2024, down 1.8% from 2023.
- Kia sold 3,089,457 vehicles globally in 2024, up 0.1% year over year.
- Hyundai sold 757,191 eco-friendly vehicles globally in 2024, up 8.9% year over year.
- Hyundai’s 2024 global eco-friendly sales included 496,780 hybrids and 218,500 electric vehicles.
- The Korean automotive industry’s direct and indirect employment was estimated at about 1.5 million people on a 2022 input-output basis.
- The 2023 average automotive-industry wage in Korea was 60.91 million won per year.
- Automotive production represented 14.5% of total Korean manufacturing production in 2023.
- Korean automotive-sector tax revenue was 42 trillion won in 2022.
Contents
- Key Korean Automotive Industry Statistics
- Korean Automotive Industry Production and Global Position
- Korean Automotive Exports, Trade Value and Export Mix
- Domestic Vehicle Sales and Korean Market Trends
- Hyundai and Kia Sales Statistics
- Electrification and Hybrid Vehicle Statistics
- Economic Footprint, Employment and Regional Production
Korean Automotive Industry Production and Global Position
OICA’s all-vehicle country series recorded 4,128,242 vehicles produced in South Korea in 2024. The series is compiled from correspondent sources, and the OICA table notes estimates, unavailable values and some unreported manufacturers.
| Measure | Period | Output |
|---|---|---|
| South Korea production | 2021 | 3,462,404 vehicles |
| South Korea production | 2022 | 3,757,049 vehicles |
| South Korea production | 2023 | 4,243,597 vehicles |
| South Korea production | 2024 | 4,128,242 vehicles |
| Global production | 2024 | 92,723,280 vehicles |
Source: World Motor Vehicle Production by Country/Region and Type, OICA.
South Korea’s 2024 output was 3% lower than 2023, but the OICA-reported variation places it 9% above 2022 and 19% above 2021. Asia-Oceania produced 55,002,706 vehicles in 2024; that regional total includes South Korea and other countries.
Global motor-vehicle production fell 0.9%, from 93,540,766 units in 2023 to 92,723,280 in 2024. These are all-vehicle totals, so country, vehicle-type and year labels should remain attached when comparing them.
Korean Automotive Exports, Trade Value and Export Mix
Korea’s Ministry for Trade, Industry and Energy reported $70.8 billion in automobile exports in 2024, a 0.1% decrease from 2023. Automobile exports remained above $70 billion for the second consecutive year, although the threshold statement does not provide exact values for both years.
| Trade measure | Period | Reported result |
|---|---|---|
| Automobile exports | 2024 | $70.8 billion |
| Total Korean exports | 2024 | $683.8 billion |
| Total Korean imports | 2024 | $632.0 billion, down 1.6% |
| Goods trade surplus | 2024 | $51.8 billion |
| Daily average total exports | 2024 | $2.53 billion, up 8.2% |
Source: Korea’s annual exports reach new highs in 2024, Ministry for Trade, Industry and Energy.
Korea’s 2024 total exports exceeded the previous national record of $683.6 billion set in 2022 by $0.2 billion. This all-goods context is broader than automobile exports and should not be read as an automotive-only trade balance.
Monthly data show the export mix’s continuing eco-friendly component. Automobile exports reached $5.5 billion in September 2024, up 4.9% year over year; cumulative automobile exports for January–September were $52.9 billion, up 1.6%, while September eco-friendly-vehicle exports were $2.0 billion, up 12.3%.
Domestic Vehicle Sales and Korean Market Trends
The Ministry reported 307,026 vehicles produced domestically in September 2024, up 1.7% from a year earlier. Domestic vehicle sales were 130,685 units, down 2.3% year over year, showing that monthly production and domestic sales are different measures.
September’s eco-friendly sales rose to 58,983 vehicles, up 37.9%. Hybrid sales reached 45,773, up 63.9%, representing 77.6% of September’s reported eco-friendly sales when the two Ministry counts are compared; the categories may have reporting boundaries.
KAMA’s December 2024 monthly statistics cover seven domestic complete-vehicle companies: Hyundai, Kia, GM Korea, Renault Korea, KG Mobility, Daewoo Bus and Tata Daewoo. They are not a census of every automotive firm, and KAMA’s production and export timing uses its stated dispatch or customs bases.
KAMA also excludes KD vehicles from complete-vehicle production and export statistics when the parts value is at least 60% of the complete-vehicle price. This classification rule matters when comparing KAMA figures with other production or trade series.
Source: Automobile Statistics Monthly Report (December 2024), Korea Automobile & Mobility Association.
Hyundai and Kia Sales Statistics
Company-reported sales provide a manufacturer view rather than a national production or registration total. Hyundai sold 4,141,791 vehicles worldwide in 2024, down 1.8%; 705,010 were sold in Korea, down 7.5%, and 3,436,781 outside Korea, down 0.5%.
Hyundai’s Korean model figures included 71,656 Grandeur sedans, 77,161 Santa Fe vehicles and 130,674 Genesis vehicles in 2024. These model and brand totals are reported by Hyundai Motor Group.
| Company measure | 2024 volume | Change or scope |
|---|---|---|
| Hyundai worldwide | 4,141,791 | Down 1.8% |
| Hyundai Korea | 705,010 | Down 7.5% |
| Hyundai outside Korea | 3,436,781 | Down 0.5% |
| Kia worldwide | 3,089,457 | Up 0.1%; includes 6,086 special vehicles |
| Kia Korea | 540,010 | Down 4.2% |
| Kia outside Korea | 2,543,361 | Up 1.0%; special vehicles excluded |
Sources: Hyundai Motor sells 4,141,791 vehicles in 2024 and Kia sells 3,089,457 vehicles in 2024.
Kia’s global total was 3,089,457 vehicles, including 6,086 special vehicles: 2,136 domestic and 3,950 overseas. Kia’s global best-selling model was Sportage at 587,717 vehicles, followed by 312,246 Seltos vehicles globally; Sorento sales in Korea were 94,538, and Kia sold 12,851 EV3 vehicles in Korea.
Electrification and Hybrid Vehicle Statistics
Hyundai reported 757,191 eco-friendly vehicles globally in 2024, up 8.9% year over year. Its category included 218,500 electric vehicles and 496,780 hybrids; the company’s category definition should be retained when comparing it with Ministry eco-friendly sales.
In the fourth quarter of 2024, Hyundai sold 209,641 eco-friendly vehicles worldwide, up 21.0% year over year. That quarterly total included 145,732 hybrids and 53,035 electric vehicles.
| Electrification measure | Period | Volume |
|---|---|---|
| Hyundai eco-friendly vehicles worldwide | 2024 | 757,191 |
| Hyundai electric vehicles worldwide | 2024 | 218,500 |
| Hyundai hybrids worldwide | 2024 | 496,780 |
| Hyundai eco-friendly vehicles worldwide | Q4 2024 | 209,641 |
| Hyundai hybrids worldwide | Q4 2024 | 145,732 |
| Hyundai electric vehicles worldwide | Q4 2024 | 53,035 |
| Kia EV3 in Korea | 2024 | 12,851 |
Source: Hyundai Motor 2024 fourth-quarter business results.
The Ministry’s September 2024 domestic figures add a national monthly perspective: hybrids accounted for 45,773 of 58,983 eco-friendly vehicles sold. This is a September Korea measure, not a global company total or a full-year national adoption rate.
Economic Footprint, Employment and Regional Production
An industry association estimate based on the Bank of Korea’s 2022 extended input-output table put direct and indirect automotive employment at about 1.5 million people. The cited comparison says this was about 2.6 times the total number of employed people in Ulsan; both the estimate and comparison should be kept within that stated basis.
The 2023 average automotive-industry wage in Korea was 60.91 million won, compared with 53.77 million won for Korean manufacturing. The cited comparison describes automotive pay as 13% above the manufacturing average, with wage definitions kept consistent.
| Economic measure | Period | Result |
|---|---|---|
| Direct and indirect automotive employment | 2022 input-output basis | About 1.5 million people |
| Automotive average wage | 2023 | 60.91 million won |
| Manufacturing average wage | 2023 | 53.77 million won |
| Automotive share of manufacturing production | 2023 | 14.5% |
| Automotive share of manufacturing value added | 2023 | 12.1% |
| Automotive-sector tax revenue | 2022 | 42 trillion won |
In 2023, automotive production represented 14.5% of total Korean manufacturing production, while automotive value added represented 12.1% of manufacturing value added. Korean automotive-sector tax revenue was 42 trillion won in 2022; the cited source does not further detail the tax scope.
Regional production by value in 2023 was 35% in the Southeast, 29% in the Capital region, 16% in Chungcheong, 11% in Honam and 9% in Daegu-Gyeongbuk. These shares are a Statistics Korea survey measure cited by Hyundai Motor Group, not vehicle-unit shares.
Source: K-Auto plays a strong supporting role in the Korean economy.
The average Korean automobile export price was $23,048 per vehicle in 2024, an industry-level measure rather than a retail price or all-vehicle transaction price. The cited comparison says it was more than 40% higher than in 2019, attributed to a higher SUV and eco-friendly-vehicle mix.
The same economic overview rounded 2024 Korean production to 4.13 million vehicles and combined Hyundai and Kia sales to 7.23 million; OICA’s exact production total and the company releases are preferable where precision or population definition matters. It also reported that ten Korean auto-parts companies appeared in the global top-100 supplier ranking based on the preceding year’s sales, twice as many as a decade earlier.