Retail sales of premium and luxury cars will rise at a current value CAGR of 6% (2024 constant value CAGR of 4%) over the forecast period to reach KRW35.0 trillion in 2029.
Marketing and product strategies that appeal to luxury consumers include limited-edition goods, customisation and personalisation, which allow customers to purchase unique, exclusive products. These demands are reflected in programmes such as Mercedes-Benz's Manufaktur, which is set to aid sales, offering wealthy consumers the option to customise their own cars.
Electric cars will continue to see rapid sales growth over the forecast period, with an increase in the number of charging stations nationwide supporting sales. In addition, South Korea's Ministry of the Environment announced its revised subsidy plan in 2023, which provides different subsidies based on vehicle performance levels, warranty service systems and battery energy density.
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Understand the latest market trends and future growth opportunities for the Premium and Luxury Cars industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Passenger car vehicles providing exceptional comfort, aimed at the premium market and at drivers wanting a higher level of performance and handling or a vehicle that gives the impression of being capable of high-speed motoring. These cars are generally designed to appeal to high earning, status led consumers and generally retail at US$75,000 plus Example models include: Aston Martin, Ferrari, Jaguar, Bentley, Porsche, McLaren, Maserati, Rolls-Royce and Tesla
See All of Our DefinitionsThis report originates from Passport, our Premium and Luxury Cars research and analysis database.
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