Sign of Good Times
The number of luxury cars costing more than 300 million won registered in Korea has crossed the 6,000 mark. Foreign luxury car brands such as Rolls-Royce, Ferrari and Bentley are eyeing the growing Korean luxury car market.
Korea had a total of 6,299 luxury vehicles that cost more than 300 million won (US$230,641) apiece at the time of their acquisition, according to passenger vehicle registration data that the Ministry of Land, Infrastructure, and Transport submitted to Rep. Yang Kyung-sook, a member of the National Assembly’s Planning and Finance Committee, in July.
The number of luxury cars has been on the rise year by year. In 2016, Korea had 199 new registrations of vehicles costing 300 to 500 million won per unit. In 2022, the number climbed by 1,000 units to 1,115, more than five times in six years. Registrations of vehicles priced at more than 500 million won expanded more than 10-fold from 25 to 267 over the same period.
The number of luxury car registrations in 2023 ascended from 2022. As of April, 323 vehicles with price tags of 300 to 500 million won were registered in Korea. This represented an increase of 86 from 237 in 2022 and the number of registered vehicles retailing at 500 million won stood at 77 in April, an increase of 6 compared to 71 in 2022.
Foreign luxury car brands are paying attention to the steadily growing Korean high-end vehicle market.
British luxury car brand Bentley enjoyed the highest sales in Korea among nations in the Asia-Pacific region last year. The U.K. automaker sold 775 vehicles in Korea last year, accounting for 38 percent of its total sales (2,031 vehicles) in the Asia Pacific market. In March, Bentley Chairman Adrian Hallmark flew to Korea to show the importance of the Korean market for Bentley.
Rolls-Royce has been increasing its sales pitch in the Korean market. Last month, the all-electric car of Rolls-Royce debuted in Busan and Seoul for the first time among nations in the Asia-Pacific region. In 2022, Rolls-Royce renews its best-selling record in Korea and enjoyed a 45 percent increase in sales in Korea over the past three years.
Ferrari, known for its luxury sports cars, has also shown interest in the Korean market. The company made its Asian debut in Seoul last month with the launch of its sports car exhibition “Universo Ferrari,” which shows Ferrari’s history. Supercar brand Aston Martin directly held a new car launch event in Korea without partnering with a Korean company.