Small four-door vehicles and small SUVs were the most popular luxury car formats in 2018, among younger consumers and families with children respectively. The strong car frame is the most appealing point for consumers who choose small SUVs.
During 2018, the government temporarily lowered the special consumption tax, which is levied on cars to bolster the domestic economy. The tax rate was lowered from 5% to 3.
The government continued to invest in infrastructure for electric cars. However, several issues hampered growth.
Following an 18-month ban on sales imposed on Audi after the emissions scandal, sales resumed in 2018 and the brand began to recover. In July 2018, Audi Korea offered a 40% discount on the A3 model.
BMW is expected to see sharp share decline in 2018 due to a series of engine fire incidents, which led to extensive recalls and investigations. As of August 2018, 40 BMW vehicles caught fire either while being driven or when parked.
Files are delivered directly into your account soon after payment is received and any tax is certification is verified (where applicable).
Understand the latest market trends and future growth opportunities for the Luxury Cars industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Luxury Cars industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
This report originates from Passport, our Luxury Cars research and analysis database.
If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE! Home Page