South Koreans aged 50 and older owned more than half of the country’s privately registered vehicles for the first time as of June 30, reflecting how an aging population and growing demand for larger, higher-priced automobiles are reshaping the domestic auto market.
According to data released on July 20 by the Ministry of Land, Infrastructure and Transport, drivers aged 50 and above owned 13.4 million privately registered vehicles, representing 50.2% of the nation’s 26.7 million privately owned vehicles.
Motorists in their 50s accounted for the largest share, with 6.33 million registered vehicles, followed by those in their 40s with 5.22 million and drivers in their 60s with 5.10 million.
Vehicle ownership among younger consumers continued to weaken. Drivers aged 39 and younger accounted for 14.9%of privately registered vehicles, with registrations falling to 3.99 million at the end of June from 4.10 million at the end of December, dropping below the four-million mark.
Industry officials attribute the shift largely to the premiumization of South Korea’s automotive market, where affluent middle-aged consumers are driving demand for larger and more expensive vehicles.
In the full-size sedan segment, Hyundai Motor Co.’s refreshed Grandeur became the country’s best-selling model in June, with 10,062 units sold.
Automakers are also expanding offerings in the full-size electric SUV category. Hyundai Motor introduced the Ioniq 9, Kia launched the EV9, and Volvo rolled out the EX90, while additional flagship electric models, including the Volvo ES90 and Genesis GV90, are expected to arrive.
As prices for premium and full-size vehicles continue to climb, industry analysts say consumers with greater purchasing power—particularly those aged 50 and older—are increasingly shaping the direction of South Korea’s auto market.
“With buyers aged 50 and older now representing the market’s core customer base, automakers need to broaden their product portfolios to meet their preferences,” an industry official said. “At the same time, expanding the market will require new products and marketing strategies capable of attracting younger consumers.”
