The Korea Herald

지나쌤

Korea’s annual SUV sales break record

By Korea Herald

Published : Dec. 8, 2014 - 21:07

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Annual sales of sport utility vehicles in South Korea topped the 300,000 mark to reach an all-time high, data showed Monday, illustrating the rapid growth of the recreational vehicle market in the country.

Through November this year, domestic sales of SUVs by five local carmakers stood at 300,475 units, according to industry data.

The figure exceeds the previous record of 297,594 units registered in 2002. Accordingly, the market share of SUVs at home has also expanded over the cited period, taking up the largest portion at 27.8 percent of the auto market, with the exception of commercial vehicles, the data showed.

The spike in sales came amid growing popularity of leisure-oriented cars in recent years, in combination with a handful of new models and smaller versions of SUVs put out by local auto companies.

“Consumers’ preference for SUVs or minivans fit for outdoor activities instead of other family-friendly sedans is becoming more evident,” an industry official said.

SUV sales peaked 10 years ago when they accounted for 30.6 percent of all cars sold in the country, but had since been on a downtrend with annual sales falling as low as 168,520 units in 2008 as consumers turned to sedans that had better fuel economy and a wider selection of new models.(Yonhap)