CV market growth in South Korea slows sharply in Q2
By Will Pulson - 18th October 2023
South Korea – The commercial vehicle market over 2 tons gvw in South Korea expanded by just over 3% to 61,318 units in the second quarter of 2023 from 59,366 units in the same period of last year, based mainly on data by KAMA and released by the individual vehicle manufacturers.
This was a sharp slowdown from the 31% market growth seen in the first quarter and reflects sluggish overall second-quarter economic growth of 0.9% year-on-year after last year’s strong Covid rebound. On a quarter-on-quarter basis, GDP growth accelerated to 0.6% in the second-quarter from 0.3% in the first quarter - underpinned by stronger domestic output growth, as demand for imported good and services fell sharply.
