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Market demand for CVs in South Korea continues to decline in Q3 2024 and in the year to September

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By Will Pulson - 14th January 2025

South Korea – The commercial vehicle market over 2 tons gvw continued to decline sharply in the third quarter of 2024, by almost 19% to 43,267 units from an already weak 53,150 sales a year earlier, based on data compiled from various industry sources.

Economic growth in the country continued to slow in the third quarter, to 1.5% year-on-year from 2.3% in the second quarter and 3.4% in the first quarter. This was well below expectations and reflected mainly a slowdown in export activity, while domestic consumption grew moderately.

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