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Sharp decline in LCV sales disguise growth in South Korea’s medium/heavy truck and bus markets in 2024

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By Will Pulson - 9th April 2025

South Korea - The South Korean market for commercial vehicles over 2 tons gvw declined by 21% to 46,241 units in the fourth quarter of 2024 from 58,500 units a year earlier, based on data from various industry sources.

The market decline accelerated in the fourth quarter, as economic growth in the country continued to slow - to 1.2% year-on-year from 1.5% in the third quarter and 2.8% in the first half of last year.

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