The market for commercial vehicles over 2 tons gvw in South Korea declined sharply in the third quarter of 2023, by almost 16% to 53,168.

The commercial vehicle market over 2 tons gvw in South Korea expanded by just over 3% in the second quarter of 2023 compared with the same period of last year.

The strong sales growth came about despite economic growth continuing to slow sharply in the first quarter to 0.8% year-on-year from 1.4% in the fourth quarter and 2.6% in the whole of last year.