Half of Privately Registered Vehicles Owned by People Aged 50 and Over: 13.4 Million Units

[Economy 365]

It has been found that one out of every two privately owned vehicles in South Korea is now owned by someone aged 50 or older.

As of the end of June, the number of vehicles registered to individuals aged 50 and above reached 13.402 million, accounting for 50.2% of all privately registered vehicles and surpassing the halfway mark for the first time.

By age group, those in their 50s owned the most vehicles, followed by those in their 40s and 60s.

Conversely, the proportion of vehicle owners aged 30 and under fell to 14.9%, with the number of registered vehicles in this group dropping below 4 million.

Industry experts analyzed that as the automotive market shifts toward more premium and larger vehicles, middle-aged and older consumers, who possess the financial capacity to purchase higher-priced cars, have become the core consumer base.

In fact, with the recent consecutive launches of large sedans and large electric SUVs, the market trend centered on luxury vehicles is becoming more pronounced.

*This article was produced using AI audio.
※ Please note: This article was translated by AI and may contain errors.