Kia Corp.’s 2022 Sorento SUV model is seen in this photo provided by the automaker.
SEOUL, May 12 (Korea Bizwire) — Sedans are losing ground at a rapid pace in the South Korean car market as the share of sport utility vehicles (SUVs) expands due to their larger interior space, convenient functions, and leisure-friendly lifestyle.
The share of SUVs among new car sales in the country has been on an upward trend, rising from 52.3 percent in 2020 to 56.2 percent in 2021 and 60.5 percent last year., according to the data of the Ministry of Trade, Industry and Energy.
In contrast, the sedan output of domestic carmakers has slid to 1,052,620 units, which is less than half of the figure recorded 10 years ago.
During the same period, SUV output more than doubled from 1,160,405 units in 2012 to 2,237,199 units in 2022.
Over the past five years, Hyundai Motor Co.’s Grandeur sedan has retained its spot as the top-selling single model. However, Kia Corp. sold 68,902 units of its Sorento SUV last year, surpassing the Grandeur’s sales of 67,030 units.
According to data from the Ministry of Land, Infrastructure, and Transport, the share of SUVs among the nation’s registered passenger vehicles, estimated at 21,114,951 units, rose to 27 percent.
Against this backdrop, Hyundai is reviewing the idea of discontinuing the production of the Sonata sedan’s internal combustion engine model, despite recently releasing a facelift model.
Kia is also planning to discontinue its K3 compact sedan, once regarded as a rival to Hyundai’s Avante, as its monthly sales remain extremely sluggish at around 1,000 units.
J. S. Shin (js_shin@koreabizwire.com)
