Hyundai Sonata Hybrid (Image courtesy of Hyundai Motor Co.)
SEOUL, Nov. 19 (Korea Bizwire) – South Korea’s hybrid vehicle registrations are poised to hit an all-time high this year, reflecting both growing environmental consciousness and a temporary plateau in electric vehicle demand.
According to data from the Carisyou data research institute, hybrid vehicle registrations from January to October reached 311,769 units, a 24.8% increase from the same period last year. This figure has already surpassed 2022′s full-year total of 309,164 units, making 2023 a record-breaking year for hybrid sales in the country.
The surge represents a dramatic shift in South Korea’s automotive landscape. Hybrid registrations have skyrocketed from just 84,684 units in 2017 to over 300,000 expected this year, now accounting for 23% of all new vehicle registrations, second only to gasoline-powered vehicles.
The trend is particularly noteworthy as it coincides with a slowdown in electric vehicle sales, which have been hampered by infrastructure limitations.
Industry analysts suggest this hybrid dominance could persist for several years, especially following Donald Trump’s presidential nomination in the United States, which may signal a more conservative approach to the transition away from internal combustion engines.
In another significant market shift, LPG (liquefied petroleum gas) vehicles have emerged as the third most registered fuel type with 137,314 units, surpassing both electric vehicles (122,672) and diesel vehicles (121,306). This marks a historic change in South Korea’s automotive market, where diesel vehicles had consistently held the second position in fuel-type registrations until 2022.
The decline of diesel vehicles has been particularly dramatic. While 308,708 diesel vehicles were registered in 2022, this year’s total is expected to fall below 150,000 units, less than half of last year’s figure.
“We’re witnessing two paradoxical trends in the domestic auto market: a preference for eco-friendly vehicles and a drop in demand for EVs,” said an industry official who spoke on condition of anonymity.
“Meanwhile, diesel vehicles are being phased out at an accelerating pace.”
Kevin Lee (kevinlee@koreabizwire.com)
