A visitor looks at the mini SUV Casper at a Hyundai Motor Co. shop in Seoul on Oct. 3, 2022. (Yonhap)
SEOUL, June 26 (Korea Bizwire) — South Korean minicar market has once again slowed down this year after initially showing signs of a revival due to the popularity of Hyundai Motor Co.’s Casper mini SUV.
Domestic sales of minicars totaled 50,562 units in the first five months of this year, representing an 8.2 percent year-on-year decrease, according to local market tracker CarIsYou.
Last year, minicar sales reached 134,294 units, marking a more than 35 percent increase compared to the previous year. However, it is anticipated that sales will drop to a range of 110,000 to 120,000 units this year.
Since its release in September 2021, the Casper has experienced a continuous decline in sales without any signs of recovery.
Hyundai’s sales data indicates that the carmaker sold 4,064 units of the Casper last month, which is a 7.7 percent decrease compared to the previous year and a 27.1 percent decrease compared to November 2022 when sales reached a record high.
Market observers suggest that reversing the declining popularity of minicars will not be easy since domestic consumers’ preferences have shifted towards larger and more luxurious models, particularly SUVs.
Kevin Lee (kevinlee@koreabizwire.com)
