South Korea Used Car Market Size & Outlook, 2025-2030

The used car market in South Korea is expected to reach a projected revenue of US$ 92,604.5 million by 2030. A compound annual growth rate of 12.7% is expected of South Korea used car market from 2025 to 2030.
Revenue, 2024 (US$M)
$44,854.3
Forecast, 2030 (US$M)
$92,604.5
CAGR, 2025 - 2030
12.7%
Report Coverage
South Korea

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South Korea used car market, 2018-2030 (US$M)

South Korea used car market, 2018-2030 (US$M)

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South Korea used car market highlights

  • The South Korea used car market generated a revenue of USD 44,854.3 million in 2024 and is expected to reach USD 92,604.5 million by 2030.
  • The South Korea market is expected to grow at a CAGR of 12.7% from 2025 to 2030.
  • In terms of segment, conventional was the largest revenue generating vehicle type in 2024.
  • Hybrid is the most lucrative vehicle type segment registering the fastest growth during the forecast period.

Used car market data book summary

Market revenue in 2024USD 44,854.3 million
Market revenue in 2030USD 92,604.5 million
Growth rate12.7% (CAGR from 2025 to 2030)
Largest segmentConventional
Fastest growing segmentHybrid
Historical data2018 - 2023
Base year2024
Forecast period2025 - 2030
Quantitative unitsRevenue in USD million
Market segmentationHybrid, Conventional, Electric
Key market players worldwideAlibaba Group Holding Ltd ADR, CarMax Inc, Asbury Automotive Group Inc, TrueCar Inc, Scout24 SE, Lithia Motors Inc Class A, Group 1 Automotive Inc, EBay Inc, AutoNation Inc, Hendrick Automotive Group

Other key industry trends

  • In terms of revenue, South Korea accounted for 2.4% of the global used car market in 2024.
  • Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
  • In Asia Pacific, China used car market is projected to lead the regional market in terms of revenue in 2030.
  • South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 92,604.5 million by 2030.

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Used Car Market Companies

Name Profile # Employees HQ Website
Hendrick Automotive Group View profile 10001+ Charlotte, North Carolina, United States, North America http://www.hendrickauto.com/
AutoNation Inc View profile 25300 200 South West 1st Avenue, Fort Lauderdale, FL, United States, 33301 https://www.autonation.com
EBay Inc View profile 12300 2025 Hamilton Avenue, San Jose, CA, United States, 95125 https://www.ebay.com
Group 1 Automotive Inc View profile 16011 800 Gessner, Suite 500, Houston, TX, United States, 77024 https://www.group1auto.com
Lithia Motors Inc Class A View profile 27446 150 N. Bartlett Street, Medford, OR, United States, 97501 https://www.lithia.com
Scout24 SE View profile 1055 Invalidenstrasse 65, Berlin, BY, Germany, 10557 https://www.scout24.com
TrueCar Inc View profile 324 1401 Ocean Avenue, Suite 200, Santa Monica, CA, United States, 90401 https://www.truecar.com
Asbury Automotive Group Inc View profile 15000 2905 Premiere Parkway North West, Suite 300, Duluth, GA, United States, 30097 https://www.asburyauto.com
CarMax Inc View profile 29836 12800 Tuckahoe Creek Parkway, Richmond, VA, United States, 23238 https://www.carmax.com
Alibaba Group Holding Ltd ADR View profile 204891 1 Matheson Street, Causeway Bay, 26th Floor, Tower One, Times Square, Hong Kong, Hong Kong, https://www.alibabagroup.com

South Korea used car market outlook

The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to used car market will help companies and investors design strategic landscapes.


Conventional was the largest segment with a revenue share of 42.73% in 2024. Horizon Databook has segmented the South Korea used car market based on hybrid, conventional, electric covering the revenue growth of each sub-segment from 2018 to 2030.


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Target buyers of South Korea used car market databook

  • Our clientele includes a mix of used car market companies, investment firms, advisory firms & academic institutions.
  • 30% of our revenue is generated working with investment firms and helping them identify viable opportunity areas.
  • Approximately 65% of our revenue is generated working with competitive intelligence & market intelligence teams of market participants (manufacturers, service providers, etc.).
  • The rest of the revenue is generated working with academic and research not-for-profit institutes. We do our bit of pro-bono by working with these institutions at subsidized rates.

Horizon Databook provides a detailed overview of country-level data and insights on the South Korea used car market, including forecasts for subscribers. This country databook contains high-level insights into South Korea used car market from 2018 to 2030, including revenue numbers, major trends, and company profiles.

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South Korea used car market size, by vehicle type, 2018-2030 (US$M)

South Korea Used Car Market Share, 2024 & 2030 (US$M)

South Korea used car market size, by vehicle type, 2018-2030 (US$M)

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