South Korea Motorcycles Industry keeps growing fast. In 2021 total sales have been 143.050 up 10.3% hitting the highest level in a decade with the third annual increase in a string. Honda consolidating the leadership.
Motorcycles Market Trend 2021
The South Korean motorcycles market is revamping after years of declines. The fast growing demand for individual mobility, the boom of delivery services and the growing regulations to reduce CO2 emission are all factors pushing up the market.
It seems that covid19 effect has been to push up the demand for two wheelers and the market accelerated from the second half 2020 with a double-digit pace still in place.
In 2021 total sales have been 143.050 up 10.3% hitting the highest level in a decade with the third annual increase in a string.
Pushed up by government incentives, the electric segment is fast growing reaching already the 19% of total industry.
Korean Market heritage and evolution
The South Korean motorcycles market is relatively small and the two wheelers are not a primary mobility device in the country, with annual sales counting only 5% of the powerful automotive industry.
The presence of the huge Hyundai Group one of the reason which focused consumers attentions more on the four than on the two wheeler across the years and nowadays roads are full of cars with only few motorcycles compared with all the other top industrial countries in the World.
Korean motorcycles market grew up in the last years of last century mainly driven by the demand for food service providers or courier services for livelihood rather than daily transportation or leisure demand.
The size of the domestic motorcycle market exceeded 300,000 units and was dominated by Kia, before filing for the IMF bailout. After Kia stopped to produce these vehicles the market started a long decline decreasing to about 100,000 units in 2010 and then stabilizing around this level.
Kick-scooter boom in Seoul
As in many other metropolitan areas around the World, even the Korean capital recently has been invaded by so called “e-scooter”, which must not be confused with the e-scooter. They are the kick-scooter with a max speed of 25 km per hour, without a plate and with limited circulating rules.
Kick-scooters have taken over Seoul. Starting from Gangnam station and branching out, you will see more and more E-Scooters on the streets. They have been popping up over the past few years. Companies like Beam, Lime, Xing Xing, and Kickgoing have placed their e-scooters near over 100 subway stations in Seoul. It is estimated that 17 companies are operating over 40,000 e-scooters in Seoul.
However, opinions are divided amongst the citizens of Seoul as to whether these e-scooters are good for the community. There have been many complaints from homeowners, pedestrians, and drivers in Korea. In mid 2020, Government have introduced a new regulation for these devices, now considered similar to bicycles, allowing their riding to people over 13 age.