SEOUL, KOREA - The number ofregistered vehicles in Korea is expected to exceed 20 million within thismonth, 17 years after the country passed the 10-million mark in 1997.
According to theMinistry of Land, Infrastructure, and Transportation on October 22, the numberof registered cars in Korea totaled 19,951,810 units as of the end of September2014, up 2.8 percent from the figure recorded at the end of last year.
Considering that thenumber of registered cars showed an average monthly growth rate of 0.3 percent,the country could pass the 20-million level within this month.
The number ofregistered cars in Korea, which stood at merely 193,000 units in 1975, showed astrong growth rate of about 20 percent in the 1980s and 1990s. Thereafter, thegrowth of the nation’s registered cars stabilized at a rate of 2-3 percent.
For theJanuary-September period of this year, the number of registered cars grew by1,258,404 units, including 1,091,373 domestic cars and 163,421 import cars.
Article provided by The Korea Ecconomic Daily
