ποΈAUTO MARKET OVERVIEW
Market Status
The ByByeCar project targets the global automotive service market, with a particular focus on comprehensive car management services including car buying, selling, renting, maintenance, and insurance services. In South Korea, more than 700,000 cars are scrapped annually, accounting for about 3% of the total registered vehicles, according to the Korea Transportation Safety Authority (based on the latest annual data). The scrap car market has an average annual growth rate of about 2-3%, gradually increasing due to the growth of the new car market and stricter environmental regulations.
The used car market in Korea records over 3.7 million transactions annually, exceeding the volume of the new car market, as reported by the Korea Automobile Manufacturers Association (based on the latest annual data). The used car market's average annual growth rate is about 5-7%, driven by consumers' increasing interest in price-to-performance ratio and the development of various financial services.
The size of Korea's automotive aftermarket services market is estimated to be over 20 trillion KRW, encompassing maintenance, parts, accessories, insurance, and other services, with an average annual growth rate of about 3-5%. This market is steadily growing due to the increase in the number of vehicles owned and customers' high expectations for quality and services, as reported by the Korea Automobile Manufacturers Association (based on the latest annual data).
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