SEOUL, July 20 (AJP) - Half of all registered vehicles in South Korea, excluding those owned by corporations and other entities, are now held by people aged 50 and older, according to data released by the Ministry of Land, Infrastructure and Transport on Monday.
The number of motorists in their 50s and older stood at 13.40 million, accounting for 50.2 percent of the 26.68 million privately registered vehicles as of the end of June.
More specifically, those in their 50s owned the most vehicles at 6.33 million, followed by those in their 40s with 5.22 million and those in their 60s with 5.09 million.
In contrast, vehicles registered to people in their 30s and younger fell to 3.99 million from 4.10 million at the end of last year, making up 14.9 percent of privately registered vehicles.
Market analysts attributed the trend to rising vehicle prices and a shift toward premium and large models, which have made middle-aged and older buyers the core consumer group in the market.
Reflecting growing demand for larger, premium vehicles, Hyundai Motor's Grandeur sedan led monthly sales in June with 10,062 units sold, as automakers are accelerating the rollout of large SUVs and EVs, including Hyundai's Ioniq 9, Kia's EV9, Volvo's EX90 and ES90, and Genesis' GV90.
The number of motorists in their 50s and older stood at 13.40 million, accounting for 50.2 percent of the 26.68 million privately registered vehicles as of the end of June.
More specifically, those in their 50s owned the most vehicles at 6.33 million, followed by those in their 40s with 5.22 million and those in their 60s with 5.09 million.
In contrast, vehicles registered to people in their 30s and younger fell to 3.99 million from 4.10 million at the end of last year, making up 14.9 percent of privately registered vehicles.
Market analysts attributed the trend to rising vehicle prices and a shift toward premium and large models, which have made middle-aged and older buyers the core consumer group in the market.
Reflecting growing demand for larger, premium vehicles, Hyundai Motor's Grandeur sedan led monthly sales in June with 10,062 units sold, as automakers are accelerating the rollout of large SUVs and EVs, including Hyundai's Ioniq 9, Kia's EV9, Volvo's EX90 and ES90, and Genesis' GV90.
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