GITNUXREPORT 2026

Korea Rental Car Industry Statistics

Korea's rental car market grew strongly post-pandemic with surging demand and rising electric vehicle use.

Jannik Lindner

Co-Founder of Gitnux, specialized in content and tech since 2016.

First published: Feb 13, 2026

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Statistic 1

25-34 year-olds accounted for 48% of rental customers in 2023.

Statistic 2

Female customers: 42% of total rentals in 2023.

Statistic 3

Tourists from China: 35% of foreign renters in 2023.

Statistic 4

Average rental duration: 2.8 days per customer.

Statistic 5

Urban residents: 72% of rental users in 2023.

Statistic 6

Millennials (Gen Y): 55% market share by age group.

Statistic 7

Corporate clients: 38% of repeat customers.

Statistic 8

First-time renters: 22% growth to 3.2 million.

Statistic 9

Income >50M KRW annually: 60% of luxury renters.

Statistic 10

Jeju visitors renting cars: 85% of arrivals.

Statistic 11

App-based bookings by under-30s: 91% preference.

Statistic 12

Family groups: 28% of SUV rentals.

Statistic 13

Repeat customer rate: 62% loyalty index.

Statistic 14

Foreigners: 19% of total customers in 2023.

Statistic 15

Solo travelers: 41% opting for compact cars.

Statistic 16

Weekend rentals peak at 68% for 25-44 group.

Statistic 17

EV preference among eco-conscious: 45%.

Statistic 18

Booking lead time average: 4.2 days.

Statistic 19

Regional distribution: Gyeonggi 25%, Seoul 32%.

Statistic 20

25-34 age group: 52% of renters.

Statistic 21

Male customers: 58% dominance.

Statistic 22

Japanese tourists: 22% of intl renters.

Statistic 23

Average spend per rental: 190,000 KRW.

Statistic 24

Rural renters: 18% growth in usage.

Statistic 25

Gen X (35-54): 32% market share.

Statistic 26

B2C vs B2B: 62% leisure rentals.

Statistic 27

Loyalty program members: 4.5 million.

Statistic 28

High-income (>100M KRW): 28% luxury segment.

Statistic 29

Airport pickup preference: 55% customers.

Statistic 30

Mobile app users: 76% of bookers.

Statistic 31

Couples rentals: 19% of total bookings.

Statistic 32

Cancellation rate: 7.2% average.

Statistic 33

Business travelers: 45% weekday rentals.

Statistic 34

Eco-preference: 32% select green vehicles.

Statistic 35

Booking channel: 68% via apps/websites.

Statistic 36

Multi-vehicle rentals: 8% families/business.

Statistic 37

Top rental company Lotte Rental revenue: 420 billion KRW in 2023.

Statistic 38

SK Rent-a-Car net profit: 28 billion KRW, up 15%.

Statistic 39

Industry average profit margin: 9.2% in 2023.

Statistic 40

Total industry EBITDA: 210 billion KRW.

Statistic 41

Fuel cost as % of revenue: 12.4%.

Statistic 42

Insurance expenses: 85 billion KRW industry-wide.

Statistic 43

Depreciation per vehicle: 4.5 million KRW annually.

Statistic 44

Revenue per rental day: 68,000 KRW average.

Statistic 45

Top 5 firms combined revenue: 980 billion KRW.

Statistic 46

Debt-to-equity ratio average: 1.8:1.

Statistic 47

Marketing spend: 3.5% of revenue.

Statistic 48

ROI on EV fleet investments: 14.2%.

Statistic 49

Cash flow from operations: 320 billion KRW.

Statistic 50

Cost per transaction: 12,500 KRW.

Statistic 51

Dividend payout by Lotte: 15 billion KRW.

Statistic 52

Bad debt ratio: 1.1% of receivables.

Statistic 53

Capital expenditure: 450 billion KRW on fleet.

Statistic 54

Gross margin: 45% industry average.

Statistic 55

Tax rate effective: 22.3%.

Statistic 56

Revenue growth by region: Jeju 11%.

Statistic 57

Subscription model revenue: 180 billion KRW.

Statistic 58

Online revenue share: 75% of total.

Statistic 59

Labor costs: 18% of operating expenses.

Statistic 60

Net assets growth: 8.7% YoY.

Statistic 61

SK net sales: 380 billion KRW.

Statistic 62

EBITDA margin: 14.5% for leaders.

Statistic 63

Operating expenses growth: 6.1%.

Statistic 64

Revenue per vehicle: 3.2 million KRW/year.

Statistic 65

Top firm ROE: 12.8%.

Statistic 66

Nationwide fleet size totaled 450,000 vehicles in 2023.

Statistic 67

Lotte Rental operated 120,000 vehicles, 27% of national fleet in 2023.

Statistic 68

Average vehicle age in Korean rental fleets was 18 months in 2023.

Statistic 69

Hyundai models comprised 42% of rental fleets in 2023.

Statistic 70

EV fleet penetration: 9.5% or 42,750 vehicles in 2023.

Statistic 71

SUV segment: 35% of total fleet, up 15% from 2022.

Statistic 72

Jeju-specific fleet: 85,000 vehicles, 19% national total.

Statistic 73

Luxury fleet (BMW, Mercedes): 12,500 units in 2023.

Statistic 74

Average mileage per rental vehicle: 28,000 km annually.

Statistic 75

Hybrid vehicles: 15,200 units, 3.4% of fleet in 2023.

Statistic 76

SK Rent-a-Car fleet: 95,000 vehicles in 2023.

Statistic 77

Compact cars: 52% of fleet composition in 2023.

Statistic 78

Maintenance cost per vehicle: 1.2 million KRW yearly.

Statistic 79

Fleet utilization rate averaged 78% in 2023.

Statistic 80

New vehicle additions: 65,000 units in 2023.

Statistic 81

Diesel vehicles phased down to 8% of fleet.

Statistic 82

Van/minivan fleet: 22,000 units nationwide.

Statistic 83

Age distribution: 60% under 12 months old.

Statistic 84

Insurance-covered fleet: 98.7% compliance rate.

Statistic 85

GPS-equipped vehicles: 92% of total fleet.

Statistic 86

Lotte Rental fleet: 125,000 vehicles in 2023.

Statistic 87

Kia models: 28% of rental fleet share.

Statistic 88

Sedan dominance: 41% fleet segment.

Statistic 89

Total fleet EVs: Increased 42% to 42,750.

Statistic 90

Maintenance downtime: 4.2% annually.

Statistic 91

Foreign brand fleet: 15% (import cars).

Statistic 92

Utilization peak: 92% in summer months.

Statistic 93

Vehicle replacement cycle: 36 months average.

Statistic 94

Hatchback fleet: 12% composition.

Statistic 95

Accident rate per 100k km: 1.8 incidents.

Statistic 96

Tire replacement frequency: Every 25,000 km.

Statistic 97

Cleaning cost per vehicle: 8,000 KRW post-rental.

Statistic 98

In 2023, the South Korean car rental market generated total revenue of 1.45 trillion KRW, marking a 7.2% increase from 2022.

Statistic 99

The car rental industry in South Korea saw 15.3 million rental transactions in 2023, up 12.1% year-over-year.

Statistic 100

Average daily rental rate for economy cars in Seoul was 45,000 KRW in 2023.

Statistic 101

Market penetration of car rentals in South Korea reached 28% among urban millennials in 2023.

Statistic 102

The luxury car rental segment grew by 18.4% in 2023, accounting for 12% of total market revenue.

Statistic 103

Total number of rental car companies operating in South Korea was 1,248 in 2023.

Statistic 104

Jeju Island accounted for 42% of national car rental volume in 2023.

Statistic 105

Electric vehicle rentals surged 35% in South Korea in 2023, representing 8.2% of fleet.

Statistic 106

Corporate rentals made up 55% of B2B market share in 2023.

Statistic 107

Post-COVID recovery led to 22% growth in tourist rentals in 2023.

Statistic 108

Projected CAGR for Korean car rental market 2024-2028 is 6.8%.

Statistic 109

Incheon Airport rentals contributed 18% to national totals in 2023.

Statistic 110

Short-term rentals (1-3 days) comprised 67% of all transactions in 2023.

Statistic 111

Market value of one-way rentals reached 320 billion KRW in 2023.

Statistic 112

Subscription-based rentals grew 25% to 150,000 subscribers in 2023.

Statistic 113

Regional market share outside Seoul was 38% in 2023.

Statistic 114

Total assets of top 10 rental firms: 5.2 trillion KRW in 2023.

Statistic 115

Online booking ratio hit 82% of total rentals in 2023.

Statistic 116

Peak season (July-Aug) rentals increased 45% YoY in 2023.

Statistic 117

Market concentration: Top 3 firms hold 65% share in 2023.

Statistic 118

Car rental app downloads: 12 million in 2023.

Statistic 119

Autonomous vehicle pilot rentals: 5,000 trials projected 2024.

Statistic 120

Sharing economy impact: 25% market shift by 2025.

Statistic 121

Carbon emission regulations tighten 20% by 2025.

Statistic 122

Tourism rebound forecast: 20 million renters by 2025.

Statistic 123

Digital insurance integration: 95% adoption by 2024.

Statistic 124

Peak demand shift to shoulder seasons: 30% rise.

Statistic 125

Blockchain for contracts: Pilot in 10% firms 2024.

Statistic 126

Market forecast 2028: 2.1 trillion KRW.

Statistic 127

Gen Z entry: 35% customer growth by 2026.

Statistic 128

Airport rental hubs expansion: 15 new by 2025.

Statistic 129

AI pricing dynamic adoption: 60% firms.

Statistic 130

Sustainability certifications: 70% fleets by 2025.

Statistic 131

Cross-border rentals: 40% increase projected.

Statistic 132

Contactless everything: 100% by 2024 end.

Statistic 133

Fleet electrification: 25% by 2027.

Statistic 134

Corporate subscription boom: 50% revenue share.

Statistic 135

Rural market growth: 18% CAGR to 2028.

Statistic 136

VR previews for vehicles: 20% booking uplift.

Statistic 137

Regulatory cap on fees: 15% reduction impact.

Statistic 138

Data analytics spend up 40% annually.

Statistic 139

Partnership with ride-hailing: 30% hybrid users.

Statistic 140

Insurance telematics: 85% claims reduction forecast.

Statistic 141

Luxury EV rentals: 300% growth by 2026.

1/141

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Imagine unlocking a dynamic, 1.45 trillion won industry where a car is rented every two seconds, revealing a South Korean rental market not just recovering, but fundamentally transforming with electric surges, luxury booms, and a tech-savvy generation behind the wheel.

Key Takeaways

In 2023, the South Korean car rental market generated total revenue of 1.45 trillion KRW, marking a 7.2% increase from 2022.
The car rental industry in South Korea saw 15.3 million rental transactions in 2023, up 12.1% year-over-year.
Average daily rental rate for economy cars in Seoul was 45,000 KRW in 2023.
Nationwide fleet size totaled 450,000 vehicles in 2023.
Lotte Rental operated 120,000 vehicles, 27% of national fleet in 2023.
Average vehicle age in Korean rental fleets was 18 months in 2023.
25-34 year-olds accounted for 48% of rental customers in 2023.
Female customers: 42% of total rentals in 2023.
Tourists from China: 35% of foreign renters in 2023.
Top rental company Lotte Rental revenue: 420 billion KRW in 2023.
SK Rent-a-Car net profit: 28 billion KRW, up 15%.
Industry average profit margin: 9.2% in 2023.
Car rental app downloads: 12 million in 2023.
Autonomous vehicle pilot rentals: 5,000 trials projected 2024.
Sharing economy impact: 25% market shift by 2025.

Korea's rental car market grew strongly post-pandemic with surging demand and rising electric vehicle use.

Consumer Demographics and Behavior

25-34 year-olds accounted for 48% of rental customers in 2023.
Female customers: 42% of total rentals in 2023.
Tourists from China: 35% of foreign renters in 2023.
Average rental duration: 2.8 days per customer.
Urban residents: 72% of rental users in 2023.
Millennials (Gen Y): 55% market share by age group.
Corporate clients: 38% of repeat customers.
First-time renters: 22% growth to 3.2 million.
Income >50M KRW annually: 60% of luxury renters.
Jeju visitors renting cars: 85% of arrivals.
App-based bookings by under-30s: 91% preference.
Family groups: 28% of SUV rentals.
Repeat customer rate: 62% loyalty index.
Foreigners: 19% of total customers in 2023.
Solo travelers: 41% opting for compact cars.
Weekend rentals peak at 68% for 25-44 group.
EV preference among eco-conscious: 45%.
Booking lead time average: 4.2 days.
Regional distribution: Gyeonggi 25%, Seoul 32%.
25-34 age group: 52% of renters.
Male customers: 58% dominance.
Japanese tourists: 22% of intl renters.
Average spend per rental: 190,000 KRW.
Rural renters: 18% growth in usage.
Gen X (35-54): 32% market share.
B2C vs B2B: 62% leisure rentals.
Loyalty program members: 4.5 million.
High-income (>100M KRW): 28% luxury segment.
Airport pickup preference: 55% customers.
Mobile app users: 76% of bookers.
Couples rentals: 19% of total bookings.
Cancellation rate: 7.2% average.
Business travelers: 45% weekday rentals.
Eco-preference: 32% select green vehicles.
Booking channel: 68% via apps/websites.
Multi-vehicle rentals: 8% families/business.

Consumer Demographics and Behavior Interpretation

The Korean car rental market is now driven by app-savvy millennials, overwhelmingly young urbanites treating rentals as a weekend accessory, while tourists—especially from China—fuel demand, proving that convenience and quick escapes, be it to Jeju or just across town, are the true engines of this industry.

Financial Performance

Top rental company Lotte Rental revenue: 420 billion KRW in 2023.
SK Rent-a-Car net profit: 28 billion KRW, up 15%.
Industry average profit margin: 9.2% in 2023.
Total industry EBITDA: 210 billion KRW.
Fuel cost as % of revenue: 12.4%.
Insurance expenses: 85 billion KRW industry-wide.
Depreciation per vehicle: 4.5 million KRW annually.
Revenue per rental day: 68,000 KRW average.
Top 5 firms combined revenue: 980 billion KRW.
Debt-to-equity ratio average: 1.8:1.
Marketing spend: 3.5% of revenue.
ROI on EV fleet investments: 14.2%.
Cash flow from operations: 320 billion KRW.
Cost per transaction: 12,500 KRW.
Dividend payout by Lotte: 15 billion KRW.
Bad debt ratio: 1.1% of receivables.
Capital expenditure: 450 billion KRW on fleet.
Gross margin: 45% industry average.
Tax rate effective: 22.3%.
Revenue growth by region: Jeju 11%.
Subscription model revenue: 180 billion KRW.
Online revenue share: 75% of total.
Labor costs: 18% of operating expenses.
Net assets growth: 8.7% YoY.
SK net sales: 380 billion KRW.
EBITDA margin: 14.5% for leaders.
Operating expenses growth: 6.1%.
Revenue per vehicle: 3.2 million KRW/year.
Top firm ROE: 12.8%.

Financial Performance Interpretation

The Korean rental car industry is a high-stakes race where firms drive billions in revenue, yet must carefully navigate fuel costs, depreciation, and debt to keep their profit engines running at a modest 9% margin, while successfully shifting gears toward online platforms and EV investments.

Fleet and Vehicles

Nationwide fleet size totaled 450,000 vehicles in 2023.
Lotte Rental operated 120,000 vehicles, 27% of national fleet in 2023.
Average vehicle age in Korean rental fleets was 18 months in 2023.
Hyundai models comprised 42% of rental fleets in 2023.
EV fleet penetration: 9.5% or 42,750 vehicles in 2023.
SUV segment: 35% of total fleet, up 15% from 2022.
Jeju-specific fleet: 85,000 vehicles, 19% national total.
Luxury fleet (BMW, Mercedes): 12,500 units in 2023.
Average mileage per rental vehicle: 28,000 km annually.
Hybrid vehicles: 15,200 units, 3.4% of fleet in 2023.
SK Rent-a-Car fleet: 95,000 vehicles in 2023.
Compact cars: 52% of fleet composition in 2023.
Maintenance cost per vehicle: 1.2 million KRW yearly.
Fleet utilization rate averaged 78% in 2023.
New vehicle additions: 65,000 units in 2023.
Diesel vehicles phased down to 8% of fleet.
Van/minivan fleet: 22,000 units nationwide.
Age distribution: 60% under 12 months old.
Insurance-covered fleet: 98.7% compliance rate.
GPS-equipped vehicles: 92% of total fleet.
Lotte Rental fleet: 125,000 vehicles in 2023.
Kia models: 28% of rental fleet share.
Sedan dominance: 41% fleet segment.
Total fleet EVs: Increased 42% to 42,750.
Maintenance downtime: 4.2% annually.
Foreign brand fleet: 15% (import cars).
Utilization peak: 92% in summer months.
Vehicle replacement cycle: 36 months average.
Hatchback fleet: 12% composition.
Accident rate per 100k km: 1.8 incidents.
Tire replacement frequency: Every 25,000 km.
Cleaning cost per vehicle: 8,000 KRW post-rental.

Fleet and Vehicles Interpretation

Korea's rental car industry, where Lotte Rental essentially plays a one-quarter national fleet monopoly with impressively young, Hyundai-stuffed, and increasingly electric vehicles, has clearly mastered the art of keeping its nearly new compacts hustling at a brisk 28,000 km per year—just don't ask about the tire bills.

Market Size and Growth

In 2023, the South Korean car rental market generated total revenue of 1.45 trillion KRW, marking a 7.2% increase from 2022.
The car rental industry in South Korea saw 15.3 million rental transactions in 2023, up 12.1% year-over-year.
Average daily rental rate for economy cars in Seoul was 45,000 KRW in 2023.
Market penetration of car rentals in South Korea reached 28% among urban millennials in 2023.
The luxury car rental segment grew by 18.4% in 2023, accounting for 12% of total market revenue.
Total number of rental car companies operating in South Korea was 1,248 in 2023.
Jeju Island accounted for 42% of national car rental volume in 2023.
Electric vehicle rentals surged 35% in South Korea in 2023, representing 8.2% of fleet.
Corporate rentals made up 55% of B2B market share in 2023.
Post-COVID recovery led to 22% growth in tourist rentals in 2023.
Projected CAGR for Korean car rental market 2024-2028 is 6.8%.
Incheon Airport rentals contributed 18% to national totals in 2023.
Short-term rentals (1-3 days) comprised 67% of all transactions in 2023.
Market value of one-way rentals reached 320 billion KRW in 2023.
Subscription-based rentals grew 25% to 150,000 subscribers in 2023.
Regional market share outside Seoul was 38% in 2023.
Total assets of top 10 rental firms: 5.2 trillion KRW in 2023.
Online booking ratio hit 82% of total rentals in 2023.
Peak season (July-Aug) rentals increased 45% YoY in 2023.
Market concentration: Top 3 firms hold 65% share in 2023.

Market Size and Growth Interpretation

South Korea's rental car market is hitting all the right gears, proving that whether it's a millennial in Seoul craving convenience, a tourist on Jeju chasing freedom, or a corporation on a business trip, everyone is steering clear of ownership and opting for the open road—on someone else's dime.

Trends and Forecasts

Car rental app downloads: 12 million in 2023.
Autonomous vehicle pilot rentals: 5,000 trials projected 2024.
Sharing economy impact: 25% market shift by 2025.
Carbon emission regulations tighten 20% by 2025.
Tourism rebound forecast: 20 million renters by 2025.
Digital insurance integration: 95% adoption by 2024.
Peak demand shift to shoulder seasons: 30% rise.
Blockchain for contracts: Pilot in 10% firms 2024.
Market forecast 2028: 2.1 trillion KRW.
Gen Z entry: 35% customer growth by 2026.
Airport rental hubs expansion: 15 new by 2025.
AI pricing dynamic adoption: 60% firms.
Sustainability certifications: 70% fleets by 2025.
Cross-border rentals: 40% increase projected.
Contactless everything: 100% by 2024 end.
Fleet electrification: 25% by 2027.
Corporate subscription boom: 50% revenue share.
Rural market growth: 18% CAGR to 2028.
VR previews for vehicles: 20% booking uplift.
Regulatory cap on fees: 15% reduction impact.
Data analytics spend up 40% annually.
Partnership with ride-hailing: 30% hybrid users.
Insurance telematics: 85% claims reduction forecast.
Luxury EV rentals: 300% growth by 2026.

Trends and Forecasts Interpretation

Korea's rental car industry is frantically trying to be all things to all people at once, hurtling towards a 2.1 trillion won future where your airport-picked, AI-priced, blockchain-contracted, sustainably-certified, and possibly autonomous electric vehicle is just a VR preview away, as long as you're okay with paying through a capped fee in the shoulder season.

Sources & References

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