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SOUTH KOREA
South Korea provides Premium-Sector with BRIC market safety net
Importers win record market share in Korean market - June import share reached 15 per cent for first time

Published: Thu, 18 Sep 2014 17:29:12 GMT
 

Heavy traffic South Korea

Not so long ago, the so-called BRIC markets still stood out as outstanding growth motors for the world’s autoindustry. 

Fast forward to 2013 and the year to date, and the thrust seen earlier in BRIC member economies such as Brazil, Russia and India was suddenly missing. 

Potentially at least, the abrupt slowdown in these countries suddenly left autoindustry planners with a problem. 

That’s chiefly the need to find alternative markets to take up the slack. 

Korea, a car export juggernaut, became the focus of their attention, particularly for Europe’s premium car makers.

Intriguingly, while Korea’s autoindustry swamped most leading Western world markets with their cars, until fairly recently the previously heavily bolted door to their Korean home market remained all but shut.


99%
Korean domestics’ car sales share in 2001


15%
Importers car sales share during June 2014


As recently as the millennium change, in 2001 Korea’s domestic carmakers still accounted for 99 per cent of the cars sold in their home patch. 

Importers, after years of strenuous and largely fruitless efforts took less than 1 per cent of Korea’s car market in 2001, rising thereafter to a still under whelming 4.3 per cent a handful of years later.

Just 40,530 imported cars found Korean buyers during the whole of 2006
...more
 


MORE LIKE THIS:


> BMW now sells more cars in Korea than in Russia, says AID Newsletter  16 Sep 2014


> China’s flying automotive dragon shows precious few signs of losing altitude  07 May 2014


> China’s SUV-Crossover segment stays on the boil - Ford sector sales drive  15 May 2014


DATA AVAILABLE TO SUBSCRIBERS WITH THIS ARTICLE:

KOREA new CAR sales:

by manufacturer and marque
JUNE 2014 V JUNE 2013
6-MOnths 2014 v 6-Months 2013

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