Korean automobile market and production 2015 forecast
- In Korea, new imported models and reduced tariff due to the Korea-EU FTA boosted imported automobile sales, becoming the drivers of the market. As a result, the automobile market (PC+UV) is forecast to increase 4.6 percent in 2014 compared to the previous year to 1.61 million units.
- In 2015, specific consumption tax rate is scheduled to be reduced from 6 percent to 5 percent on some automobiles and tariff is planned to be lowered on automobiles imported from the EU. As a result, salesare expected to keep expanding driven by imported models. Under these circumstances, the market is projected to reach 1.65 million units, surpassing 1996's record high level of 1.64 million units.
- In 2014, Korea's production volume is forecast to fall 1.6 percent to around 4.45 million units. The decline is attributed to strikes at Hyundai Motor and other automakers and shrinking export to Europe by GM Korea.
- In 2015, production volume is projected to recover to 4.5 million units. In September 2014, Renault Nissan began production under contract of the Nissan Rogue for the US market with an annual scale of 80,000 units; however, declining export of GM Korea to Europe, lowered overall increase.
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