South Korean Car Market (PC + LUV) 2017
- The South Korean automotive market (PC + LUV) returned to negative in 2017 (-2.5%), after a stable sales in 2016 (-0.4%). The volume announced in 2017 is 1 548 000 units, compared to 1 588 000 in 2016. The peak of registrations was reached in 2015, with 1 600 000 units. According to Inovev, this record will not be exceeded in 2018, despite the Olympic Winter Games that are taking place place in this country in February this year.
- When we look at the graph below representing the monthly rise and fall of the South Korean market in 2016 and 2017, we can see that the trend is very mixed. But since October 2017, the trend is clearly downward, perhaps because of the palpable tension between the two Koreas at that time.
- In 2017, the Hyundai-Kia Group largely dominates the South Korean market, with a 63.5% market share. Hyundai-Kia is far ahead of the GM Korea group (8.1% market share) which has just announced the closure of one of its local factories (due to a drop in sales of Chevrolet models in Korea and on export markets ), the Renault-Nissan group (7.1% market share), which sells cars under the Renault-Samsung brand and Mahindra (6.9% market share), which sells its cars under the Ssangyong brand. Imports account for 14.4% of local registrations, which is twice the proportion of Japan. The first two imported brands are premium ones: BMW and Mercedes.
Contact us: info@inovev.com