South Korean market (PC + LUV) grew 5% in 2020
- The South Korean market for passenger cars (PCs) and light utility vehicles (LUVs) market grew by 5% in 2020, to 1,873,764 units compared to 1,784,000 in 2019, despite the coronavirus crisis, which is an excellent result as far as the world market fell by almost 14%.
- South Korea is one of the rare country (with Turkey) to see its market grow in 2020. This is undoubtedly a consequence of the good management of the health crisis last year, with few plant closures but an immediate closure of borders, to avoid contamination of people coming from abroad. Unlike Turkey, South Korea set a new registration record in 2020, with the previous record set in 2015 at a volume of 1,833,000 units.
- In this context, the Hyundai-Kia group remains largely dominant in the Korean market, with a market share of 72.3% in 2020 (a higher share than Toyota group in Japan, which is already extremely important). Far behind, the Renault-Nissan group, with a 5.1% share, overtook the Mahindra group represented by the Korean brand Ssangyong in great difficulty (this brand has just been put into bankruptcy) which falls to 4.7% of the market and whose sales fell by 18.5% in 2020 (it is the only Korean carmaker to post a decline in sales). The once flourishing GM Korea group (along with Daewoo) is falling to 3.7% of the market, which is the level of imported brands like Mercedes and BMW. Imports represent a total of 14.2%, constantly increasing (they represented 13.9% of the market in 2019). SUVs continue their breakthrough in the Korean market, with a market share of 39% in 2020 compared to 36% in 2019.
Contact us: info@inovev.com