South Korean market up 0.2% in the first nine months of 2017
- The South Korean market (PC + LCV) increased by 19.5% in September 2017, which is the best monthly figure recorded this year, and confirms the rebound of this market after a negative second half of 2016 and first semester of 2017. During the 2017 9 month total, the South Korean market grew by 0.2% to 1.35 million units, whereas it decreased by 0.4% in 2016 but increased by 11.4% in 2015.
- In conclusion, according to these figures, the South Korean market seems stable in 2016 and 2017. However this observation is deceptive, as the amplitude of growth and decrease are so high in recent months that it is difficult to predict the level of the South Korean market at the end of 2017.
- However, according to Inovev, it could vary from 1.85 to 1.9 million units in 2017, which would be equivalent to a new registration record in this country, despite repeated nuclear threats from its dangerous neighbor, North Korea.
- The South Korean market is still a highly concentrated market, with Korean automakers accounting for 86% of total registrations, including 68% for the Hyundai-Kia group alone (Hyundai: 36%, Kia: 29%, Genesis: 3%), 6% for Chevrolet, 6% for Renault-Samsung and 6% for Ssangyong. Foreign manufacturers represent only 14% of the South Korean market.
- The future of this market will depend mainly on the political situation in the region.
Contact us: info@inovev.com