The Korean market (PC + LUV) fell by 1.6% in 2019
- The Korean automotive market (PC + LUV) remained stable in 2019, in a global context of declining markets. It fell just 1.6%, when the global auto market declined more than 4% last year. The Korean market benefits from a slightly lower motorization rate than that of the other large producing countries (475 cars per 1,000 inhabitants, against 550 in Europe, 615 in Japan and 750 in the United States) and a renewal of several models from the Hyundai-Kia group, which now accounts for over 70% of sales in this country.
- The Korean market therefore stabilized at 1.8 million light vehicles (PC + LUV) in 2019 compared to the previous year and this stabilization of the Korean market can be observed since 2015 which marks the end of the uninterrupted ascent sales since the early 1980s (except during the Asian crisis in the late 1990s).
- The Korean market seems to take the same way as the Japanese market, meaning a stabilization of sales over a long period which corresponds to the situation of a mature market.
- By carmaker, the Hyundai-Kia group remains by far the market leader in 2019, with a share of 71% (compared to 69% in 2018), ahead of the Mahindra-Ssangyong (6%), Renault-Nissan groups (5%), Daimler (4%), GM (4%) and BMW (3%). GM’s presence in this market is becoming increasingly critical, and the future of this once successful group appears to be uncertain. SUVs represented 36% of the Korean market compared to 33% in 2018.
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