26/09/2021

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South Korea market to continue upward trend – analyst | Automotive Industry News

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A current market analyst has advised just-automobile that he expects development in the South Korean...

A current market analyst has advised just-automobile that he expects development in the South Korean vehicle current market to carry on in 2021.

South Korean Automakers observed a 6.two{ed0b873b90f1b87a4f3b347f1646a477c6eee9bccb9dcbe5ac9cb67a3d16495a} enhance in January-November domestic automotive product sales and South Korea is set to register more than 1.6m domestic vehicle product sales in 2020. The country was the between the early COVID-19 hit nations but has also been primary the current market recovery.

Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, states that inspite of slower exports demand this yr, thanks to world-wide COVID-19 impacts, domestic vehicle demand has remained sturdy in 2020 thanks to a range of aspects.

“There are quite a few aspects that have been supporting the good uptick in domestic product sales this kind of as the elevated will need for particular mobility, the availability of incentives on electrical cars, tax crack by the government, intense promotion strategies and the launch of new versions, which has substantially fuelled the new vehicle demand,” Agwan maintains.

Agwan states the Korean current market could cross 1.6 million units, which would indicate best new vehicle product sales complete considering that yr 2002.

South Korea’s major five automakers Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. claimed a 6.two{ed0b873b90f1b87a4f3b347f1646a477c6eee9bccb9dcbe5ac9cb67a3d16495a} enhance in domestic product sales in January-November 2020. The firms bought a cumulative 1.47m units in the interval.

“At a time when exports, which account big share in Korean automaker product sales, are declining, growing domestic demand is a big good indication for domestic OEMs,” Agwan maintains.

See also: South Korean product sales increase five{ed0b873b90f1b87a4f3b347f1646a477c6eee9bccb9dcbe5ac9cb67a3d16495a} in November

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