Increasing ratio of local market dominance by imported cars

Korea’s smallsized car markets are being dominated by imported ones following the pattern of highend vehicles. According to the recent data released by auto circles, the imported cars with an engine displacement of 2,000 cc or less sold 79,411 units from January to September this year, up 28.4 percent from 61,839 units in the same period of last year.

Industry-TrendsThe imported small-sized cars’ portion, of the total sales of imported cars, jumped 4.1 percentage points from 49.4 percent in 2012 to 53.5 percent in 2013. It has been on a rise with 54.5 percent in September this year. In the meantime, sales of domestic cars with the same engine size fell 3.2 percent from 168,925 units in 2013 to 163,517 units in 2014.

By type, accumulative sales of Hyundai Motor’s ‘Accent’ for the January-October period declined 22.8 percent year-on-year(Y.O.Y.) and those of Kia’s ‘Pride’ went down 20.9 percent. Sales of quasi-mid-sized car ‘Avante’ and ‘K3’ also dropped 5.4 percent and 9.2 percent, each. It is notable that the market size of local compact cars is only beoming smaller in spite of the overall growth of local car market. This is attributable to the comparative less investment led by local car makers in compact cars than on the larger cars, which have more potentiality in generating economic profits than compact cars).

 
 
korean-machinery.com | Blog Magazine of korean-machinery, brands and Goods

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