March 2, 2024

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

A market analyst has instructed just-car that he expects development in the South Korean car or truck market to continue in 2021.

South Korean Automakers noticed a six.2{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} improve in January-November domestic automotive profits and South Korea is set to sign up around one.6m domestic car or truck profits in 2020. The place was the among the the early COVID-19 hit nations but has also been foremost the market restoration.

Bakar Sadik Agwan, Senior Automotive Consulting Analyst at GlobalData, states that regardless of slower exports demand from customers this calendar year, due to world wide COVID-19 impacts, domestic car or truck demand from customers has remained potent in 2020 due to a variety of elements.

“There are several elements that have been supporting the positive uptick in domestic profits this kind of as the enhanced will need for personalized mobility, the availability of incentives on electric motor vehicles, tax break by the governing administration, intense advertising strategies and the start of new models, which has considerably fuelled the new car or truck demand from customers,” Agwan maintains.

Agwan states the Korean market could cross one.six million models, which would indicate highest new car or truck profits total considering that calendar year 2002.

South Korea’s top rated five automakers Hyundai Motor Co., Kia Motors Corp., GM Korea Co., Renault Samsung Motors Corp. and SsangYong Motor Co. claimed a six.2{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} improve in domestic profits in January-November 2020. The corporations marketed a cumulative one.47m models in the period of time.

“At a time when exports, which account important share in Korean automaker profits, are declining, rising domestic demand from customers is a important positive signal for domestic OEMs,” Agwan maintains.

See also: South Korean profits increase 5{0764260a27b4b31ca71a8adf79c3ae299a61e6f062052eee3f0df84ce9b30ade} in November