[People Insight] 2018/19 Automobile Report in Korea
Updated: Jan 11, 2019
"Local large size SUV and family car reflect the needs of family, while personal taste is driving the imported car selling."
The automobile market size continually increased until 2015, but last 3 years it shows very stagnantly. These figures were collected in 2017, so here is an updated figure for 2018.
For Domestic around 1,480,000 cars For imported around 240,000 cars. Total 1,720,000 cars. It was a bit lower than expected. Hyundai & Kia has the biggest pie in Korea. Following by, SSANGYONG, Chevrolet, and Renault. As the imported brand, MB and BMW are top 2. Forks Wagen is struggling last 2 years due to the diesel gate.
While the local car has around 85% market share, the imported car has around 15% market share. For imported cars, the top4s are all sedan.
2019 Car Market in Korea
-Big sized car will be still popular for family man
-Easy to drive tech will be loved by Women driver
-German Car Premium will stay for Sedan customers
-Electronic car sales will not grow as fast as expected.