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Market
Market Outline
Since
the early 1960s, South Korea has achieved an incredible record of
growth and integration into high-tech modern world economy. Four
decades ago the GDP per capita was comparable with levels in the poorer
countries of Africa and Asia. Today its GDP per capita is 18 times
North Korea's and equal to the lesser economies of the European Union.
This success through the late 1980s was achieved by a system of close
government/business ties, including directed credit, import
restrictions, sponsorship of specific industries, and a strong labour
effort. Korea is ranking number five of car manufacturers world
wide. The world is turning its attraction to Korea with the most
suitable infrastructure such as the Incheon International Airport,
established as northeast Asia’s hub port. Northeast Asia is
quickly rising as the world’s largest automobile producer and
consumer at the same time. With more than 3.5 Mio. produced
units (9 % cars, 7 % trucks and 3 % buses) and about 2 Mio.
registered cars in 2009, the Korean
automobile industry is an important customer for international
suppliers. International companies benefit from the sustained openness
of the domestic market towards foreign products. The market share of
import cars was 4,94 % in 2009. European
manufacturers ranking on position two behind Asia with a market share of 36 % of
imported cars.
Quality upgrades and attractive production volumes offer great chances
for the international automotive supplier industry. With the increase
in auto parts demand, the Northeast Asian region has become one of the
world’s most vital markets.
Northeast Asia is rising as
the world’s greatest cluster of autoparts Industries. The
potential of this region is unlimited, considering the synergy effects
displayed by the coupling of the technological and price competition of
the three countries.
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