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Korea’s imported car market to grow to record high in 2018

2017.12.14 16:24:06
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Imported car sales will reach a new high level in Korea next year, driven by increased consumer wealth, sales resumption of Audi and Volkswagen, new model releases and aggressive marketing pitches, according to a local association of imported car dealers.

The Korea Automobile Importers and Distributors Association (KAIDA) said on Thursday the local imported car market is expected to hit a record 256,000 units next year, up about 9 percent from 235,000 units estimated for this year.

It is the highest level in history, surpassing a previous record of 243,000 units compiled in 2015. Major growth factors include the country’s upbeat export and economic growth, resumed sales by Audi and Volkswagen, new model launches from multiple brands and aggressive marketing. An increasing consumer preference to drive electric vehicles is another growth factor of the market.

The imported car market in Korea had continued growth until 2015, when the market began to slump as emissions cheating news broke.

The sales resumption of Audi and VW brands and aggressive marketing to woo local consumers will bring vitality to the local market next year, said the KAIDA.

By Kang Young-woon and Minu Kim

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]

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