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Korea Automotive Aftermarket

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Korea is the number six car maker in the world, and its automotive aftermarket is estimated at $2.2 billion. As more import passenger cars enter Korea, and Korean consumers gain more appetites for high quality auto parts and accessories, the import automotive aftermarket is forecast to grow steadily. If the on-going Free Trade Agreement (FTA) negotiations between the U.S. and Korea conclude successfully, it will have a significantly favorable impact for U.S. auto aftermarket suppliers, as it will lift the eight percent duty Korea currently levies on automotive parts imports. However, U.S. suppliers need to be aware of the fierce competition from long-established domestic suppliers, joint ventures, and imports from Japan, China and Europe among others.

 

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Korea Local Production in Automotive Parts Industry

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In 2003, Korea manufactured 3.2 million units of automotive vehicles which accounted for 5.5% of the global automotive production volume, while ranked 6th largest following the U.S., Japan, Germany, China and France. The production volume is forecast to reach 3.4 million in 2004, up 7%, mostly stimulated by recovering domestic demand and aggressive export plan of Korean automotive OEMs.

 

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