Korea Automotive Aftermarket
About this product:
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.