Korean Carmakers Boost Global Market Share by 1.2%

Korean carmakers raised their global market share by 1.2 percent from 7.3 percent to 8.4 percent, while suffering a 15.9 percent drop in sales, according to the Korea Automobile Manufacturers Association (KAMA).

Korean sport utility vehicle brands posted strong sales in the United States, Europe, and India.

A KAMA official attributed the increased market share to the quick response by Korean carmakers to the outbreak resulting in a relatively high plant utilization rate in the first quarter.

China suffered the most, shrinking sales by 45.4 percent, with shares dipping by 3.5 percentage points from 14.9 percent to 11.4 percent.

Meanwhile, sales of European cars shrank 26.3 percent, while suffering a 0.3 percent dip in global shares in the first quarter, dropping to 31.5 from 31.8 percent in 2019.

Those from India recorded a 22.4 percent drop in sales.

On the other hand, the market shares of American car brands increased 0.9 percentage points from 18.1 percent to 19.9 percent, as sales decreased by 12.7 points.

The market share of Japanese car brands went up 1.7 percentage points from 25.5 percent to 26.3 percent.

Mexico and Brazil experienced 10.9 percent and 9.2 percent drops in sales due to quarantine measures.

On the contrary, sales increased 1.8 percent on year in Russia due to advanced purchases by consumers worried about a surge in vehicle prices due to a decline in the value of the Russian ruble.

The pandemic pushed down auto sales in major markets by 27.5 percent year on year in the first quarter of 2020.