South Korea’s imported car market heats up with luxury surge

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South Korea’s imported car market heats up with luxury surge

BMirror Desk:

South Korea’s imported car market gained momentum in April, marking the second consecutive month of growth fueled by strong demand for foreign luxury vehicles, according to industry data released Tuesday by the Korea Automobile Importers and Distributors Association (KAIDA).

Sales of imported cars reached 21,560 units in April, reflecting a 3.1% increase compared to the same period last year. This upward trend follows a 6.0% growth recorded in March. However, it’s important to note that year-to-date sales for imported vehicles remain down 7.8% compared to the first four months of 2023.

German automakers dominated the luxury car segment. Mercedes-Benz secured the top spot with 6,683 units sold, followed closely by BMW with 5,750 units. Tesla, the sole American brand in the top five, managed to move 1,722 units. European models continued to reign supreme, capturing a commanding 78.2% market share with 16,856 units sold. US and Japanese brands held smaller shares of 12.6% and 9.2% respectively.

This surge in imported luxury car sales suggests a growing preference for high-end vehicles among South Korean consumers. It remains to be seen if this trend will continue throughout the year, but for now, it appears German luxury carmakers are reaping the benefits of this market shift.

Bmirrorhttps://bmirror.net/
businessmirror20@gmail.com

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