Popularity of imported luxury vehicles on the rise in both South Korea and Japan

In South Korea in 2021, the number of imported new cars each priced above 100 million won (about $81,000) was more than 59,000 units. This represents 22 percent of all imported vehicles to South Korea. A total of around 277,000 imported vehicles were sold in South Korea last year. Similar figures were reported for Japan by the Japan Automobile Import Association. There, over 28,700 vehicles were sold, each priced at more than 010 million yen (about $79,000). This represents a 23 percent increase over 2020 and is the highest figure since it was recorded in 2003. The total number of imported vehicles sold in Japan last year numbered more than 259,000 units. Many products linked to the automotive manufacture industries, f.e. example certain assembly line machinery and others, need a KCs certification in order to be allowed import and use in the Korean market.

An automotive industry expert attributed the rising popularity to two reasons: the restriction of overseas travel due to the Covid 19 pandemic and a strong stock market in the two countries. This led to higher disposable income and more luxury vehicle purchases.

In contrast, the market in Korea and Japan faces several challenges in 2022. Both the shortage of semiconductors, the global pandemic and the situation in Ukraine led to impairments of the production chains. Observers continue to wait for further developments and are looking for an early recovery of sales figures after the crises have ended, as semiconductors have become more available again and more and more lockdowns in logistically critical cities such as Shanghai are being lifted by their governments.

Does your company operate in the automotive industry and have or plan to have business relationships with South Korea? Many products imported into South Korea need to be pre-tested and certified. MPR International GmbH recommends itself as a partner for your Korea certification. We will be pleased to check for you, without obligation, whether your products are subject to certification and to prepare an attractive offer for you.

Feel free to contact us any time if you need assistance or have any questions regarding Korean certifications like KC, KC EMC, KCs, KCs for explosion safety products or KGS factory registration.

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Verena Numssen

About the author: Verena Numssen is managing director of MPR International GmbH

Publisher: MPR International GmbH

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