The market is dominated by domestic suppliers, as imports account for 16.1% of total market size in 2023. B2B drives market demand, with B2B spending representing 51.8% of total demand in 2023. South Korea has the fourth largest market size for motor vehicles and parts regionally, with demand reaching USD133 billion in 2023. Hyundai Motor Co Ltd is the largest company in South Korea, generating 26.6% of the industry’s total production value in 2023. The industry is concentrated, with the top five companies generating 55.2% of total production value in 2023. The total number of companies increases in 2023, to 13,030 units. The costs of the industry increase by 0.6% in 2023, largely driven by rising labour costs. The industry’s profitability increases and stands at 10.4% of production value in 2023, the 11th highest regionally. The industry’s exports share decreases in 2023 to 37.6% of total production output. With production value of USD161 billion, South Korea accounts for 7.1% of the Asia Pacific total in 2023.
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This Euromonitor industrial report provides unique information on Motor Vehicles and Parts in South Korea: ISIC 34. With this industrial report, you’ll be able to explore the industry from its sources of supply to its buyers. The Motor Vehicles and Parts in South Korea: ISIC 34 report includes: Industry datagraphics including production data, exports, imports, cost structure, and profitability
This is the aggregation of aircraft and spacecraft, motors vehicles, trailers and semi-trailers, motocycles, bicycles and other transport equipment, railway and tramway locomotives and rolling stock, and ships and boats.
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