|
Korean Companies to Showcase Their Globally Competitive items at the U.S. Auto Parts Exhibition in Detroit
With the ongoing global economic growth rebounding due to the strong demand in the emerging global economic giants such as China, India, Brazil, etc., South Korea’s main automotive parts makers are aggressively seeking ways to broaden their global market presence through actively utilizing many useful tools including energetically participating in world-famous overseas exhibitions, etc.
Reliable data of the Korea Automobile Manufacturers Association (KAMA) was reportedly quoted as saying that South Korea’s annual car production is forecast to grow by 4.8 percent this year to 4.4 million units, compared to the same period of last year riding on the recovery of increase in domestic demand and export.
As part of strengthening their global leading power and presence, the nation’s manufacturers are aggressively seeking ways to diversify markets, including strategically entering into newly emerging global giant markets such as India, the Middle East, and China, etc.
With the help of the Korea Trade-Investment Promotion Agency (KOTRA), a number of promising Korean auto parts makers will be showcased in the 2011 edition of the SAE World Congress slated for April 12 through April 14, in Detroit, the United States.
The Korean exhibitors reportedly plan to unveil their advanced and high-value-added products along with the strong merit of world price competitiveness at the internationally renowned automotive parts show.
South Korea’s vehicle production in October 2010 rose 14.8 percent compared to the same month of last year to 387,232 units.
Year-to-date production in 2010 recorded 3,485,542 vehicles, up 25.4 percent, demonstrating its slowing upward pace.
Thanks to a timely riding on the continued economic recovery, the new model release effect and enhanced marketing, domestic sales rose 1.8 percent to 133,286 vehicles, marking the highest monthly-record until the year-to-date in 2010.
Year-todate domestic sales increased 8.7 percent over a year earlier achieving sales of 1,195,423 vehicles.
Owing to the overall growth of automobile demand from the United States to emerging countries, a growing number of South Korean automobiles equipped with new features and improved price-competitiveness due to the strong yen, exports in October 2010 showed a 19.5 percent increase with 250, 359 units. Year-to-date exports
sharply rose by 32.6 percent with the record totaling 2,249,129 vehicles, fully outnumbering the entire volume of 2009 (2,148,862 vehicles).
Automobile production in November 2010 rose by 7.1 percent compared to the same month of the previous year to 389, 044 units riding on the wave of increased exports. Year-to-date production recorded 3,874,586 vehicles, up 23.3 percent, showing an improved upward trend.
Domestic demand, despite its continued strong mood including sustained economic recovery, the new model effect, and marketing strengthening, etc., decreased by 3.4 percent compared to the same month of the previous year to 132, 526 units as a result of the base effect according to the sales surge caused by the support measures for trading in old vehicles. Year-to-date domestic demand recorded 1,327, 959 vehicles, up 7.4 percent compared to the same period of last year, showing a sluggish upward pace.
Last year’s automobile exports during November, despite the problem of supply by Hyundai, a global giant car maker,
recorded 257, 037 units, up 13.1 percent compared to the same month of the previous year, thanks to several positive factors such as the overall increase in auto demand in the United States and newly emerging economies, increased quality and reliability of domestic vehicles and increase of price competitiveness due to the strong yen. Year-to-date export recorded 2,509,132 vehicles, up 30.4 percent compared to the same period of last year, demonstrating the cont inuing strong mood.
Total automobile production for 2011 is forecast to grow by 4.8 percent over the previous year to 4,400,000 units riding on the stable growth of domestic demand and exports.
Domestic sales of vehicles for 2011, amid the nation’s economic growth rate will likely be sluggish, but are predicted to climb by 3.4 percent over a year earlier to 1,500,000 units on the back of increased potential replacement demand depending on the stable flow of the economy and employment and vehicle aging and varied new models being introduced by makers.
Automobile exports for 2011, although there are some negative factors including weakening price competitiveness due to the strong won and growing overseas production, are forecast to hit a record high of 5,5 percent over the previous year to 2,900,000 units, boosted by a serious of positive signs including the continued recovery of the global auto market, increase of the quality and brand value of the domestic vehicles, export-oriented vehicles expanding and the FTA implementation between South Korea and the EU.
Also, the export ratio among the domestic production is predicted to slightly grow by 65.9 percent (61.2 percent in 2009, 65.5 percent in 2010).
|
Other Articles
