But Struggle in Emerging Markets
Korean automobiles posted a global market share of 7.7 percent in the first half of this year, down 0.2 percentage points from 7.9 percent in the first half of last year, according to a report released by the Korea Automobile Manufacturers Association (KAMA) on Sept. 18.
Korean carmakers increased their market shares in major markets such as Europe (from 7.6 percent to 9.9 percent) and the United States (from 9.7 percent to 10.4 percent), thanks to strong sales of their electric vehicles (EVs) and compact SUVs.
However, their share inched down in emerging markets such as India (from 23.3 percent to 21.3 percent). But Korean cars fared relatively well, considering that market shares of American, European and Japanese cars all plunged. Chinese cars, however, increased their market share.
In the first half of this year, European cars recorded the highest market share (26.7 percent) in major global markets, but decreased by 2.6 percentage points from the same period of last year. Japanese cars came in next with 26.5 percent, down from 27.7 percent in the first half of 2021.
As Chinese EV makers such as BYD enjoyed sharp growth, mainly in the Chinese market, their market share soared to 19.1 percent from 15.4 percent in the same period of last year.