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Hyundai and Kia Group Set New Market Share Record Last Year
Hyundai and Kia Group Set New Market Share Record Last Year
  • By matthew
  • February 7, 2013, 14:03
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The combined global market share of Hyundai Motor Company and Kia Motors added up to 8.8% last year to set a new record.

According to market research firm JD Power, Hyundai and Kia sold 4.392 million and 2.709 million units of cars in the retail car market last year, respectively, when the global total sales volume was approximately 80.892 million units. In particular, the two companies’ combined market share amounted to 9.4% in the final quarter, 0.3% higher than the previous record set in Q2, 2011.

Their global market share has increased gradually for years. It was 6.1% in 2007 and rose to 6.4% in 2008, 7.8% in 2009, 8.1% in 2010 and 8.6% in 2011. The solid growth can be attributed to their strong performance in most of the global markets excluding Korea despite the worldwide recession and the industry’s slowdown. They have recorded a sales growth rate of an average of 10% in most regional markets. In 2012, the global car market increased 5.2% in size whereas the growth rate for 2010 and 2011 had been 13.3% and 6.3%, respectively. Still, Hyundai and Kia succeeded in recording a higher-than-average growth rate.

In terms of shipments, Hyundai and Kia took the fifth spot last year by supplying 7.14 million units, followed by Toyota (9.75 million), GM (9.29 million), Volkswagen (9.07 million) and Renault Nissan (8.1 million).