The popularity of German car brands is increasing again with Mercedes-Benz maintaining its popularity, BMW showing a recovery, and Japanese cars shunned by more and more customers.
The Korea Automobile Importers & Distributors Association announced on March 9 that the German car sales volume increased 23.4 percent year on year to 10,320 units in February this year and German car brands’ share in the imported car market rose from 52.6 percent to 61.7 percent during the period.
The market share was around 50 percent early last year and fell to 45.97 percent in March 2019. Then, it jumped to 60 percent in July and has remained above that level so far.
This has to do with Japanese cars’ decreasing popularity in the South Korean market. Last year, their market share topped 20 percent, led by hybrid cars, before the boycott of Japanese products that started in summer. At present, the imported car market is shrinking but German car brands are continuing to grow, which means their market share can continue to increase. The market share of Japanese car brands dropped from 24.12 percent to 7 percent or so from March to July 2019. It is likely to remain below 10 percent this year.