A research project to help Australian exporters in the Korean market sawthe Australian Trade Commission (Austrade) working with Spire Research and Consulting in Korea to develop a report on opportunities and trends in the Korean Automotive Market 2010.
Online PR News – 28-January-2013 – Singapore – 22 December 2010
Spire Korea’s report quantified and analyzed the most important market opportunities residing in the Korean automotive industry.
Korean Automotive Market Report 2010
– Opportunities and Trends
The report on the Korean Automotive Market 2010 – Opportunities and Trends – was commissioned by the Australian Trade Commission (Austrade), partnering with Spire Research and Consulting in Korea to develop the market research findings.
Some interesting highlights from the report include the following.
The importance of automotive industry
The Korean automotive industry, a growth driver in the Korean economy, is significant for exports, value-added taxes and employment. It accounts for 9.9% of the manufacturing sector’s total production, 9.1% of employment, 18.1% of value-added tax and 12.8% of exports (US$49, 063 million).
Figure 1, The importance of the Korean automotive industry in the manufacturing sector, 2008
The Korean automotive industry comprises seven major automakers, 889 module makers and 1st tier parts manufacturers, over 3,000 2nd and 3rd tier parts makers, material suppliers and supporting firms.
The multiplier effects emanating from the automotive industry are stronger than those from the shipbuilding or electronics industry. This is mainly due to the strong interconnectivity between parts and vehicle manufacturers.