Korea’s automotive aftermarket is estimated at USD 1.8 billion and continues to grow strong. As more imported passenger automobiles enter the Korean market, local consumers are beginning to realize value in the diversity of autos available and the need to maintain and accessorize their automobile purchase. For this reason, the automotive aftermarket is forecast to grow steadily. While Korea has traditionally covered most of its aftermarket demand through either indigenous Korean suppliers or non-Korean parts suppliers’ transplants in Korea, there are market opportunities for import aftermarket parts and accessories with unique applications. Utilizing effective local sales networks and fully understanding the market climate, U.S. aftermarket suppliers will be able to reap the best out of the market.
The automotive parts market in Korea has continued to grow at a modest rate over the last five years. The total production of automotive parts was estimated at $38.7 billion in 2009, of which $29.7 billion and $1.8 billion was for the OEM market and the aftermarket, respectively. The remaining $7.2 billion was for the export market.
While no statistics are available, the accessory market is growing as well. Best prospects include lubricants and multimedia (audio/video equipment, navigation) that cover about 60 percent of the entire accessory market, while the remaining market share would include batteries, dress-up tuning parts, electronic components, and window films, etc.