KOTRA Publishes Report on Future Car Trends and Overseas Expansion Strategies

KOTRA announced on the 29th that it has published a report titled 'Future Automotive Global Value Chain Trends and Overseas Expansion Strategies.'

The recent automotive industry was analyzed by dividing it into four sectors: electric vehicles, electric and electronic components, hydrogen fuel cell vehicles, and autonomous driving, and introduced trends in major markets such as the United States, Germany, China, and Japan, as well as global companies.

With the paradigm shift in the automotive industry, the proportion of electronic components in electric vehicles is expected to increase up to 70%. Promising items include e-motors, battery systems, Advanced Driver Assistance Systems (ADAS), adaptive suspension systems, lightweight and reinforced plastic materials, cameras, display technologies, and infotainment solutions.

By region, Europe and North America have high demand related to the electric and electronic sectors, while in Japan, demand for software-based component companies is increasing. KOTRA advises that domestic component manufacturers should strengthen their development and production capabilities of related parts to seek entry into overseas markets.

Kim Sangmuk, Head of KOTRA's Innovation Growth Division, stated, "From this year, global automotive demand is showing signs of recovery, and in 2024, sales are expected to reach the previous peak level of 2017," adding, "We will support our companies to expand their presence in the future car market."

This content was produced with the assistance of AI translation services.