"Overseas Market Car Sales Increase by 30.6% in First Half, Showing V-Shaped Recovery"

Source: Korea Automobile Manufacturers Association (KAMA)

[Asia Economy Reporter Changhwan Lee] Overseas automobile sales in the first half of this year have significantly increased compared to the previous year.

On the 19th, the Korea Automobile Manufacturers Association (KAMA) released the report "2021 First Half Overseas Major Automobile Market Sales and Policy Trends," stating that automobile sales in major overseas markets in the first half of this year rebounded in a V-shape, increasing by 30.6% year-on-year to 28.57 million units.

By market, the year-on-year growth rates were India (95.2%), Russia (38.2%), the United States (29.3%), China (27.5%), Europe (27.1%), Brazil (26.3%), and Mexico (18.1%).

The Indian market showed the largest increase due to the low base caused by nationwide lockdowns last year, and the launch of various new models by brands led to the sales growth.

The United States benefited from the full-scale distribution of vaccines and government stimulus measures, while China was influenced by a sharp increase (217.4%) in sales of new energy vehicles such as electric vehicles (EVs).

Europe experienced some limitations in sales recovery due to strengthened lockdown measures amid the resurgence of COVID-19, and Brazil faced production disruptions (approximately 100,000 to 120,000 units) caused by a shortage of automotive semiconductors.

By nationality of manufacturers, the market share of Asian manufacturers (Korean, Chinese, Japanese) in major overseas markets increased from 47.8% last year to 50.6%. The combined market share of American and European manufacturers decreased from 50.1% last year to 46.7%.

Chinese manufacturers, centered on the domestic market, saw growth in local brands including EV companies, while Korean manufacturers expanded their market share mainly in the United States, Europe, and India by rapidly expanding their lineup to meet recent demand for SUVs and electrified models.

Jung Manki, Chairman of KAMA, said, "As global automobile market demand is recovering from the slump caused by COVID-19 last year, strengthening labor flexibility and securing competitiveness in future vehicles such as electric-powered cars are necessary to continuously expand our global market share through increased production volume." He added, "It is necessary to strengthen support measures such as expanding tax credits for future vehicle R&D investments and related facilities, and easing regulations on data collection and utilization."

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