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Country Report

Luxury Cars in

Premium and Luxury Cars in South Korea

Jan 2020

US$990

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Executive Summary

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If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extract FREE!

PROSPECTS

Premium and luxury cars in South Korea a show highly uniform trend; however, growth in 2019 was hampered

Small four-door vehicles and small SUVs are popular luxury car formats in South Korea, especially among younger consumers and families with children. The strong car frame is the most appealing point for consumers who choose small SUVs, and small-sized cars are often preferred in South Korea, as large cars are not well suited to the domestic roads, which are much narrower than in Western countries – as well as the limited parking spaces.

Players focus on younger consumers through social media channels and promotional events

Premium and luxury car players are increasingly targeting young consumers in South Korea. BMW and Mercedes-Benz had promotional deal on their small four-doors, and Maserati targeted young consumers with trial ride events, often organised through social media platforms such as Instagram, Twitter and Facebook, reaching a higher percentage of younger consumers.

Premium and luxury cars such as Lexus lose sales as consumers boycott Japanese products

In 2019, the boycott movement against Japanese products continued to rise in South Korea, due to Trade War continuing between the two countries. Consumers willingly participated in boycotting Japanese offerings, including luxury cars, with Lexus being directly impacted by the boycott.

COMPETITIVE LANDSCAPE

Mercedes-Benz retains its lead, however negative connotations and its premium rental business may impact value sales in future

While Mercedes-Benz leads premium and luxury cars in South Korea, consumers are looking for luxury car players that are not so common. In South Korea, there is a mocking name for Mercedes-Benz; Gangnam Sonata.

Tesla Model 3 becomes available as consumers appreciated the affordable price-point of the new model

In 2019, Tesla Model 3 was launched in South Korea. The launch came three years after the model was released in other countries, consumers’ interest was at an extreme high level.

BMW continued to see a drop in their share following a series of engine fires

BMW has seen a continued decline in 2019 due to a series of engine fire incidents, which led to extensive recalls and investigations. In 2018, 40 BMW vehicles caught fire either while being driven or when parked.

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Overview

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Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.

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Overview

Discover the latest market trends and uncover sources of future market growth for the Luxury Cars industry in South Korea with research from Euromonitor's team of in-country analysts.

Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.

If you're in the Luxury Cars industry in South Korea, our research will save you time and money while empowering you to make informed, profitable decisions.

The Luxury Cars in South Korea market research report includes:

Analysis of key supply-side and demand trends
Detailed segmentation of international and local products
Historic volumes and values, company and brand market shares
Five year forecasts of market trends and market growth
Robust and transparent market research methodology, conducted in-country

Our market research reports answer questions such as:

What is the market size of Luxury Cars in South Korea?
What are the major brands in South Korea?

Why buy this report?

Gain competitive intelligence about market leaders
Track key industry trends, opportunities and threats
Inform your marketing, brand, strategy and market development, sales and supply functions

This industry report originates from Passport, our

Luxury Goods market research database.

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Premium and Luxury Cars in South Korea - Category analysis

HEADLINES

PROSPECTS

Premium and luxury cars in South Korea a show highly uniform trend; however, growth in 2019 was hampered

Players focus on younger consumers through social media channels and promotional events

Premium and luxury cars such as Lexus lose sales as consumers boycott Japanese products

COMPETITIVE LANDSCAPE

Mercedes-Benz retains its lead, however negative connotations and its premium rental business may impact value sales in future

Tesla Model 3 becomes available as consumers appreciated the affordable price-point of the new model

BMW continued to see a drop in their share following a series of engine fires

CATEGORY DATA

Table 1 Sales of Premium and Luxury Cars: Value 2014-2019
Table 2 Sales of Premium and Luxury Cars: % Value Growth 2014-2019
Table 3 NBO Company Shares of Premium and Luxury Cars: % Value 2014-2018
Table 4 LBN Brand Shares of Premium and Luxury Cars: % Value 2015-2018
Table 5 Forecast Sales of Premium and Luxury Cars: Value 2019-2024
Table 6 Forecast Sales of Premium and Luxury Cars: % Value Growth 2019-2024

Luxury Goods in South Korea - Industry Overview

EXECUTIVE SUMMARY

Growth in luxury goods is driven by an increasing consumer base and rise in local luxury offerings, however duty-free and imitations goods remain a threat in 2019

The decrease in Chinese tourists sees players developing offerings for local consumers, as retailers create special VIP areas

Luxury cars led the landscape in 2019, as Daimler AG retained its first-place position with Mercedes-Benz, and BMW lost value share

Premium outlets pose a threat to department stores, as they offer high-level discounts on several luxury players

Growth over the forecast period will be driven by tourism, affordable luxury and a diverse range of new players

MARKET INDICATORS

Table 7 Number of High Net Worth Individuals (HNWI): 2014-2019

MARKET DATA

Table 8 Sales of Luxury Goods by Category: Value 2014-2019
Table 9 Sales of Luxury Goods by Category: % Value Growth 2014-2019
Table 10 Inbound Receipts for Luxury Goods by Country of Origin: Value 2014-2019
Table 11 NBO Company Shares of Luxury Goods: % Value 2014-2018
Table 12 LBN Brand Shares of Luxury Goods: % Value 2015-2018
Table 13 Distribution of Luxury Goods by Format and Category: % Value 2019
Table 14 Forecast Sales of Luxury Goods by Category: Value 2019-2024
Table 15 Forecast Sales of Luxury Goods by Category: % Value Growth 2019-2024

Megatrends

Country Report

Premium and Luxury Cars in South Korea

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Executive Summary

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PROSPECTS

Premium and luxury cars in South Korea a show highly uniform trend; however, growth in 2019 was hampered

Players focus on younger consumers through social media channels and promotional events

Premium and luxury cars such as Lexus lose sales as consumers boycott Japanese products

COMPETITIVE LANDSCAPE

Mercedes-Benz retains its lead, however negative connotations and its premium rental business may impact value sales in future

Tesla Model 3 becomes available as consumers appreciated the affordable price-point of the new model

BMW continued to see a drop in their share following a series of engine fires

Overview

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Overview

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Table of Contents

Premium and Luxury Cars in South Korea - Category analysis

HEADLINES

PROSPECTS

Premium and luxury cars in South Korea a show highly uniform trend; however, growth in 2019 was hampered

Players focus on younger consumers through social media channels and promotional events

Premium and luxury cars such as Lexus lose sales as consumers boycott Japanese products

COMPETITIVE LANDSCAPE

Mercedes-Benz retains its lead, however negative connotations and its premium rental business may impact value sales in future

Tesla Model 3 becomes available as consumers appreciated the affordable price-point of the new model

BMW continued to see a drop in their share following a series of engine fires

CATEGORY DATA

Luxury Goods in South Korea - Industry Overview

EXECUTIVE SUMMARY

Growth in luxury goods is driven by an increasing consumer base and rise in local luxury offerings, however duty-free and imitations goods remain a threat in 2019

The decrease in Chinese tourists sees players developing offerings for local consumers, as retailers create special VIP areas

Luxury cars led the landscape in 2019, as Daimler AG retained its first-place position with Mercedes-Benz, and BMW lost value share

Premium outlets pose a threat to department stores, as they offer high-level discounts on several luxury players

Growth over the forecast period will be driven by tourism, affordable luxury and a diverse range of new players

MARKET INDICATORS

MARKET DATA

SOURCES

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