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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.
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.
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.
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.
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 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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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.
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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.