Asian automakers are emerging as formidable competitors in Europe.

A French economic daily, Les Echos, reported that some 10 Asian automakers accounted for more than 17 percent of the European market by providing cars properly reflecting the tastes of European consumers at reasonable prices.

In particular, according to the paper, South Korean car makers marked a 22.4 percent growth rate in sales during the January-August period this year.

The paper said that European auto makers are viewing Asian counterparts as serious rivals in the European market.