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Japanese Cars Account for 15% of Import Vehicle Market Share in January

Written: 2024-03-02 13:48:49Updated: 2024-03-02 13:57:49

Japanese Cars Account for 15% of Import Vehicle Market Share in January

Photo : YONHAP News

Japanese cars accounted for 15 percent of South Korea's import vehicle market share in January, the highest since a boycott of Japanese products in response to Tokyo's restrictions on exports of high-tech materials in 2019.

According to the Korea Automobile Importers and Distributors Association(KAIDA), out of 13-thousand-83 import vehicles sold in January, three Japanese brands - Toyota, Lexus and Honda - took up 14-point-98 percent.

This is the highest figure since 20-point-35 percent recorded in June 2019, just before market share dipped to single digits as the boycott began in July that year.

The latest rise in Japanese imports comes in line with an increase in popularity of hybrid vehicles.

Meanwhile, overall sales of import vehicles in January dropped to a ten-year low.

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