Japanese automakers’ market share in S. Korea at nearly 5-year high

Japanese automakers have been gaining popularity in South Korea, recovering from an extended slump caused by a trade row between the two Asian neighbors and the coronavirus pandemic, industry sources said Saturday. A total of 1,961 units of Japanese auto brands, mainly Toyota, Honda and Lexus, were sold here in January, accounting for a 14.98 percent share of the country's imported auto market, according to data from the Korea Automobile Importers and Distributors Association (KAIDA). It marks the first time since June 2019 that their market share exceeded 14 percent. In the wake of the trade row between Seoul and Tokyo, their market share stood at 7.48 percent in 2020 and further dropped to 7.44 percent in 2021. In 2022, their share rebounded slightly to 5.99 percent and 8.64 percent last year, the data showed. Their popularity was driven by hybrid models amid waning demand for electric vehicles. Source: Yonhap News Agency