Korea is ranked the fifth in the world for automobile production volume for ten consecutive years.
Korea Automobile Manufacturers Association (KAMA, President & CEO: Kim Yong-geun) announced on the 3rd that it had analyzed last year’s automobile production volume by country and found that Korea with an automobile production volume of 4.52 million was ranked the fifth in the world for ten years in a row.
Korea’s share in the global automobile production was as large as 5%. According to KAMA, Korea’s automobile production volume increased slightly from the previous year because domestic demand increased as a result of the release of new cars despite export decline due to low yen. .
China was ranked No. 1 in the world for six years in a row. Last year, it recorded production volume of 23.72 million (26.3% of global production volume), which increased by 7.3% from the previous year, despite its domestic consumption slowing down. As for the U.S., it was ranked in the second place by recording the largest production volume since 2006. U.S. produced 11.65 million cars last year, which increased by 5.3% from the year before, as a result of demand increase triggered by low oil price and improvement in consumer sentiment based on economic recovery and decline in unemployment rate. Japan kept its third position with a production volume of 9.77 million, which increased by 1.5% from the year before as a result of advance demand before consumption tax increase and expansion of compact car sales. In addition, Germany landed on the fourth position by producing 5.93 million cars, which increased by 0.9% based on domestic consumption recovery and export increase.
Following Korea, India, Mexico, Brazil, Spain and Canada were ranked in the sixth to the tenth positions respectively. Mexico’s ranking moved up a step as a result of export increase according to demand expansion in the U.S. market. As for Spain, it jumped up from the 12th to the ninth position as a result of domestic consumption and export increase.
The global automobile production volume last year was 90.1 million cars, which increased by 2.0% from the year before as a result of sales increase in China and the U.S.