Mercedes-Benz and BMW, which are premium German automotive brands, are having huge success in South Korean markets. It is expected that they will have their best performance since they set up South Korean corporate by selling more than 100,000 cars in 2017.
According to Korea Automobile Importers & Distributors Association (KAIDA) on the 29th, Benz and BMW sold 95,657 cars from January to September. Considering their October sales volumes, which have yet to be calculated, it is likely that they have sold more than 100,000 cars. Benz and BMW sold 54,067 and 41,590 cars respectively that are 40.1% and 30.5% increase respectively compared to same period from last year.
Benz and BMW have 55% of shares of markets for import cars this year. Out of ten import cars that are sold this year, at least five of them are either from Benz or BMW. Until September, Benz and BMW currently hold 31.1% and 23.9% of shares of markets for import cars respectively and they saw their shares increase by 7.7% and 4.6% respectively compared to same period from last year.
Reason why Benz and BMW are having such high growth is because consumers in South Korea are continuing to prefer German brands. Despite Audi and Volkswagen having slump, market shares of German brands until September of this year reached 56.9%.
With this current trend, it is likely that Benz and BMW will have their best performance in South Korean markets this year. Considering their average monthly sales volumes, it is expected that Benz and BMW will sell about 72,000 and 55,000 cars respectively by end of this year.
Benz already seized the first place in markets for import cars. It is likely that Benz will become the first place in sales again followed by last year. Benz already achieved 95.9% of last year’s sales volume (56,343) by end of September and widened its gap with BMW, which is in second place, by 12,000 cars.
Their growth in sales are led by their mid-sized sedans that respectively represent their companies. While 27,175 ‘E-Class’ were sold from January to September, 13,965 BMW ‘5 Series’ were sold during a same period.
Looking at globally, South Korea is considered as a country that imports many cars from Benz and BMW. Sales volume of E-Class in South Korea was the third highest globally followed by China and the U.S., while sales volume of BMW 5 Series in South Korea was the second highest followed by the U.S.
It is likely that their popularities will continue until end of this year. Benz started delivering a model, which partially changed parts of its full-size flagship sedan called ‘S Class’, this month. BMW is planning to release and start selling its new SUV called ‘New X3’ in the middle of next month.
Staff Reporter Jung, Chiyeon | chiyeon@etnews.com