In the past 30 years, the import car market has continuously grown despite of many challenges, e.g. the IMF crisis, the global financial crisis and negative perceptions toward import cars. As of 2017, 230,000 new import cars were registered in the domestic passenger car market, accounting for 15% of the market share.
The number of brands selling in Korea has continuously increased, and today 20 companies and 31 brands in passenger and commercial vehicles are participating as KAIDA members.
Over the years, the import car industry has contributed to reinforce the competitiveness of the domestic automotive industry with its advanced technologies, and widened the range of choice for consumers by introducing and applying overseas automotive market trends to Korea. I am certain that the import car industry has served as a catalyst for diverse, constructive competition and healthy market growth.
Recently, unceasing investments were made in building logistics centers and expanding networks, while introducing various models to domestic consumers, and making efforts to continuously deliver new concepts and values to consumers in the domestic market and lay the foundation for a wider range of choices for customers. I hope that the import car market will be more recognized by customers and grow further based on this diversity and our continued efforts.
In the meantime, the automotive market is exposed to rapid changes both at home and abroad, and we are witnessing paradigm shift. At this critical juncture, I acknowledge that the import car industry must bear a heavy responsibility in the domestic market as an axis of automotive industry, and that people are pinning higher expectations toward us than ever before
KAIDA and all its members will make continued efforts with passion to play the pivotal role for continuous development of the domestic automotive industry, and fulfill our rightful responsibilities as we have always done since first launched in Korea.
I humbly ask for your continued interest and support. Thank you