SEOUL, KOREA - Hyundai Motor and Kia Motors saw their combined market share decline sharply in the domestic market. The lost market share is due to the increase in sales of import cars in domestic market.
According to the sales data released by domestic automakers, the combined domestic market share of Hyundai Motor and Kia Motors stood at 65.2 percent as of July 2014, down 3.4 percentage points from 68.6 percent a year ago.
In the passenger car sector, their combined market share fell 4.5 percentage points to 65.4 percent this year from 69.9 percent a year ago.The lost market share was absorbed by import cars. The share of import cars in domestic market rose to 14.5 percent in July 2014, up 2.2 percentage points from 12.3 percent a year before.
GM Korea and Renault Samsung marked a positive growth in market share compared to a year ago but their growth was lower than that of import cars.Even in terms of cumulative market share for the period from January to July this year, import cars marked a robust growth of 2 percent from 12 percent to 14 percent.
