Automobile Sector rises by 8 percent in Global Market

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During the first half of 2021, in the global market, Korean Automobile companies have sold 2,297,000 units and closing to the level of 2,303,000 units sold in the year 2019.

The global market share increased by 0.6 percent from 7.4 percent in the year 2019 and to 8.0 percent in the current year, 2021.

According to the Korea Automobile Manufacturers Association (KAMA) on 19th August, car sales in the global top seven automobile markets, including the US, China, Europe, India, Mexico, Russia, and Brazil increased by 30.6 percent to 28.57 million units in the last year.

Indian Market recorded the largest increase of 95.2 percent Year-on-Year growth, followed by Russia with 38.2 percent growth, US (29.3 percent) growth, China (27.5 percent growth), Europe (27.1 percent), Brazil (26.3 percent), and Mexico ( 18.1 percent) growth.

And comparing with the year 2019, India (1.5 percent) and Russia (6.0 percent) had a positive growth rate, followed by 1.3 percent growth from the U.S, and 1.1 percent growth by China.

Indian market had the fastest recovery from Covid-19.

With the rapid recovery of the global market, the market share of Asian automobile companies like China, Korea, and Japan increased to 50.6 percent.

The Korean Automobile companies rose by 7.4 percent in 2019, 7.6 percent in 2020, and 8.0 percent in 2021, followed by Europe (6.9-7.6 percent) and India (22.9-23.3 percent).

In the US market, the shares of Japanese automobile companies too increased slightly.

The global market overall had an increase in market prices boosting the automobile sector globally even if there were shortfalls in recovery rates post COVID-19.