Rising Popularity Of Korean Auto Parts For Local And International Brands
The surging popularity of Korean auto parts has catapulted the Korean auto industry to new heights. Through the years, Korea has emerged as one of the most advanced automobiles manufacturing nations in the world with respect to technology, design, and, most importantly, performance. It boasts of several in-house brands which have made a mark, both locally and internationally. used auto parts
The Evolution Process
The evolution process of Korean auto parts and the automobile industry has been quite promising. Korea was initially just a place where auto parts were imported from Japan and the United States for assembling. The term “Korean auto parts” did not exist at all. It all started in the year 1955, when the first Korea-made engine was set up in a modified US jeep and took the shape of the first official Korean car.
Today Korean car parts and locally manufactured cars are popular brand names across the globe. The “Automobile Industry Promotion Policy” has prohibited foreign players from entering and operating in the Korean markets. This has provided ample opportunity to the Korean auto industry to spread its wings, without having to compete with the international players in the domestic markets. As a result, other companies which were involved in diverse businesses have entered the automobile field in search of profits.
Hyundai Pony was the first automobile to be fully developed in Korea, way back in the year 1975. It was also the first Korean car to be exported in the year 1976. By far, Hyundai is the most popular brand of Korean cars in the international automobile space. Today, Korea ranks fifth in terms of automobile production volumes and sixth in terms of volume of exports. The success of Korean auto parts, which have been responsible for creating world-class vehicles, is a well-established fact.
Korean auto parts manufacturers have captured the fancies of international car manufacturers as well. Established auto giants like Volkswagen and General Motors have shown active interest in doing business with Korean manufacturers, for their upcoming models. This has paved the way for export fairs to be held with a handful of such prominent names that have shown the eagerness to get associated with auto components manufactured in Korea.