Invest Korea

The sales of the Korean automotive parts industry in 2019 reached USD 65.4 billion (KRW 76.1 trillion), up 6.5% YoY.
Thanks to the growth of front industries, the sales of the automotive parts industry has grown continuously by 2.9% every
year on average, starting from USD 51.8 billion (KRW 58.8 trillion) in 2010.
OEM accounts for the highest proportion at 66.5%, followed by exports at 28.8%, and AS parts at 4.7%.

The proportion of automotive parts out of all exports in 2019 reached 4.2%, and the surplus in balance of trade was also as
high as USD 17.1 billion, Export items include other automotive parts, transmissions, frame parts, and brake parts.

Most of the top ten automotive parts companies have entered Korea, and they supply core parts that require high levels of technology.
Those leading automotive parts companies utilize Korea as an important axis in their global networks and are investing in electric vehicles and autonomous vehicles to secure future markets.

The Korean government announced the Future Automobile Industrial Development Strategies to propose achieving a 10%
market share in the global eco-friendly car market by 2030 and becoming the first country to commercialize fully autonomous cars (level 4) by 2027. The private sector plans to create a fund of USD 51.6 billion (KRW 60 trillion) by 2030 along with securing technologies and building the infrastructure required to commercialize autonomous vehicles.
In order to ensure the advancement of autonomous driving technology, Korea will cooperate with Intel, NVIDIA,
and Baidu, etc. to acquire start-ups, so that fully autonomous vehicles (level 4), which enable safe autonomous driving
technology even when drivers cannot return to manual operation, can be commercialized by 2022.