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Auto suppliers in South Korea - statistics & facts

Together with South Korea’s finished car industry, its parts industry is rated as one of the world’s best. The South Korean auto parts industry accounts for about five percent of the global output of parts and its sales value was around 65 billion U.S. dollars as of 2017. South Korean auto suppliers have remained competitive in the global parts market with eco-friendly parts, advanced features, and modularization. Korea’s position as an IT powerhouse is expected to benefit local auto parts manufacturers in this regard.

The highest-ranking among Korean auto part makers was Hyundai Mobis, in seventh place among the world’s top 100. Three others were also members of the Hyundai Motor Group conglomerate, Hyundai WIA, Hyundai Transys, and Hyundai KEFICO. Hyundai Mobis was the leading Korean maker, with an overwhelming 38 trillion South Korean won in sales revenue as of 2019. That year, Hyundai WIA reported about seven trillion won in sales revenue and ranked in 36th place in the world rankings.

The Korean automobile tire market is dominated by Korean makers. As of January 2020, Kumho Tire has forty percent of the market share, with Nexen Tire taking up another third, and then Hankook Tire. Although it was in third place in terms of its market share, Hankook Tire is Korea’s leading tire maker and the sixth in world rankings as well. Hankook Tire’s sales revenue was nearly 6.9 trillion won in 2019, half again that of Kumho and Nexen combined. Most of Hankook’s revenue came from overseas sales, as it exported high-quality tires to companies such as Mercedes-Benz.

Many automobiles these days have various electronics such as dashcams or navigation systems installed. Korean companies are also involved in manufacturing these auto parts. For example, LG Display produces LCD and OLED panels for domestic use and export, and accounts for around 20 percent of the global automotive display market. Fellow LG Corporation subsidiary LG Electronics sells automobile infotainment devices, vehicle software, and autonomous driving technology. Thinkware Corporation, another Korean automobile electronics manufacturer, made 130 billion South Korean won just from dashcam sales.

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Auto suppliers in South Korea

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Korean car industry

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