Korean carsStrong sales momentum was shown in overseas markets, especially in Korea, Europe and North America. According to the 2022 global sales data,Hyundai KiaGlobal sales reached a staggering 6.84 million units, second only toToyotawithVolkswagen, exceededUniversalFord, Honda, Nissan and other brands. This sales advantage is not only reflectedKorean carsIt has a strong appeal among the working class, and it also highlights its advantages in terms of stability, reliability and **. The increase in sales is not only a manifestation of technology, but also a manifestation of precise positioning.
However,Korean carsSales in the domestic market continued to decline in 2022ModernwithKiaSales in the domestic market are only 350,000 units, accounting for only 15% share. Looking back on 2016,Korean carsSales in the domestic market reached 1.8 million units, and it was one of the first-tier brands at that time. This downward trend is a clear indication that Chinese consumers are moving away from the world's third-largest cityCarsEnterprise. withToyotawithVolkswagenand other companies in the Chinese market compared to the degree of strengthModernwithKiaThere are problems with the promotion strategy in the Chinese market.
Korean carsThere are several reasons for the decline in sales in the Chinese market. First of all, the last five yearsKorean carsThe operation in the domestic market is not sufficient, the mainstream technology and models have not been launched, and there has even been a product disconnection. This gives to the rising China itselfCarsBrand an opportunity, they seized this opportunity, through continuous innovation and development to surpassKorean cars。Secondly,Korean carsThe brand value is declining, but the pricing of the product is not low, which leads to:Korean carslong-term loss of user groups. Korean carsThe stability is beyond reproach, but the local Chinese brands adjacent to it are more attractive. In addition, with the development of electrification, Japanese and German models have also been directly impactedToyotawithVolkswagenand other brands chose to cut prices directly. In such a case,Korean carsFacing greater competitive pressure. According to the data of the Passenger Car Association, in the first half of 2022, the penetration rate of electric vehicles has approached 34%, and one out of every three cars sold is an electric vehicle. Such a huge marketKorean carsThe absence made its already declining market share even more vulnerable, and the decline in sales accelerated further.
Korean carsThe strong performance in overseas markets is not directly related to the domestic market. The success of the overseas market can only tellKorean carsIn the overseas market, it has put effort into showing sincerity, and it is at the top level in terms of products, technology, channels and image. However, in the domestic market,Korean carsFailure to meet consumer demand, which led to a decline in its share of the domestic market. For example, the Korean versionKiaand the European versionModernCarsIs it affordable for consumers in the domestic market?This also brings us to a problem:Korean carsIs it a misinterpretation of the strong overseas market to guide the purchasing behavior of consumers in the domestic market?
Korean carsSales in overseas markets are strong, but in domestic markets, they are facing a declining situation. The problems and challenges of the domestic market are mainly focused on:Korean carsOperational deficiencies in the domestic market and product pricing issues. At the same time, with the development of electrification,Korean cars's market share was further affected. Domestic consumers are more likely to buy local brands and international brands with strong appeal. The strength of overseas markets can only be reflectedKorean carsEfforts in overseas markets do not mean that they can be recognized in the domestic market. Therefore, we cannot confuse the situation of the domestic and overseas markets, and we need to formulate corresponding development strategies according to the needs of different markets.