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Frost & Sullivan Expects Production Volume of Hybrid Car in South Korea to Reach 48,000 Units in 2012 - The South Korean powertrain market is currently dominated by gasoline-engines but hybrid engines are likely to increase in popularity in the future as consumers switch to more fuel-efficient cars due to soaring oil prices
Frost & Sullivan Expects Production Volume of Hybrid Car in South Korea to Reach 48,000 Units in 2012

 

NewswireToday - /newswire/ - Seoul, Korea (South), 2008/08/26 - The South Korean powertrain market is currently dominated by gasoline-engines but hybrid engines are likely to increase in popularity in the future as consumers switch to more fuel-efficient cars due to soaring oil prices.

   
 
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New analysis from Frost & Sullivan (automotive.frost.com), Strategic Analysis of the South Korean Powertrain Market (P156-18), reveals that the South Korean Powertrain Market earned revenues of US$7.57 billion in 2007 and estimates this to be worth US$9.53 billion by end-2012, at a CAGR (compound annual growth rate) of 5 per cent (2007-2012).

In Particular, while Gasoline Engines which currently dominates 81% of powertrain markets in South Korea is expected to show 75% market share in 2012, hybrid engines is likely to be highlighted. Frost & Sullivan estimates South Korea to produce about 9,000 micro hybrid vehicles by 2009 and 48,000 units in 2012.

If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the South Korean powertrain markets, then send an email to Sinae Bae, Corporate Communications, at sinae.bae[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.

Ms. Samjeen Yun, Research Analyst at Frost & Sullivan says, “South Korea offers a significant market size for powertrain suppliers with local production capabilities. The country is the sixth largest producer of passenger cars in the world by production volume. The country is expected to produce up to 5 million passenger cars in 2012”. And “Although the revenue size of hybrid electric vehicles (HEVs) in S. Korea is likely to be low from 2009 to 2012, the growth rate is expected to be higher after the introductory stage in the product life cycle as consumers demand for more powerful cars with lower emission” she adds.

All developed and developing countries are actively looking at alternative cleaner fuel and new fuel economy technology to combat high oil prices and lower greenhouse gas emissions.

Currently, the country’s biggest automaker Hyundai Motor Co, is expected to take the lead and will roll out the first-Korean made hybrid car in July next year. The South Korean automakers have exhibited a fast adoption rate of emerging powertrain technologies and are catching up closely with the Japanese technology from hybrid development right up to alternative fuel deployment. In fact, Hyundai has started producing LPG engines since 2003, and since then, many of the South Korean models are mounted with LPG engines. LPG engines are known to emit the least emission, therefore making it the best alternative to hybrids.

As far as the alternative fuel market is concerned, Ms. Yun said that besides LPG, bio-diesel is likely to become a popular choice of alternative fuel for the South Korean market, as the country is currently one of the largest bio-diesel manufacturing countries in the world. Bio-diesel is also environment-friendly, and emits zero carbon dioxide.

Hybrid engine will lower emission from motor vehicles as it combines two or more sources of power to provide optimized propulsion energy - usually gasoline-electric hybrid, where an internal combustion engine generates mechanical power, and an electric motor generates electric propulsion power. Electric power in hybrid technology also produces less greenhouse gases, and thus is environment-friendly. According the South Korean National Institute of Environment Research, Ministry of Environment, pollutants emitted by automobiles account for a large share of total air pollution in the country, estimated at 82.5 per cent in 2007.

The Strategic Analysis of the South Korean Powertrain Market (P156-18) study is part of the Automotive & Transportation Growth Partnership Service program which include: Malaysian Commercial Vehicle Telematics, Korean Passenger Vehicle Telematics, Thailand Passenger Car Safety Systems, Thailand Powertrain Market, Korean Powertrain Market, Third Party Logistics Customer Satisfaction: A Competitive Benchmarking Study ASEAN 4. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Analyst interviews are available to the press.

Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.

Strategic Analysis of the South Korean Powertrain Markets
P156-18

 
 
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Frost & Sullivan Expects Production Volume of Hybrid Car in South Korea to Reach 48,000 Units in 2012

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Publisher Contact: Sinae Bae 
+82.2.6710.2061 sinae.bae[.]frost.com
 
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