Koreas Contribution To The Automobile Industry
The rising popularity of Korean auto parts has propelled the Korean auto industry to new heights
. As days passed by, Korea became one of the most advanced automobiles manufacturing nations in the world with respect to technology, design, and, most importantly, performance. Korea now possesses several in-house brands which have made a global mark.How did Korea become such a big name in the Automobile Spare Parts industry?
The growth of the Korean auto parts and the automobile industry has been a simultaneous one and was quite interesting. Initially Korea was a place where auto parts were imported from Japan and the United States for assembling. There was no concept of "Korean auto parts" at all. It so happened that in the year 1955 a Korean made engine was set up in a modified US jeep which later became an official Korean car that opened the gate for the Korean automobile parts manufacturers.
Today Korean car parts and locally manufactured cars have reached a new height of popularity and you will find huge brand names across the globe. One of the key factors for the growth of the Korean auto industry was the "Automobile Industry Promotion Policy" which had prevented foreign players from entering and operating in the Korean markets. This gave the Korean auto industry the incentive and ample opportunity to spread its wings, without having to compete with the international players in the domestic markets. This industry became so lucrative that people from other businesses migrated to the automobile industry, as small businesses related to denso coil manufacture were also very profitable.
Korea then developed the Hyundai Pony and began to export the same in the year 1976. Then the most popular brand Hyundai was launched in the international automobile space. Korea now stands at the fifth rank in terms of automobile production volume. Today, Korea ranks fifth in terms of automobile production volumes and sixth in terms of volume of exports. The success of Korean auto parts like Ford wheel hubs, which have been responsible for creating world-class vehicles, is a well-established fact.
Korean Auto parts meet International standards: Korean auto parts manufacturers have met the expectation of international car manufacturers very well so much so that established auto giants like Volkswagen and General Motors have shown active interest in doing business with Korean pulley manufacturers, for their upcoming models. This has created a 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. Even Japan has shown interest in importing automotive parts from Korea, which is indeed a reason to boast about as Japan never compromises on quality. Japanese are known for being extremely specific about what they use in their products. The fact that they are looking to tie up with Korean counterparts is a valid certification of the superiority of automobile parts manufactured in Korea. Hence, Korean auto r parts have come forward as suitable alternatives for global car makers, which have helped them to achieve what they wish, in terms of quality.
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