August 9, 2020

Auto Parts In The Forefront Of The Korean Auto Boom Wave

Auto Parts In The Forefront Of The Korean Auto Boom Wave

From a humble beginning being a maker of bicycles in Korea, Kia automobiles today prides itself on becoming among the best automotive manufacturers on earth. It has achieved remarkable success as being a maker of high-quality and affordable automobiles. Besides, Kia parts have proved their mettle as a dependable player in the aftermarket for replacement and maintenance.

The Korean automobile industry, as also Korean automakers, has achieved unusual success, although the industry may be sandwiched between high-profile, high-priced Japan and newly emerging low-priced China.

Great Prospects In The Horizon For Korean Auto Parts Industry

Boom time is across the corner for the likes of Kia parts. Nearly 70 percent of U.S. buyers have shown their willingness to boost their purchases of South Korean after the Korean-US free trade agreement arrives into effect. The free trade agreement once ratified by the legislature of both countries will almost eliminate tariff barriers and offer protection to multinational financial sectors and firms like Kia parts. The key reason cited by U.S. automakers is the price competitiveness with the parts and uncompromising strict quality requirements. Under the Free Trade Agreement signed in November 2010, the United States will immediately lift all tariff barriers from South Korean auto and gradually phase out the tariff on South Korean automobiles. The makers of Kia parts are upbeat because this agreement is expected to markedly improve sales to the United States in the long term.

Why This Beeline towards the Korean Industry?

To discover why America is setting up a beeline to Korea, you firstly need to have a peek at South Korea’s automotive and auto industry. The Korean auto industry today could be the fifth largest in the world regarding production and sixth largest when it comes to export volume. Almost all makers, including Kia parts, are benefitting …

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