South Korean media: From "living room" to "road", Chinese products sweep South Korea!
On October 28, South Korean media "Chosun Ilbo" published an article stating that the dominant position of Chinese enterprises in the South Korean market is increasingly enhanced. From home appliances to electric vehicles, Chinese companies are steadily entering the South Korean market, threatening the position of local South Korean enterprises.
According to industry insiders, Chinese enterprises have accelerated their pace of occupying the South Korean market by relying on price competitiveness and rapid technological development.
Especially Chinese home appliances have permeated all aspects of daily life in South Korea, capturing a considerable market share. Chinese home appliance company Roborock has taken an absolute leading position in the robotic vacuum cleaner market. In 2023, Roborock captured more than 40% of the market share in the South Korean robotic vacuum cleaner market, holding an absolute dominant position.
Following Roborock's success, another Chinese home appliance company Mova also introduced robotic vacuum cleaners to the South Korean market, expanding its market share.
Additionally, comprehensive home appliance companies such as Xiaomi, TCL, and Hisense have fully entered the market by establishing South Korean subsidiaries.
Xiaomi established a South Korean subsidiary this January, and opened its first offline store in Seoul's Yoido IFC shopping mall in June, further strengthening its connection with consumers. In addition to the Yoido store, Xiaomi is expected to open a second and third stores in Seoul, further enhancing its penetration in the South Korean market.
Chinese company TCL also established a subsidiary in South Korea at the end of 2023 and built its own distribution network including Naver Smart Store. Industry insiders predict that Hisense will also establish a South Korean subsidiary within the year.
Chinese enterprises not only want to expand their dominant position in the home appliance market, but also want to expand their dominant position in the electric vehicle market.
It is no exaggeration to say that Chinese enterprises have already occupied the South Korean commercial vehicle market. According to data from the Korean Automotive Mobility Association, the market share of imported electric buses in 2021 was 37.8% (480 units), which increased to 54.6% (1,499 units) in 2023. Most of these imported vehicles came from China.
Leading Chinese electric vehicle manufacturer BYD has already established a subsidiary specializing in commercial vehicles in South Korea, and recently established a new subsidiary for passenger vehicles, marking its entry into the South Korean market. In addition, BYD has taken active measures this year, launching three models of electric passenger vehicles.
Additionally, the Chinese premium electric vehicle brand "Zeekr" is fully entering the South Korean market through establishing a South Korean subsidiary and registering trademarks. The company known as "Chinese Tesla", XPeng, has also completed the establishment of its South Korean subsidiary and officially entered the South Korean market.
A South Korean industry insider said, "Chinese enterprises are using the South Korean market as a testing ground to accelerate the expansion of their product lines and brands. Their proactive actions will bring significant changes to the future market landscape in South Korea."
Original: www.toutiao.com/article/1847210602228812/
Statement: This article represents the views of the author.