The sale volume of automobiles has decreased due to the world's economic stagnation. Therefore, the Japanese automobile industry searched for a solution to overcome the economic crisis. The solution is through eco-friendly automobiles such as hybrid electric vehicle (HEV) and electric vehicle. As a result automobile parts market is naturally moving to an eco-friendly market.
On January 27, KOTRA's explained, “The Japanese government and automobile industry has been increasing production of eco-friendly automobiles, and eco-friendly auto parts such as Auto Idling System, Turbocharger Parts, and Harness Power Supply will be a promising field for the Japanese export market.”
Fuji Chimera Research Institute reported that 2009's actual output of eco-friendly automobiles has increased about 1.5 times compared to 2008. Plus, 460,000 cars in 2008 to 720,000 cars in 2009, 2010 projected outout is about 950,000 cars and also the annual production will reach about five million by 2030.
The total output of existing internal combustion engine parts companies has decreased due to poor demand, while eco-friendly auto parts companies withered out of the economic crisis very well.
Han Jung-hyun, an official of KOTRA said, "So far, the technology barrier of Japanese eco-friendly auto parts market is pretty high, however the market is just the first step of the process." He went on to say, "Korean auto parts companies have to target the Japanese market at the very beginning by using promising products such as Auto Idling System, Turbocharger Parts, and Harness Power Supply."
