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Volvo Witnesses Sales Boom in South Korean Market

Published On Mar 18, 2016By Prashant Talreja

Volvo has made progress in many overseas markets the last year. The company has always seen Europe, America and Western regions as a cornerstone for its business worldwide. India and other Asian markets have been significantly less receptive of the company's models. However, the landscape is seen to be changing with the sales outline of the last year. The firm had capitalized on growing demands in certain Asian countries, particularly South Korea.

South Korea was the fifth strongest overseas market for Volvo Trucks in 2015, bringing an annual sales of about 2,000 units. Altogether, it constituted about one percent of the brand's total sales worldwide, which was a staggering 200,000 units. The manufacturer has a broad range of models available in South Korea, including its flagship pieces FH, FM and FMX. Apart from this, the brand has also launched exclusive Asian versions of the models in the country.

Volvo Group CEO Martin Lundstedt had recently visited the country to commemorate the 20th anniversary of their Korean subsidiary. He commented, “The year 2015 was very successful for Volvo Trucks Korea. The Korean unit has contributed to the Volvo Group’s success as well.”

He envisions a much larger position in the country's market, with a bolstered sales reception. “Our 2020 vision is to sell more than 4,000 commercial vehicles (in Korea),” he said.

He believed that a boost in customer service was pivotal for their growth in the market, and promised to strengthen the sales and touch-point network of the country. He also stressed his belief that the success and market spurt that they had viewed in South Korea could serve as a model that they could replicate in markets around the world.

See Also:

Volvo Launches New I-Shift Gearbox Range, Enhanced for Construction and Haulage Labour

Solid 10% Growth for Volvo's Truck Business in 2015, Strong Headway in Middle East

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