SEOUL: KG Mobility Corp. and Renault Korea Motors Co. have aggressively positioned their new midsize SUV models, challenging the long-standing market dominance of Hyundai Motor Group, recent industry data reveals.
According to Yonhap News Agency, the Korea Automobile and Mobility Industry Association, the sales figures for September show KG Mobility’s Actyon and Renault Korea’s Grand Koleos achieving notable success in the competitive midsize SUV market. The Actyon sold 1,686 units, while the Grand Koleos sold 3,900 units, collectively capturing a 24.8 percent share of the domestic midsize SUV market last month. This marked growth represents a significant increase from their joint market share of 5.1 percent in August, shortly after their launch.
The rise of KG Mobility and Renault Korea comes at a cost to Hyundai Motor Group, whose models, the Santa Fe and Sorento, have seen a decline in market share. From a commanding 64.7 percent in July, their share dropped to 56.8 percent in August and further to 53 pe
rcent in September. This shift suggests that the new entries from KG Mobility and Renault are not only capturing share from Hyundai but are also attracting customers from other non-competing brands.
Industry analysts consider the introduction of these new models as a revitalization of the midsize SUV market, which has seen little variation in recent years. The expanded choice for consumers is seen as a positive shift, potentially increasing competition and innovation within the sector.
However, a note of caution was sounded by an industry official who mentioned that while initial sales spikes are common with new launches, the long-term success of these models remains to be seen. The sustainability of consumer interest over time will be a critical factor in determining whether these new models can permanently alter market dynamics.