According to latest data, number of passenger cars in use in the GCC is expected to grow at a five per cent CAGR from an estimated 10.3 million in 2015 to 13.2 million in. "The GCC auto aftermarket has a huge growth potential given the rapid growth in the number of passenger cars over the four years. He said the strong presence of auto parts makers at the Korea pavilion at Automechanika Dubai underscored the growing importance of the region's aftersales market to South Korea, which is the sixth-largest automobile maker in the world. "The many free trade agreement Korea has signed with some of the major economies had forced Korean automobile manufacturers to improve the quality of their products tremendously as they are now competing with some of the major automakers in the world," Kwon said. Yong Suk Kwon, regional president for the Korea Trade-Investment Promotion Agency (Kotra) Mena Office, said in order to compete in the GCC and other global markets with some of the major automakers in the world, the Korean automobile industry has made remarkable stride in improving quality of their products. Korean auto components manufacturers and exporters, the second major players in the UAE aftersales parts market, are looking to boost their market share in the GCC, where the automobile market is set for exponential growth over the next three to four years.
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