South Korean carmakers’ global market share inched down in 2022 from a year earlier due largely to weaker sales in China and Russia, industry data showed.

Local automakers accounted for 7.3 percent of vehicle sales in the world’s eight major markets last year, down from 7.7 percent in 2021, according to the data from the Korea Automobile Manufacturers Association.

Their share was the fifth-largest in the world. The eight markets are the United States, Europe, China, India, Mexico, Brazil, Russia and the Association of Southeast Asian Nations.

Last year’s drop was led by sinking sales in China and Russia amid escalating geopolitical risks, KAMA said.

Local carmakers’ share of the Chinese market slumped to 1.6 percent last year from 2.4 percent a year earlier, with that of the Russian market shrinking to 17.8 percent from 22.7 percent. (Yonhap)