SEOUL, South Korea, Aug 17 (Korea Bizwire) – The Ministry of Land, Infrastructure and Transportation announced its ‘Comprehensive Plan for the Vitalization of the Car Tuning Market’ on August 1. The plan is to energize the car tuning market while preparing clear standards on car modification within pre-existing laws and regulations so that it wouldn’t affect road safety.
Currently, the domestic market for car tuning is approximately 500 billion won and accounts for only 0.5% of the global market. The ministry expects that the plan will help expand the market to 4 trillion won by 2020.
An official from ‘Carz (http://www.carz.co.kr),’ an online site for used cars, believes that this new plan will invigorate the domestic tuning market. While customizing cars is widely popular and has become an important part of the automobile market in the U.S. and Europe, the domestic market has only been frequented by a small number of car enthusiasts. Until now, domestic cars were limited in the extent of modifications, while modifications involved complicated report procedures with government agencies.
Furthermore, consumers in Korea have been reluctant in tuning their cars for fears that the value of their cars might be affected. Officials believe, however, that this new plan will help change all this, and likely be the change that many in the business have believed to be necessary to boost the used car market.