Korean Mobile phone market faces a crunch (Korea)
Mobile Handset market of Korea experiences a rapid fall. In its third quarter of 2008 the sales dipped 27% and there seems no potential in fourth quarter. Asn the credit crisis hits globally this adds up to low consumer confidence in-turn leads to low mobile handset sales. Mobile users are not showing any interest in purchasing new mobile. Even the demand for WCDMA mobile phones has reduced sharply which had a a very positive effect on the phone industry for the first half of 2008. Considering the statistics, 2.1 million handsets were sold in July and it started declining in August then held on at 1.67 million in September.
Market share percentage shows
Samsung-48%
LG-27%
Pantech Group-17%
An increase in number of foreign phones coming into the Korean market in the fourth quarter of 2008, Korean brands are facing acute competition.
