South Korea Tire Market is projected to be Valued USD 4.47 Billion by 2025
Significant industrial
growth and flourishing automotive industry are driving the South Korea tire
market through 2025.
According to TechSci Research report, “South
Korea Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler
and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs
Bias, By Rim Size, By Region, Forecast & Opportunities, 2025”, South
Korea tire market is projected to grow at CAGR of 5.09% in terms of value during
the forecast period to reach USD 4.47 Billion by 2025. Major factors propelling
the growth of South Korea tire market include significant industrial growth and
country’s flourishing automotive industry. The high rate of production of
automotive in South Korea has resulted in expanding automotive fleet size. Moreover,
the country is fifth-largest manufacturer of passenger cars in the world and
exports have always been the prime focus of car manufacturers. Apart from that,
the competitive pressures among tire manufacturers has led to decline in the
prices of tire which is expected to fuel the market growth in next five years.
Growing vehicle exports, increasing adoption of electric vehicles and
favourable government initiatives are some other key factors propelling the
growth of South Korea tire market. However, the country lacks in indigenous
tire manufacturing units due to scarcity of natural rubber, and hence, depends
largely on natural rubber imports from Asian countries such as Thailand,
Indonesia, Vietnam, Malaysia and Philippines.
Browse 91 market data Figures and Tables spread
through 159 Pages and an in-depth TOC on "South Korea Tire Market"
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South Korea tire market is categorized based on vehicle
type, demand category, radial vs bias, rim size and region. Based on vehicle
type, the market can be categorized into passenger car, LCV (Light Commercial
Vehicle), M&HCV (Medium & Heavy Commercial Vehicle), OTR (Off-The-Road
Vehicles), two-wheeler and three -wheeler. Among them, the passenger car
segment held the dominant position until 2019 with a market share of 75.15%.
The segment is further expected to continue its dominance due to increasing sales
of passenger cars in South Korea and high
installation of passenger car tires owing to their tear resistance and rolling
resistance properties.
Leading companies operating in South Korea tire market
are Hankook Tire Co., Kumho Tyre Co. Inc., NexenTyre Corporation, Bridgestone
Tire Sales Korea Co., Ltd., Michelin Korea Co. Ltd., Goodyear Korea Co. Ltd.,
Continental Automotive Korea Ltd., Pirelli & C. SpA and Yokohama Tire Korea
Co. Ltd., among others. Hankook Tyres, Kumho Tyres and Nexen Tyres are the
leading tire brands in South Korea and hold majority stake in the overall
market. Tie-ups with leading auto OEMs, presence in overseas market through
exports, and strong sales network throughout the country are the major reasons
for the dominance of these three companies in South Korea. In addition, the government
has free trade agreements with other countries, which makes it easy for the
companies to export tires to overseas markets. Tremendous increase in the
demand for winter tires designed specifically for use on icy roads is also
changing the scenario of tire market to a large extent.
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“Since major global automobile manufacturers like
Hyundai, General Motors, Renault Samsung, Daelim and Doosan have a significant
presence in South Korea, the demand for tires from the OEM segment exceeds
replacement sales. Regionally, Northern region comprising Seoul, Incheon,
Gyeonggi province and Gangwon province is the largest tire market in South
Korea as the region is the political and industrial hub of the country, which
makes it an attractive investment destination for leading global players
operating in diverse industry segments including automobile and allied
industries.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“South
Korea Tire Market, By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler
and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs
Bias, By Rim Size, By Region, Forecast & Opportunities, 2025” has analyzed the potential
of tire market across South Korea, and provides statistics and information on
market sizes, shares and trends. The report will suffice in providing the
intending clients with cutting-edge market intelligence and help them in taking
sound investment decisions. Besides, the report also identifies and analyzes
emerging trends along with essential drivers and key challenges faced by South
Korea tire market.
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