Passenger Vehicle Continues to Lead the South Korea Tire Market Industry by 2028
Increasing demand for green tires and
growing transportation industry to drive the growth of South Korea Tire Market
in the forecast period 2024-2028.
According to TechSci Research report, “South Korea Tire Market - By Region,
Competition, Forecast and Opportunities, 2028F”, the South Korea Tire
Market growing at considerable rate as a result of fast-growing logistic industry
and increasing fleet size of vehicles in the country.
Pneumatic tires,
which compress air inside the tire, are the most common type used
in automobiles. Tires aid in steering, braking, and turning, improving all
aspects of driving performance. So, the customer must select the proper tire in
order to optimize performance and ensure the smooth functioning of the vehicle.
Due to the rise of the auto sector and rising demand for winter tires, the South
Korea Tire Market is expanding quickly.
Despite a fall in car manufacturing in South
Korea, total vehicle sales increased by 6.23% in 2021, compared to 2020.
Commercial vehicles account for more than 61% of all new car sales in South
Korea, supporting the growth of the market for tires in aftermarket
industry. Furthermore, the South Korean government released its 2030
Emissions Reduction Plan in March 2022, which boosted the sales of electric
vehicles, as part of its ambition to have a totally sustainable and net-zero
economy by 2050. South Korea has mandated that by 2035, all new light-duty
vehicle sales, including passenger trucks, must be emission-free. Additionally,
the demand for smart and sustainable tires is rapidly rising as the automotive
sector develops substantially. To meet the growing demand, numerous
manufacturing companies made investments in tire industry research and
development throughout the year.
Regardless of the driving conditions and
development in tires, Goodyear Weather ready tires deliver good performance.
Also, Goodyear’s Weather Reactive Technology has created centre 3D Tredlock
Technology Blades and outboard tread ribs to assure cornering and braking in
slick conditions. As a result, new technology tires are used, which again will drive
the South Korea tire market in the coming years.
Rapid transportation services' growth
gave manufacturers more possibilities for expanding their product portfolios.
Also, the region could gain from the global switch to electric vehicles, which
would increase the popularity of the innovative tire business in the South
Korea region. Multiple businesses are investing in the study and advancement of
tire technology. For instance, in November 2019, Hankook, a premium tire
manufacturer, showcased their Virtual Compound Design (VCD) system, an
artificial intelligence-based predictive model for tire compound qualities that
shortens the development process by around 50%. Furthermore, with the
development of run-flat tires, vehicles may travel a given distance even after
losing air as a result of surface damage from cuts or punctures. Thus, South
Korea tire market is anticipated to grow at considerable growth rate in
upcoming years.
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South Korea Tire Market"
The South Korea Tire Market can be segmented by vehicle type, by demand category, by type, by
tube type and by region. Based on vehicle type, the market is segmented into Passenger
Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two-Wheeler, and Off the Road Vehicles. On the basis of demand category, market
is divided into OEM and Aftermarket. Furthermore, based on type, market is
divided into Radial and Bias. In terms of tube type, it is fragmented into Tube
and Tubeless.
Some of the
major companies operating in the South Korea Tire Market include:
- NEXEN Tire Corporation
- Kumho Tire
Co., Inc.
- Hankook Tire Co., Ltd.
- Michelin Korea
Co., Ltd.,
- Continental
Tyre Korea Co.,Ltd.
- Bridgezstone
Tire Sales Korea Ltd.,
- Goodyear Korea
Company,
- Pirelli &
C. S.p.A.
- Yokohama Tire
Korea Co., Ltd.,
- Giti Tire
These are the key players developing advanced
technologies and launching new products to stay competitive in the market.
Other competitive strategies include mergers with tech firms, new product
developments, and marketing activities to increase customer outreach.
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“With an increase in the number of automobiles on the
road and with the introduction of electric vehicles, the South Korea Tire
Market is expanding at a rapid rate. Major companies are building sales
and distribution network across South Korea for faster deliveries as demand is
projected to grow in the coming years.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“South Korea Tire Market Segmented By Vehicle Type
(Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial
Vehicle, Two-Wheeler, Off The Road Vehicles), By Demand Category (OEM,
Aftermarket), By Type (Radial, Bias), By Tube Type (Tube, Tubeless), By Region,
Competition, Forecast & Opportunities, 2018- 2028F” has
evaluated the future growth potential of South Korea Tire Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the South Korea Tire Market.
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