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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