Report Description

South Korea Tire Market is predicted to grow in coming years due to increasing logistic and travel activities in the country.

South Korea Tire Market Overview

A tire is a thick, versatile piece of rubber that is attached to the wheel rim. A moving vehicle's wheels are cushioned by tires, which also offer a surface for traction. Pneumatic tires, which compress air inside the tire, make up the majority of automobile tires. Tires aid in steering, braking, and turning, improving all aspects of driving performance. Customers must select the proper tire in order to maximize performance and ensure smooth operation of the vehicle. The expansion of the South Korean auto industry and the rising demand for winter tires are both contributing to the South Korean tire market's rapid growth. The demand for tires is also anticipated to rise in the upcoming years as fleet sizes of vehicles increase.

Growth in Passenger Vehicle

Due to a severe lockdown and delays in the shipment of raw materials, total car production in South Korea fell by about 23% in 2021, compared to 2020. Contrarily, despite a decline in vehicle production, overall vehicle sales increased by 6.44% in 2021. The South Korean tire industry is growing because passenger vehicles account for more than 61% of all new vehicle sales there. Additionally, an increase in Last Mile activities has boosted sales of medium and large vehicles, significantly increasing the tire sector.

The South Korean government unveiled its 2030 Emissions Reduction Plan in March 2022, which will help increase the sales of electric vehicles, as part of its goal to have a fully sustainable and net-zero economy by 2050. By 2035, all new light-duty car and passenger truck sales must be emission-free. As demand is rising significantly, many major players are increasing their production capacity. Hence, this causes the South Korean tire market to experience rising demand in the coming years.

Delay in Supply Chain

Vehicle sales started to decline over the previous years for a number of reasons, including poor downstream visibility, a shortage of raw materials, and problems with quality control, among others. The dealer or distributor fulfills the demand for two-wheelers in the country and acts as a suitable intermediary between the tire manufacturing company and the end user. Moreover, citing the demand-supply gap of tires in South Korea, the tire manufacturing companies find it convenient to operate through the indicated sales channel, including dealers and distributors. These distribution channels are being constantly expanded by the companies and new players are also emerging in the market. The rapidly growing distributor and dealership network in the country is expected to drive the tire market in the region.

Advancement in Tire Technology

Due to increase in competition, every brand is trying to offer the best that it can. Tire manufacturers are busy developing and integrating new technologies and advancements in their high-tech tire offerings for the two-wheeler tire industry. Manufacturers are understanding the varying needs of customers and to meet the evolving demand with respect to better ride quality, better traction, safety, better fuel efficiency and durability, they are increasingly focusing on providing new technological advancements in their two-wheeler tire offerings. With the help of acoustic technology, developed by MICHELIN, road vibrations are effectively reduced, resulting in a 20% reduction in interior noise. The use of hands-free communication devices by drivers and passengers is maximized thanks to a specially developed polyurethane foam solution that muffles noise resonance and reduces driver fatigue on long trips. When travelling on roads with changing conditions, MAT even reduces interior noise. According to Michelin, UPTIS airless technology could stop up to 200 million tires from being discarded too soon, worldwide, each year.

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Recent Development

Bridgestone Weather grip tire from Firestone is created by combining the company's Hydro-Grip tread technology with full-depth grooves, which aid in smooth cutting through water and resisting hydroplaning.

Another significant technological innovation in tire manufacturing is Bridgestone's run-flat tire technology. This device permits driving at 50 mph in the event of air loss, owing to a damaged or perforated surface. The driver can travel over 50 miles with a puncture, giving them enough time to fix it.

Goodyear Weather ready tires perform well regardless of the weather on the roads. With the development of outboard tread ribs and center 3D Tredlock Technology Blades, Goodyear's Weather Reactive Technology ensures cornering and braking in slick conditions.

Due to the increase in demand in both the OEM and Replacement segments, Bridgestone is planning to increase its manufacturing capacity by over 10% in 2023.

Market Opportunities

The sales of commercial vehicles have increased as a result of the expansion of business across many South Korean regions. The market will experience additional growth in the upcoming years due to the development of smart and environmentally friendly tires. Rapid transportation services' growth gave producers more options for expanding their product lines. Additionally, the region could gain from the global switch to electric vehicles, which would increase the popularity of the advanced tire industry in the South Korea region. Due to the aforementioned factors, manufacturers and suppliers have numerous opportunities to create nationwide distribution networks in order to meet the growing demand in future.

Company Insights

  • In 2022, Goodyear Tire & Rubber Company launched the new fuel max 1AD premium super-regional single-axle drive tire for tough super-regional trucking jobs. In February 2022, The Goodyear Tire & Rubber Company introduced RangeMax™ RSD® EV, a company’s first electric vehicle ready tire compatible with EV and gas- or diesel-powered vehicles.
  • In 2022, Michelin has crossed a new barrier unveiling two new tires, one for cars and the other for buses, containing 45% and 58% sustainable materials, respectively.
  • The Michelin Unique Puncture-Proof Tire System (UPTIS) is a puncture-proof wheel/tire assembly with no compressed air mainly for cars and light vans. The UPTIS prototype to be fitted in 50 DHL delivery vehicles in Singapore by end 2023. Also, In December 2022, Michelin launched its first SPRAYBIB flotation tire for self-propelled sprayers which helps in high productivity, good soil protection and optimized driver comfort.
  • In August 2022, Apollo tires announced the expansion of its new range of truck and bus radial tires.
  • In May 2022, Bridgestone launched R192E all-position radial tires for e-buses offering ultra-low rolling resistance and high load capacity.
  • Hankook has entered into an agreement with KAIST and opened a digital future innovation center for future technology development. The company has developed Kontrol Technology for enhancing the driving experience with unfailing precision. Similarly, they also have integrated performance tire technology used in the Ventus tires. Hankook Innovative Performance (HIP) technology focuses on smart tires for  future mobility.
  • Hankook company is developing technology and performance standards by developing state-of-the-art products and services. The company has integrated technologies such as sound comfort technology, seal tech and other, to their main line production capacity to enhance product innovation and meet market demands.
  • In January 2022, the company announced that it has developed an in-house custom-engineered non-pneumatic (airless) tire (NPT) to enhance the Starship Technologies delivery fleet concept.
  • Sumitomo has started supplying high-performance tires to the Toyota Motor Corporation for use as factory standard tires. Similarly, the company has also started supplying Falken Tires to the all-new Nissan Rogue. Sumitomo Rubber Industries, Ltd. has also developed reduced odor natural rubber that emits less odor. This development will help in overcoming the longstanding odor issues in natural rubber. In May 2022, the company also signed on the UN Global Compact (UNGC).
  • Sumitomo is building in house run-flat tire technology for automobiles and this development will eliminate the need for spare tires. Sumitomo Rubber Industries, Ltd. is also developing CORESEAL Sealant Tire Technology that will prevent air leakage and will also help in applying an additional layer of the sealant to the tire. The company has also introduced the concept of GYROBLADE tires that needs no air and at the same time are also easy to maintain. It is also working on tire internal power generation technology and the generated energy from the tires will be used for powering the sensors installed in and around the tire.

Market Segmentation

The South Korea Tire Market is 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, Off the Road Vehicles. On the basis of demand category, the market is divided into OEM and Replacement. Further, based on type, the market is divided into Radial and Bias. In terms of tube type, it is fragmented into Tube and Tubeless. The market analysis also studies the region wise segmentation to devise tire market, divided among West, East, North and South.

Company Profiles

NEXEN Tire Corporation, Kumho Tire Co., Inc., Hankook Tire Co., Ltd. Michelin Korea Co., Ltd., Continental Tyre Korea Co.,Ltd., Bridgestone Tire Sales Korea Ltd., Goodyear Korea Company, , Pirelli & C. S.p.A., Yokohama Tire Korea Co., Ltd., The Giti are the key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.



Base Year


Historical Years

2018 – 2022

Estimated Year


Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, Volume in Thousand Units, and CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, volume forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

By Vehicle Type

By Demand Category

By Type

By Tube Type

By Region

Region Wise Scope

North Chungcheong, South Chungcheong, Gangwon, Gyeonggi, Rest of South Korea

Key Companies Profiled

NEXEN Tire Corporation, Kumho Tire Co., Inc., Hankook Tire Co., Ltd. Michelin Korea Co., Ltd., Continental Tyre Korea Co., Ltd., Bridgestone Tire Sales Korea Ltd., Goodyear Korea Company, , Pirelli & C. S.p.A., Yokohama Tire Korea Co., Ltd., Giti Tire

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)


Report Scope:

In this report, South Korea Tire Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • South Korea Tire Market, By Vehicle Type:
    • Passenger Car
    • Light Commercial Vehicle
    • Medium & Heavy Commercial Vehicle
    • Two-Wheeler
    • Off The Road Vehicles
  • South Korea Tire Market, By Demand Category:
    • OEM
    • Replacement

            ·    South Korea Tire Market, By Type:

    • Radial
    • Bias

            ·     South Korea Tire Market, By Tube Type:

    • Tube
    • Tubeless
  • South Korea Tire Market, By Region:
    • North Chungcheong
    • South Chungcheong
    • Gangwon
    • Gyeonggi
    • Rest of South Korea

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in South Korea Tire Market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

South Korea Tire Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Introduction

1.1.  Product Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary         

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on South Korea Tire Market

4.1.  Impact Assessment Model      

4.1.1.     Key Segments Impacted

4.1.2.     Key Regions Impacted

5.    Voice of Customer Analysis

5.1.  Factors Influencing Purchase Decision

5.2.  Brand Awareness

5.3.  Brand Satisfaction Level

6.    South Korea Tire Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.1.2.     By Volume

6.2.  Market Share & Forecast

6.2.1.     By Vehicle Type Market Share Analysis (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two-Wheeler, Off Road Vehicles)

6.2.2.     By Demand Category Market Share Analysis (OEM, Replacement)

6.2.3.     By Type Market Share Analysis (Radial, Bias)

6.2.4.     By Tube Type Market Share Analysis (Tube, Tubeless)

6.2.5.     By Regional Market Share Analysis         Central Market Share Analysis         Southern Market Share Analysis         Northern Market Share Analysis

6.2.6.     By Company Market Share Analysis (By Value, 2022)

6.3.  South Korea Tire Market Mapping & Opportunity Assessment

6.3.1.     By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.     By Demand Category Market Mapping & Opportunity Assessment

6.3.3.     By Type Market Mapping & Opportunity Assessment

6.3.4.     By Tube Type Market Mapping & Opportunity Assessment

6.3.5.     By Regional Market Mapping & Opportunity Assessment

7.    South Korea Passenger Car Tire Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.1.2.     By Volume

7.2.  Market Share & Forecast

7.2.1.     By Demand Market Share Analysis Category

7.2.2.     By Type Market Share Analysis

7.2.3.     By Tube Type Market Share Analysis

8.    South Korea Light Commercial Vehicle Tire Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.1.2.     By Volume

8.2.  Market Share & Forecast

8.2.1.     By Demand Market Share Analysis Category

8.2.2.     By Type Market Share Analysis

8.2.3.     By Tube Type Market Share Analysis

9.    South Korea Medium & Heavy Commercial Vehicle Tire Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.1.2.     By Volume

9.2.  Market Share & Forecast

9.2.1.     By Demand Market Share Analysis Category

9.2.2.     By Type Market Share Analysis

9.2.3.     By Tube Type Market Share Analysis

10.  South Korea Two-Wheeler Tire Market Outlook

10.1.              Market Size & Forecast

10.1.1.  By Value

10.1.2.  By Volume

10.2.              Market Share & Forecast

10.2.1.  By Demand Market Share Analysis Category

10.2.2.  By Type Market Share Analysis

10.2.3.  By Tube Type Market Share Analysis

11.  South Korea Off The Road Vehicles Tire Market Outlook

11.1.              Market Size & Forecast

11.1.1.  By Value

11.1.2.  By Volume

11.2.              Market Share & Forecast

11.2.1.  By Demand Market Share Analysis Category

11.2.2.  By Type Market Share Analysis

11.2.3.  By Tube Type Market Share Analysis

12.  Market Dynamics

12.1.              Market Drivers

12.2.              Market Challenges

13.  Market Trends and Developments

14.  Porter’s Five Forces Model

14.1.              Competitive Rivalry

14.2.              Bargaining Power of Suppliers

14.3.              Bargaining Power of Buyers

14.4.              Threat of New Entrants

14.5.              Threat of Substitutes

15.  Policy & Regulatory Landscape

16.  South Korea Economic Profile

17.  Competitive Landscape

17.1.              Company Profiles (Up To 10 Leading Companies)

17.1.1.  NEXEN Tire Corporation      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.2.  KUMHO TIRE Co.      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.3.  Hankook Tire Co., Ltd.      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.4.  The Michelin Group      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.5.  Continental AG      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.6.  Bridgestone Corporation      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.7.  Goodyear Tire and Rubber Company      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.8.  Pirelli & C. S.p.A.      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.9.  The Yokohama Rubber Co., Ltd.      Company Details      Products & Services      Recent Development      Key Management Personnel

17.1.10.                Giti Tire    Company Details    Products & Services    Recent Development    Key Management Personnel

18.  Strategic Recommendations

18.1.              Key Focus Areas

18.2.              Target Regions

18.3.              Target Vehicle Type

18.4.              Target Demand Category

19. About Us & Disclaimer

Figures and Tables

Frequently asked questions


Majorly, supply chain disruption affects the raw material required for tire production which slows the sales of tires in replacement market.


Due to higher sales of light commercial vehicle in South Korea, this segment leads the market in 2022 and is expected to lead in forecast years.


The major contributing players in the South Korea Tire Market are NEXEN Tire Corporation, KUMHO TIRE Co., Inc., Hankook Tire Co., Ltd., The Michelin Group, Continental AG, Bridgestone Corporation, Goodyear Tire and Rubber Company, Pirelli & C. S.p.A., The Yokohama Rubber Co., Ltd., Giti Tire etc.


The rapid development of sustainable and smart tire with increasing transportation sector in South Korea boosts the South Korea Tire Market by 2028.


Srishti Verma

Business Consultant
Press Release

Passenger Vehicle Continues to Lead the South Korea Tire Market Industry by 2028

Jun, 2023

Increasing demand for green tires and growing transportation industry to drive the growth of South Korea Tire Market in the forecast period 2024-2028.