South Korea Tire Market (2020-2026) | Share, industry, Size, Growth, Revenue, Forecast, Trends, Analysis, Outlook & COVID-19 IMPACT

Latest 2023 Development of the South Korea Tires Market

South Korea Tires Market is primarily driven by the increasing demand for passenger cars, light commercial vehicles, and heavy commercial vehicles. The increasing popularity of eco-friendly tires which are designed to reduce fuel consumption and CO2 emissions is one of the major notable trends in the market. The growing popularity of online sales of tires influences many consumers to purchase tires online. This trend is anticipated to continue, as consumers look for better convenience. The major companies are investing in research and development to stay ahead of the competition, with an increasing focus on developing innovative technologies for sustainable tires.

There are several growth factors driving the market expansion such as the growing automobile industry in South Korea. The growth in consumer disposable income in South Korea is driving demand for high-quality tires, which offer better performance and durability. With an increasing focus on road safety in South Korea, there is a greater demand for high-quality tires that provide better grip. These factors are proliferating the South Korea Tires Market Growth to a great extent. Moreover, South Korea is a major exporter of tires to countries around the world. As demand for tires increases in other countries, this could create opportunities for tire manufacturers in South Korea to expand their businesses. 

South Korea Tires Market Synopsis

South Korea Tire market report is a part of the APAC Tire Market and thoroughly covers the market by origin, types, vehicle types, and end-users. South Korea Tire market outlook provides an unbiased and detailed analysis of the ongoing South Korea Tire market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

South Korea tires market has registered high growth in the past few years on account of rising automotive fleet size coupled with the growing production of automobiles in the country. Exports have been the primary focus of tire manufacturers in South Korea. Moreover, the decline in the prices of the tires owing to the as competitive pressures amongst tire producers would lead to a further increase in market demand over the coming years.

According to 6Wresearch, the South Korea Tire Market size is projected to grow during 2020-2026. South Korea is the fifth-largest passenger car manufacturer in the world. Also, South Korea has occurred as a major market for automotive tires in Asia-Pacific over the last few years due to substantial industrial growth, the country’s automotive industry has been flourishing at a brisk. The government has declared a reduction in individual consumption tax on car purchases which is expected to further boost tire sales in the country in the coming years.

The South Korea tire market is anticipated to register sound growth in the coming years on the back of the rising adoption of personal vehicles coupled with the rapid growth of the automotive industry in the country which is leading to increased technical aid for advancements in the tire with more friction, improved stability and long life and is expected to augment the demand for premium tire range in the country in the coming timeframe. Additionally, an increase in the number of replacements and maintenance of tires to ensure a smooth driving experience is anticipated to trigger the potential growth of the South Korea tire market in the foreseeable future.

Market Analysis By Vehicle Types

Passenger car tires are the key revenue-generating segment in the overall South Korea tire market, owing to high installations of Passenger car tires in vehicles due to their tear resistance, rolling resistance reduces damage to the casing, and provides grip on all surfaces. Rising vehicle exports, increasing adoption of electric vehicles, and favourable government initiatives are anticipated to drive the market in the upcoming years.

Key Players in the market

Key players in the South Korea Tire Market are: 

• Hankook
• Nexen
• Kumho

COVID-19 Impact on South Korea Tire Market

The outburst of the coronavirus pandemic led to a decline in the South Korea Tire Market Growth on account of the increasing restriction imposed by the government of the country. The partial or complete lockdown imposed by the government of the country has led to disruption in the supply chain and further declined the South Korea Tire Market Share. 

Key Highlights of the Report

• South Korea Tire Market Overview
• South Korea Tire Market Outlook
• South Korea Tire Market Forecast
• Historical Data of South Korea Tire Market Revenues and Volume, for the Period2016-2019
• South Korea Tire Market Size and South Korea Tire Market Forecast of Revenues and Volume, Until 2026
• Historical Data of South Korea Tire Market Revenues and Volume, By Vehicle Types, for the Period 2016-2019
• Market Size & Forecast of South Korea Tire Market Revenues and Volume, By Vehicle Types, until 2026
• Historical Data of South Korea Tire Market Revenues and Volume, By Types, for the Period 2016-2019
• Market Size & Forecast of South Korea Tire Market Revenues and Volume, By Types, until 2026
• Historical Data of South Korea Tire Market Revenues and Volume, By Origin, for the Period 2016-2019
• Market Size & Forecast of South Korea Tire Market Revenues and Volume, By Origin, until 2026
• Historical Data of South Korea Tire Market Revenues and Volume, By End Users, for the Period 2016-2019
• Market Size & Forecast of South Korea Tire Market Revenues and Volume, By End Users, until 2026
• Market Drivers and Restraints
• South Korea Tire Market Trends and Industry Life Cycle
• South Korea Tire Market Revenue Share, By Regions
• South Korea Tire Market Revenue Share, By Players
• South Korea Tire Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

 Markets Covered:

The South Korea Tire Market report provides a detailed analysis of the following market segments:

By Origin:

• Local Manufacturing
• Imports

By Types:

• Radial Tires
• Bias Tires

By End Users:

• OEM
• Replacement

By Vehicle Types:

• Trucks
• Light Trucks
• Two-Wheelers
• Passenger Cars

South Korea Tire Market: FAQs