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South Korea Tire Market, By Tire Type (Radial Tires, Bias Tires); By Rim Size (Below 15 inches, 15–20 inches, Above 20 inches); By Application (On-road Tires, Off-road Tires, Agricultural Tires, Others (including Industrial Tires and Aviation Tires), Tren

Publisher BlueWeave Consulting
Published Apr 17, 2023
Length 260 Pages
SKU # BLWC17899916

Description

South Korea Tire Market, By Tire Type (Radial Tires, Bias Tires); By Rim Size (Below 15 inches, 15–20 inches, Above 20 inches); By Application (On-road Tires, Off-road Tires, Agricultural Tires, Others (including Industrial Tires and Aviation Tires), Trend Analysis, Competitive Landscape & Forecast, 2019–2029


South Korea Tire Market Size Set to Expand at Steady CAGR of 5.3% to Reach USD 5.6 Billion by 2029


South Korea tire market is flourishing due to the substantial industrial development, a thriving automotive sector, and country's high rate of automobile manufacturing.



BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Korea tire market size at USD 3.94 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects South Korea tire market size to grow at a significant CAGR of 5.31% reaching a value of USD 5.62 billion by 2029. The significant industrial growth and the country's thriving automobile industry are major factors driving the growth of the South Korea tire market. Because of South Korea's high rate of automobile production, the size of the vehicle fleet is growing. Also, the country is the world's fifth-largest producer of passenger automobiles, and exports have long been the auto industry's top priority. Tire prices have decreased due to competition among tire manufacturers, which is expected to support market growth during the forecast period. Increasing electric vehicle usage, rising car exports, and supportive government policies are a few other major drivers of growth in the South Korea tire market. However, the dependence on imports of raw materials could limit the South Korea tire markets’ expansion.

South Korea Tire Market – Overview



To ensure a safe and pleasurable ride, tires, one of a car's most noticeable parts, need to be checked and maintained regularly. Ensuring a steady connection between the car and the road, they are crucial in preserving proper grip and traction and ensuring a safe driving experience. Therefore, the top tire producers are working hard to produce and distribute durable tires across South Korea, which is likely to help the nation's tire sector grow during the forecast period.

Impact of COVID-19 on South Korea Tire Market

Covid-19 severely impacted the majority of South Korean businesses, including the tire industry, which was particularly hard hit. When the government enacted stringent movement restrictions, lockdowns, and travel bans to stop the spread of this terrible virus, the tire industry encountered several first-ever difficulties with the design, manufacturing, and distribution of tires across the country. Together with other problems, the sector faced a shortage of workers and raw materials, was unable to import or export cars and tires, was seeing a decline in customer demand, and had to close many manufacturing facilities. Because it was unclear how long these limits would last, the general public showed a paradigm change in their spending patterns by restricting themselves to necessities.

South Korea Tire Market - By Rim Size



On basis of rim size, South Korea tire market is divided into Below 15 inches, 15–20 inches, and Above 20 inches segments. The less than 15 inches segment dominates the market share. There would likely be a large amount of growth during the forecast period. The tire comes in a variety of sizes and is sold on the South Korean tire market. There are many different tire sizes available for different vehicle types and layouts. The demand for tires has increased due to rising fuel prices, growing concerns about pollution and climate change, and a shift in consumer preference toward electric vehicles.

Competitive Landscape

South Korea tire market is fiercely competitive. Major companies in the market include Hankook Tire, Kumho Tire, Nexen Tire, GT Radial, NEXEN Tire Corporation, KUMHO TIRE Co., Inc., Nexen Tire America Inc., Hankook Tire & Technology Co., Ltd., Kumho Tire U.S.A., Inc., and GITI Tire. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the South Korea tire market.



The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Korea Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in South Korea Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Table of Contents

260 Pages
1. Research Framework
1.1. Research Objective
1.2. Product Overview
1.3. Market Segmentation
2. Executive Summary
3. South Korea Tire Market Insights
3.1. Industry Value Chain Analysis
3.2. DROC Analysis
3.2.1. Growth Drivers
3.2.1.1. Rise in disposable income levels of consumers, allowing them to invest in expensive vehicles.
3.2.1.2. Growing focus on road infrastructure development.
3.2.2. Restraints
3.2.2.1. Dependence on imports of raw materials.
3.2.2.2. Limited manufacturing capacity and technological limitations
3.2.3. Opportunities
3.2.3.1. The potential for joint ventures and partnerships with global tire manufacturers.
3.2.3.2. Increasing government support and incentives for the local tire manufacturing industry.
3.2.4. Challenges
3.2.4.1. Limited availability of skilled labor and resources.
3.3. Technology Advancements/Recent Developments
3.4. Regulatory Framework
3.5. Porter’s Five Forces Analysis
3.5.1. Bargaining Power of Suppliers
3.5.2. Bargaining Power of Buyers
3.5.3. Threat of New Entrants
3.5.4. Threat of Substitutes
3.5.5. Intensity of Rivalry
4. South Korea Tire Market Overview
4.1. Market Size & Forecast, 2019–2029
4.1.1. By Value (USD Million)
4.2. Market Share and Forecast
4.2.1. By Tire Type
4.2.1.1. Radial Tires
4.2.1.2. Bias Tires
4.2.2. By Rim Size
4.2.2.1. Below 15 inches
4.2.2.2. 15–20 inches
4.2.2.3. Above 20 inches
4.2.3. By Application
4.2.3.1. On-road Tires
4.2.3.2. Off-road Tires
4.2.3.3. Agricultural Tires
4.2.3.4. Others (including Industrial Tires and Aviation Tires)
5. Competitive Landscape
5.1.
List of Key Players and Their Offerings
5.2. South Korea Tire Market Share Analysis, 2022
5.3. Competitive Benchmarking, By Operating Parameters
5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on South Korea Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
7.1. Hankook Tire
7.2. Kumho Tire
7.3. Nexen Tire
7.4. GT Radial
7.5. NEXEN Tire Corporation
7.6. KUMHO TIRE Co., Inc.
7.7. Nexen Tire America Inc.
7.8. Hankook Tire & Technology Co., Ltd.
7.9. Kumho Tire U.S.A., Inc.
7.10. GITI Tire.
7.11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
9.1. Qualitative Research
9.1.1. Primary & Secondary Research
9.2. Quantitative Research
9.3. Market Breakdown & Data Triangulation
9.3.1. Secondary Research
9.3.2. Primary Research
9.4. Breakdown of Primary Research Respondents, By Region
9.5. Assumptions & Limitations
*Financial information in case of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable
List of Figures
Figure 1 South Korea Tire Segmentation
Figure 2 South Korea Tire Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2022
Figure 4 South Korea Tire Market Size, By Value (USD Million), 2019–2029
Figure 5 South Korea Tire Market Share, By Tire Type, By Value, 2019–2029
Figure 6 South Korea Tire Market Share, By Rim Size, By Value, 2019–2029
Figure 7 South Korea Tire Market Share, By Application, By Value, 2019–2029
List of Tables
Table 1 South Korea Tire Market Size, By Value (USD Million), 2019–2029
Table 2 South Korea Tire Market Size, By Tire Type, By Value, 2019–2029
Table 3 South Korea Tire Market Size, By Rim Size, By Value, 2019–2029
Table 4 South Korea Tire Market Size, By Application, By Value, 2019–2029
Table 5 Hankook Tire Company Overview
Table 6 Hankook Tire Financial Overview
Table 7 Kumho Tire Company Overview
Table 8 Kumho Tire Financial Overview
Table 9 Nexen Tire Company Overview
Table 10 Nexen Tire Financial Overview
Table 11 GT Radial Company Overview
Table 12 GT Radial Financial Overview
Table 13 NEXEN Tire Corporation Company Overview
Table 14 NEXEN Tire Corporation Financial Overview
Table 15 KUMHO TIRE Co., Inc. Company Overview
Table 16 KUMHO TIRE Co., Inc. Financial Overview
Table 17 Nexen Tire America Inc. Company Overview
Table 18 Nexen Tire America Inc. Financial Overview
Table 19 Hankook Tire & Technology Co., Ltd. Company Overview
Table 20 Hankook Tire & Technology Co., Ltd. Financial Overview
Table 21 Kumho Tire U.S.A., Inc. Company Overview
Table 22 Kumho Tire U.S.A., Inc. Financial Overview
Table 23 GITI Tire. Company Overview
Table 24 GITI Tire. Financial Overview

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