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Passenger Car Tires Market in South Korea 2015-2019

Passenger Car Tires Market in South Korea 2015-2019

About Passenger Car Tires

South Korea is one of the leading automobile manufacturing countries in the world. Thus, South Korea is one of the most significant markets for tire manufacturers.

In 2011, South Korea had 284 passenger cars per 1,000 people and a total road network of 105,931 Km. The country's GNI per capita (PPP) increased by 39.16%, from $24,030 in 2005 to $33,440 in 2013. This was one of the factors that led to rise in sales of passenger cars.

The future of passenger car tire market in South Korea is expected to be positive over the forecast period due to the optimistic outlook for the automotive industry. The tire market in South Korea is driven by growing demand for automobiles, overall growth of the economy, and growth of the replacement tire market.

Technavio's analysts forecast the passenger car tire market in South Korea to grow at a CAGR of 3.78% over the period 2014-2019.

Covered in this Report

In this report, Technavio covers the present scenario and growth prospects of the passenger car tire market in South Korea for the period 2015-2019. This report provides data on the market based on the following segments:

  • Replacement segment
  • OEM segment
We also present the vendor landscape and a corresponding detailed analysis of the top vendors in the market. In addition, the report discusses the major drivers influencing market growth, outlines the challenges faced by vendors and the market as a whole, and identifies the key trends emerging in the market.

Technavio's report, Passenger Car Tire Market in South Korea 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. It covers the passenger car tire market landscape in South Korea and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.

Prominent Vendors
  • Bridgestone Tire
  • Continental Tire
  • Goodyear Korea
  • Hankook Tire
  • Kumho Tire
  • Michelin
  • Nexen Tire
  • Pirelli
  • Yokohama Tire
  • Market Driver
    • Growing Sales of Passenger Cars
    • For a full, detailed list, view our report
    Market Challenge
    • Dependence on Imports of Natural Rubber
    • For a full, detailed list, view our report
    Market Trend
    • Development of Alternative Sources of Natural Rubber
    • For a full, detailed list, view our report
    Key Questions Answered in this Report
    • What will the market size be in 2019 and what will the growth rate be?
    • What are the key market trends?
    • What is driving this market?
    • What are the challenges to market growth?
    • Who are the key vendors in this market space?
    • What are the market opportunities and threats faced by the key vendors?
    • What are the strengths and weaknesses of the key vendors?


    Press Release

    Technavio Announces the Publication of its Research Report – Passenger Car Tires Market in South Korea 2015-2019

    Technavio recognizes the following companies as the key players in the Passenger Car Tires Market in South Korea: Bridgestone Tire, Continental Tire, Goodyear Korea, Hankook Tire, Kumho Tire, Michelin, Nexen Tire, Pirelli and Yokohama Tire

    Commenting on the report, an analyst from Technavio’s team said: “The global demand for natural rubber plunged due to the slowdown in the global economy and the euro crisis, leading to a fall in prices. The demand for natural rubber is further weakened with the fall in prices of crude oil, the key raw material for synthetic rubber, which is a substitute for natural rubber. The fall in synthetic rubber prices and the growth in global production of natural rubber lead to surplus, leading to further declines in natural rubber prices. This fall in the price of synthetic and natural rubber is set to benefit those who use them as raw materials, provided that the demand for the end product does not fall. The chief beneficiaries, without doubt, are tire vendors, such as Bridgestone, MRF, Ceat, Goodyear, Sumitomo, and Michelin, as they consume about 70 percent of the global natural rubber production. The profit margins of the tire vendors have surged since 2011 when prices started dipping. However, tire vendors are expected to pass these savings on to their consumers.”

    According to the report, despite the supply of crude oil being much higher than demand, OPEC, the world's largest oil cartel, has not cut production, which led to a rapid fall in oil prices. Crude oil prices have tumbled as low as $50 per barrel. Currently, fuel prices are at their lowest in years. This fall in fuel prices has led to an increase in on-road and off-road driving. With an increase in the miles being driven, passenger car tires, which have an average service life of 30,000 miles in South Korea, are expected to wear out sooner, therefore, leading to a steady need for replacement tires. With higher demand for replacements, the growth rate of the market in South Korea is likely to rise.

    Further, the report states that the introduction of unique tire sizes by automobile manufacturers hinders the growth for the replacement tire market.

    Companies Mentioned

    Bridgestone Tire, Continental Tire, Goodyear Korea, Hankook Tire, Kumho Tire, Michelin, Nexen Tire, Pirelli, Yokohama Tire

    • Executive Summary
    • List of Abbreviations
    • Scope of the Report
      • Market overview
    • Market Research Methodology
      • Market Research Process
      • Research Methodology
        • Table Market Research Methodology
    • Introduction
      • Overview of Tire Market
        • Table Tire Manufacturing Process
      • Key Tire Manufacturers Segmentation by Geography
        • Table Segmentation of Key Tire Manufacturers by Geography
      • Raw Materials Price break up
        • Table Break Up of Raw Materials Cost
      • Tire Industry Supply Chain
        • Suppliers
        • Tire Manufacturers
        • OEMs
        • Replacement Tire Market
      • Tires: Distribution Channels
      • Life Cycle of Tires
      • Factors Affecting Tire Prices
    • Market Landscape
      • Passenger Car Market in South Korea
        • Market size
          • Table Passenger Car Production in South Korea 2009-2014 (thousands of units)
          • Table Passenger Car Sales in South Korea 2009-2014 (thousands of units)
      • Passenger Car Tire Market in South Korea 2014-2019
        • Table Macroeconomic Indicators of South Korea
        • Market Size and Forecast
          • Table Passenger Car Tire Market in South Korea 2014-2019 (millions of units)
    • Market Segmentation by Customer
      • Table Segmentation of Passenger Car Tire Market in South Korea by Customer 2014 and 2019 (by volume)
      • OEM Tire Market for Passenger Cars in South Korea
        • Market Size and Forecast
          • Table OEM Tire Market for Passenger Cars in South Korea (millions of units)
      • Replacement Tire Market for Passenger Cars in South Korea
        • Market Size and Forecast
          • Table Replacement Tire Market for Passenger Cars in South Korea (millions of units)
      • Five Forces Analysis
    • Buying Criteria
    • Market Growth Drivers
      • Table Key Drivers of Passenger Car Tire Market in South Korea
      • Table Passenger Car Imports in South Korea by Brands 2014 (by volume)
    • Drivers and their Impact
    • Market Challenges
      • Table Key Challenges of Passenger Car Tire Market in South Korea
    • Impact of Drivers and Challenges
    • Market Trends
      • Table Key Trends of Passenger Car Tire Market in South Korea
    • Trends and their Impact
    • Tire Disposal
      • Potential Hazards of Used Tires
    • Vendor Landscape
      • Competitive scenario
        • Table Key Vendors in Passenger Car Tire Market in South Korea (2014)
        • Bridgestone
        • Continental
        • Goodyear
        • Hankook Tire
        • Kumho Tyre
        • Michelin
        • Nexen
        • Pirelli
        • Yokohama
      • Key News
    • Key Vendor Analysis
      • Bridgestone
        • Key Facts
        • Business Overview
        • Business Segmentation by Revenue 2014
          • Table Passenger Car Tire Market in South Korea: Business Segmentation by Revenue 2014
        • Geographical Segmentation 2014
          • Table Passenger Car Tire Market in South Korea: Geographical Segmentation 2014
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Continental
        • Key Facts
        • Business Overview
        • Business Segmentation by Revenue 2013
          • Table Continental: Business Segmentation by Revenue 2013
        • Business Segmentation by Revenue 2012 and 2013
          • Table Continental: Business Segmentation by Revenue 2012 and 2013 (US$ billion)
        • Geographical Segmentation 2013
          • Table Continental: Geographical Segmentation 2013
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Goodyear Korea
        • Key Facts
        • Business Overview
        • SWOT Analysis
      • Hankook Tire
        • Key Facts
        • Business Overview
        • Product Segmentation
          • Table Hankook Tire: Product Segmentation
        • Geographical Segmentation by Revenue 2013
          • Table Hankook Tire: Geographical Segmentation by Revenue 2013
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Kumho Tire
        • Key Facts
        • Business Overview
        • Product Segmentation
          • Table Kumho Tire : Product Segmentation
        • Business Segmentation by Revenue 2013
          • Table Kumho Tire : Business Segmentation by Revenue 2013
        • Business Segmentation by Revenue 2012 and 2013
          • Table Kumho Tire : Business Segmentation by Revenue 2012 and 2013 (US$ million)
        • Geographical Segmentation by Revenue 2013
          • Table Kumho Tire : Geographical Segmentation by Revenue 2013
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Michelin
        • Key Facts
        • Business Overview
        • Business Segmentation by Revenue 2014
          • Table Michelin: Business Segmentation by Revenue 2014
        • Business Segmentation by Revenue 2013 and 2014
          • Table Michelin: Business Segmentation by Revenue 2013 and 2014 (US$ billion)
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Nexen Tire
        • Key Facts
        • Business Overview
        • Business Segmentation by Revenue 2014
          • Table Nexen Tire: Business Segmentation by Revenue 2014
        • Geographical Segmentation by Revenue 2014
          • Table Nexen Tire: Geographical Segmentation by Revenue 2014
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Pirelli
        • Key Facts
        • Business Overview
        • Business Segmentation by Revenue 2013
          • Table Pirelli: Business Segmentation by Revenue 2013
        • Business Segmentation by Revenue 2012 and 2013
          • Table Pirelli: Business Segmentation by Revenue 2012 and 2013 (US$ million)
        • Geographical Segmentation by Revenue 2013
          • Table Pirelli: Geographical Segmentation by Revenue 2013
        • Sales Segmentation by End-markets 2013
          • Table Pirelli: Sales Segmentation by End-markets 2013
        • Business Strategy
        • Recent Developments
        • SWOT Analysis
      • Yokohama Rubber
        • Key Facts
        • Business Overview
        • Business segmentation by revenue 2014
          • Table Yokohama Rubber: business segmentation by revenue 2014
        • Business segmentation by revenue 2013 and 2014
          • Table Yokohama Rubber: business segmentation by revenue 2013 and 2014 ($ billion)
        • Geographical segmentation by revenue 2014
          • Table Yokohama Rubber: geographical segmentation by revenue 2014
        • Business strategy
        • Recent developments
        • SWOT Analysis
    • Other Reports in this Series

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