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South Korea Tire Market Size, Share, Trends, Growth, Report: By Design: Radial, Bias; By Type: Tube Tire, Tubeless Tire; By Season: Winter Tire, Summer Tire, All Season Tire; By Vehicle Type: Two-Wheeler and Three-Wheeler, Passenger Vehicle, Heavy Commercial Vehicle, Others; By Sales Channel; Competitive Landscape; 2024-2032
South Korea Tire Market Size
The South Korea tire market reached approximately USD 9.29 billion in 2023. The market is projected to grow at a CAGR of 5% between 2024 and 2032, reaching a value of around USD 14.48 billion by 2032.
South Korea Tire Market Outlook
- As per the industry reports in 2022, South Korea ranked 17th in the export of retreaded tires across the world.
- Nexen Tire Corp., the South Korean tire manufacturer, announced in July 2023 that it aims to increase its production capacity by 40 per cent in the next five years.
- France, Romania, and the United Kingdom were the major import countries for used pneumatic tires from South Korea in 2022.
South Korea Tire Market Growth
The rise in vehicle ownership and the growth of the automotive sector are two of the most prominent factors boosting the market growth. The growing prevalence of key automotive manufacturers such as Hyundai and GM Korea is expected to fuel the sales of automobiles, which creates a high demand for tires. With the increased purchasing power of buyers, there is a surge in the sales of vehicles such as eco-friendly cars. For instance, around 100,000 units of environmentally friendly cars were sold in the first quarter of 2024 in the country, leading to high demand for tires.
The burgeoning demand for the replacement of old tires due to increased wear and tear is another crucial factor aiding the tire market expansion. Customers are readily investing in new tires to enhance the performance of their vehicles, get better gas mileage, and get a better grip during the rainy season.
Favourable government regulations and policies are also expected to support the growth of the tire sector. For instance, The Ministry of Trade, Industry, and Energy (MOTIE) has mandated a tire labelling system that focuses on wet grip and rolling sound emissions for tires of passenger cars, light trucks, and buses, which is expected to create significant opportunities for the market players.
The demand for retreading tires is witnessing an upward trajectory as the retreading of tires prevents frequent tire replacement, increases their lifecycles, and offers a cost-effective option for their continued usage. It also offers a sustainable option as retreading can reduce the overall carbon dioxide emission.
South Korea Tire Industry Segmentation
“South Korea Tire Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
Market Breakup by Design
- Radial
- Bias
Market Breakup by Type
- Tube Tire
- Tubeless Tire
Market Breakup by Season
- Winter Tire
- Summer Tire
- All-Season Tire
Market Breakup by Vehicle Type
- Two-Wheeler and Three-Wheeler
- Passenger Vehicle
- Heavy Commercial Vehicle
- Light and Medium Commercial Vehicles
- Others
Market Breakup by Sales Channel
- OEM
- Aftermarket
South Korea Tire Market Share
All-season tires occupy a significant share in the market. All-season tires are made to withstand all weather situations since they incorporate the best features of both summer and winter tires. They also provide year-round performance and exceptional grip. The best users of all-season tires are individuals who live in milder climates and don't commonly encounter harsh winter weather conditions like snow, ice, and extreme cold. All-season tires have become more and more popular in recent years due to technological developments and ongoing improvements in rubber compounds.
Leading Companies in South Korea Tire Market
The market players are increasing their production capacities to gain a competitive edge in the market.
- Bridgestone Corporation
- Michelin Group
- Continental AG
- Pirelli & C. S.p.A
- Goodyear Tire & Rubber Company
- Yokohama Rubber Co., Ltd.
- Hankook Tire & Technology Co., Ltd.
- Sumitomo Rubber Industries, Ltd.
- Giti Tire Pte Ltd.
- Kumho Tire Co., Inc.
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Design |
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| Breakup by Type |
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| Breakup by Season |
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| Breakup by Vehicle Type |
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| Breakup by Sales Channel |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Asia Pacific Tire Market Overview
8.1 Key Industry Highlights
8.2 Asia Pacific Tire Historical Market (2018-2023)
8.3 Asia Pacific Tire Market Forecast (2024-2032)
9 South Korea Tire Market Overview
9.1 Key Industry Highlights
9.2 South Korea Tire Historical Market (2018-2023)
9.3 South Korea Tire Market Forecast (2024-2032)
10 South Korea Tire Market by Design
10.1 Radial
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Bias
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
11 South Korea Tire Market by Type
11.1 Tube Tire
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Tubeless Tire
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 South Korea Tire Market by Season
12.1 Winter Tire
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Summer Tire
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 All-Season Tire
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
13 South Korea Tire Market by Vehicle Type
13.1 Two-Wheeler and Three-Wheeler
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Passenger Vehicle
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Heavy Commercial Vehicle
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Light and Medium Commercial Vehicles
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 South Korea Tire Market by Sales Channel
14.1 OEM
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Aftermarket
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators for Demand
15.4 Key Indicators for Price
16 Value Chain Analysis
17 Trade Data Analysis (HS Code - 4011)
17.1 Major Importing Countries
17.1.1 By Volume
17.1.2 By Value
17.2 Major Exporting Countries
17.2.1 By Volume
17.2.2 By Value
18 Price Analysis
19 Competitive Landscape
19.1 Market Structure
19.2 Company Profiles
19.2.1 Bridgestone Corporation
19.2.1.1 Company Overview
19.2.1.2 Product Portfolio
19.2.1.3 Demographic Reach and Achievements
19.2.1.4 Certifications
19.2.2 Michelin Group
19.2.2.1 Company Overview
19.2.2.2 Product Portfolio
19.2.2.3 Demographic Reach and Achievements
19.2.2.4 Certifications
19.2.3 Continental AG
19.2.3.1 Company Overview
19.2.3.2 Product Portfolio
19.2.3.3 Demographic Reach and Achievements
19.2.3.4 Certifications
19.2.4 Pirelli & C. S.p.A
19.2.4.1 Company Overview
19.2.4.2 Product Portfolio
19.2.4.3 Demographic Reach and Achievements
19.2.4.4 Certifications
19.2.5 Goodyear Tire & Rubber Company
19.2.5.1 Company Overview
19.2.5.2 Product Portfolio
19.2.5.3 Demographic Reach and Achievements
19.2.5.4 Certifications
19.2.6 Yokohama Rubber Co., Ltd.
19.2.6.1 Company Overview
19.2.6.2 Product Portfolio
19.2.6.3 Demographic Reach and Achievements
19.2.6.4 Certifications
19.2.7 Hankook Tire & Technology Co., Ltd.
19.2.7.1 Company Overview
19.2.7.2 Product Portfolio
19.2.7.3 Demographic Reach and Achievements
19.2.7.4 Certifications
19.2.8 Sumitomo Rubber Industries, Ltd.
19.2.8.1 Company Overview
19.2.8.2 Product Portfolio
19.2.8.3 Demographic Reach and Achievements
19.2.8.4 Certifications
19.2.9 Giti Tire Pte Ltd.
19.2.9.1 Company Overview
19.2.9.2 Product Portfolio
19.2.9.3 Demographic Reach and Achievements
19.2.9.4 Certifications
19.2.10 Kumho Tire Co., Inc.
19.2.10.1 Company Overview
19.2.10.2 Product Portfolio
19.2.10.3 Demographic Reach and Achievements
19.2.10.4 Certifications
19.2.11 Others
20 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Asia Pacific Tire Market: Key Industry Highlights, 2018 and 2032
2. South Korea Tire Market: Key Industry Highlights, 2018 and 2032
3. South Korea Tire Historical Market: Breakup by Design (USD Billion), 2018-2023
4. South Korea Tire Market Forecast: Breakup by Design (USD Billion), 2024-2032
5. South Korea Tire Historical Market: Breakup by Type (USD Billion), 2018-2023
6. South Korea Tire Market Forecast: Breakup by Type (USD Billion), 2024-2032
7. South Korea Tire Historical Market: Breakup by Season (USD Billion), 2018-2023
8. South Korea Tire Market Forecast: Breakup by Season (USD Billion), 2024-2032
9. South Korea Tire Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
10. South Korea Tire Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
11. South Korea Tire Historical Market: Breakup by Sales Channel (USD Billion), 2018-2023
12. South Korea Tire Market Forecast: Breakup by Sales Channel (USD Billion), 2024-2032
13. Major Importing Countries by Volume
14. Major Exporting Countries by Volume
15. Major Importing Countries by Value
16. Major Exporting Countries by Value
17. South Korea Tire Market Structure
Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 9.29 billion.
The market is estimated to grow at a CAGR of 5% between 2024 and 2032.
The market is estimated to witness a healthy growth during 2024-2032 to reach around USD 14.48 billion by 2032.
The market is being driven due to rise in vehicle ownership, burgeoning demand for the replacement of old tires, and the growth of the automotive sector.
The key trends aiding the market include favourable government regulations and policies and high demand for retreading tires.
Based on the design, market segmentations include radial and bias.
Different types of tires are tube tire and tubeless tire.
The major players in the market are Bridgestone Corporation, Michelin Group, Continental AG, Pirelli & C. S.p.A, Goodyear Tire & Rubber Company, Yokohama Rubber Co., Ltd., Hankook Tire & Technology Co., Ltd., Sumitomo Rubber Industries, Ltd., Giti Tire Pte Ltd., and Kumho Tire Co., Inc., among others.
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