Tyre Market in South Korea
Market Overview
The South Korean tyre market was finally on the rise to reach $
in , after two years of decline. In general, consumption showed a relatively flat trend pattern. Tyre consumption peaked at $ in 2018; however, from 2019 to , consumption remained at a lower figure.
In value terms, tyre production rose remarkably to $ in estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2010 with an increase of %. Tyre production peaked at $ in 2012; however, from 2013 to , production remained at a lower figure.
in , after two years of decline. In general, consumption showed a relatively flat trend pattern. Tyre consumption peaked at $ in 2018; however, from 2019 to , consumption remained at a lower figure.In value terms, tyre production rose remarkably to $
in estimated in export price. Over the period under review, production, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2010 with an increase of %. Tyre production peaked at $ in 2012; however, from 2013 to , production remained at a lower figure.Consumption
In , consumption of tyres increased by % to units, rising for the second year in a row after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Tyre consumption peaked at units in 2018; however, from 2019 to , consumption remained at a lower figure.
The revenue of the tyre market in South Korea reached $ in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.
, consumption of tyres increased by % to units, rising for the second year in a row after two years of decline. Overall, consumption, however, showed a relatively flat trend pattern. Tyre consumption peaked at units in 2018; however, from 2019 to , consumption remained at a lower figure.The revenue of the tyre market in South Korea reached $
in , picking up by % against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption showed a relatively flat trend pattern. Over the period under review, the market hit record highs at $ in 2018; however, from 2019 to , consumption stood at a somewhat lower figure.Consumption by Type
Tyres for motor cars ( units) constituted the product with the largest volume of consumption, accounting for % of total volume. Moreover, tyres for motor cars exceeded the figures recorded for the second-largest type, tyres for motorcycles or bicycles ( units), threefold. The third position in this ranking was taken by tyres for buses or lorries ( units), with a % share.
From 2007 to, the average annual growth rate of the volume of tyres for motor cars consumptions was relatively modest. With regard to the other consumed products, the following average annual rates of growth were recorded: tyres for motorcycles or bicycles (+% per year) and tyres for buses or lorries (-% per year).
In value terms, tyres with the largest market size in South Korea were tyres for motor cars ($), tyres for buses or lorries ($) and tyres for agriculture, forestry, construction, industry and other off the road vehicles ($), with a combined % share of the total market. These products were followed by tyres for motorcycles or bicycles and tyres for aircraft, which together accounted for a further %.
Tyres for motorcycles or bicycles, with a CAGR of +%, recorded the highest rates of growth with regard to market size in terms of the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.
units) constituted the product with the largest volume of consumption, accounting for % of total volume. Moreover, tyres for motor cars exceeded the figures recorded for the second-largest type, tyres for motorcycles or bicycles ( units), threefold. The third position in this ranking was taken by tyres for buses or lorries ( units), with a % share.From 2007 to
, the average annual growth rate of the volume of tyres for motor cars consumptions was relatively modest. With regard to the other consumed products, the following average annual rates of growth were recorded: tyres for motorcycles or bicycles (+% per year) and tyres for buses or lorries (-% per year).In value terms, tyres with the largest market size in South Korea were tyres for motor cars ($
), tyres for buses or lorries ($) and tyres for agriculture, forestry, construction, industry and other off the road vehicles ($), with a combined % share of the total market. These products were followed by tyres for motorcycles or bicycles and tyres for aircraft, which together accounted for a further %.Tyres for motorcycles or bicycles, with a CAGR of +
%, recorded the highest rates of growth with regard to market size in terms of the main consumed products over the period under review, while market for the other products experienced more modest paces of growth.Market Forecast
Driven by rising demand for tyre in South Korea, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +% for the period from to , which is projected to bring the market volume to units by the end of .
In value terms, the market is forecast to increase with an anticipated CAGR of +% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to bring the market volume to units by the end of .In value terms, the market is forecast to increase with an anticipated CAGR of +
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Trade Balance
South Korea remains a net exporter of tyre; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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