South Korea Automotive Tire and Wheel Market was valued at USD 5 Billion in 2022 and is projected to reach USD 8 Billion by 2030, growing at a CAGR of 6% from 2024 to 2030.
The South Korea Automotive Tire and Wheel Market is an essential segment within the country's dynamic automotive industry. With a strong emphasis on advanced technology and high-quality manufacturing, this market serves a pivotal role in ensuring vehicle safety, performance, and efficiency. The demand for tires and wheels in South Korea is driven by a robust automotive sector, which includes both domestic vehicle manufacturers and an increasing number of international players establishing their presence in the country.
In recent years, South Korea's automotive tire and wheel market has been experiencing significant growth due to the growing production of electric vehicles (EVs), which require specific types of tires and wheels to meet energy efficiency standards. Furthermore, the rise of advanced manufacturing techniques, such as smart tire technology, is fueling market demand. Tire manufacturers are innovating with new materials that improve durability, fuel efficiency, and safety, while wheel manufacturers are introducing lightweight, alloy, and carbon fiber wheels to meet the increasing demand for performance and style in vehicles.
The automotive tire and wheel industry in South Korea is also responding to the increasing focus on environmental sustainability. Tires that are more energy-efficient and produce fewer emissions are now being required by both manufacturers and consumers alike. This aligns with global efforts to reduce the carbon footprint of the automotive sector, which is a growing concern for governments and industries worldwide. South Korean tire manufacturers have introduced eco-friendly tires that reduce rolling resistance and improve fuel efficiency, further driving the demand in the market.
Industries are looking for tires and wheels that offer improved performance across various parameters, including longevity, safety, and efficiency. As the market demands more technologically advanced solutions, companies are responding with smart tires that can communicate with vehicle systems to provide real-time information about tire pressure, wear, and temperature. These innovations enhance vehicle safety while reducing the overall cost of maintenance and repairs for vehicle owners.
The demand for customization in both tires and wheels is another growing trend. Consumers are increasingly opting for personalized tire and wheel designs to enhance the aesthetics of their vehicles, while also ensuring superior performance. As a result, the automotive tire and wheel market is becoming more diversified, catering to a wider range of consumer preferences and requirements.
South Korea's automotive tire and wheel market is evolving rapidly with technological advancements and a shift toward more sustainable products. The industry continues to see innovation, meeting the needs of both domestic and international automotive companies and positioning itself for future growth in the global automotive market.
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Michelin
Pirelli
Bridgestone
Continental
Hankook
Cooper
Nokian Tyres
Yokohama
Triangle Group
Maxxis
Uniroyal
Nexen
BFGoodrich
The Goodyear Tire & Rubber Company
Hoosier Tire Canada
Toyo Tire & Rubber
Kumho Tire
Maxxis Tires USA
ZC Rubber
Sumitomo Rubber Industries
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Automotive Tire and Wheel Market
Radial Tires
Bias Ply Tires
Run-flat Tires
Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Two-Wheelers
Radial Construction
Bias Ply Construction
OEM (Original Equipment Manufacturers)
Aftermarket
Natural Rubber
Synthetic Rubber
Carbon Black
Steel
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Automotive Tire and Wheel Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Automotive Tire and Wheel Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Automotive Tire and Wheel Market, By Type
6. South Korea Automotive Tire and Wheel Market, By Application
7. South Korea Automotive Tire and Wheel Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Automotive Tire and Wheel Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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