South Korea New Energy Vehicle Tyre Market was valued at USD 0.9 Billion in 2022 and is projected to reach USD 2.4 Billion by 2030, growing at a CAGR of 15.0% from 2024 to 2030.
The South Korea New Energy Vehicle Tyre Market has seen remarkable growth, driven by the increasing demand for electric vehicles (EVs) and hybrid vehicles. As South Korea continues to lead the way in automotive innovation, the rise of these new energy vehicles (NEVs) has created unique demands for tyres that are specifically designed to meet the needs of these vehicles. The New Energy Vehicle Tyre Market is evolving rapidly, with key industries pushing for tyres that offer higher efficiency, durability, and reduced environmental impact.
The primary requirement from the automotive industry is the ability to design tyres that can handle the unique characteristics of NEVs. These vehicles are heavier due to their batteries, and as a result, tyres must be designed with enhanced load-bearing capacities. Furthermore, NEVs tend to have higher torque and instant acceleration, which means the tyres must offer greater grip and better performance. Manufacturers are investing heavily in research and development to create tyres that optimize energy efficiency, reduce rolling resistance, and contribute to overall vehicle range.
The automotive industry is also looking for tyres that offer lower environmental impact, which aligns with the growing trend of sustainability in South Korea's vehicle market. The demand for eco-friendly tyres, made from renewable and recyclable materials, is rising. As the government continues to promote the use of NEVs with subsidies and incentives, tyre manufacturers are expected to meet stringent regulatory standards concerning the reduction of carbon footprints.
According to market analysts, the South Korea New Energy Vehicle Tyre Market is expected to expand exponentially over the next few years, with projections indicating a compound annual growth rate (CAGR) of 15%. This growth will be fueled not only by increasing NEV adoption but also by technological advancements in tyre manufacturing. In addition, collaboration between tyre manufacturers and NEV producers will be critical to ensuring that tyres meet the rigorous requirements of these vehicles, offering optimal performance and safety.
Industries are also looking for tyres that can withstand the extreme weather conditions often experienced in South Korea, with cold winters and hot summers. This means that tyres need to be versatile enough to handle a range of temperatures and road conditions, while still providing the efficiency needed to maximize the vehicle's range and performance. As the market continues to grow, companies that can innovate and meet these demands will have a competitive edge in the fast-evolving NEV landscape.
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Michelin
Bridgestone
Continental
Pirelli
Goodyear
Shanghai Huayi
Sumitomo Rubber Industries
ZC Rubber
Yokohama
Nokian Tyres
Hankook
Maxxis
Triangle Group
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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 New Energy Vehicle Tyre Market
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Fuel Cell Electric Vehicles (FCEVs)
Radial Tyres
Bias Ply Tyres
Passenger Vehicles
Commercial Vehicles
Two-Wheelers
Original Equipment Manufacturer (OEM)
Aftermarket Sales
Online Retail
Natural Rubber
Synthetic Rubber
Other Composite Materials
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea New Energy Vehicle Tyre 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 New Energy Vehicle Tyre Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea New Energy Vehicle Tyre Market, By Type
6. South Korea New Energy Vehicle Tyre Market, By Application
7. South Korea New Energy Vehicle Tyre Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea New Energy Vehicle Tyre Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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