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South Korea Tire Industry Outlook to 2017 - Export Dominance to Drive Future Growth

  • April 2013
  • -
  • Ken Research Private Limited
  • -
  • 43 pages

Summary

Table of Contents

EXECUTIVE SUMMARY

The report titled “South Korea Tire Industry Outlook to 2017 – Export Dominance to Drive Future Growth” provides a comprehensive analysis of the various aspects such as market size of the South Korea tire industry and several operating segments in the South Korea tire market. The report also covers the market shares of major players in South Korea.

Tire market in South Korea, which is hugely driven by the sales of passenger cars, registered revenues of USD ~ million in 2012. With the advent of new varieties of tires and owing to A strong financial performance by several tire majors in the industry, the revenues increased by 42.7% compared to 2011 where the total revenues were USD ~ million. South Korea has been the fastest growing tire market in Asia, primarily influenced by a gamut of different factors such as automobile production, prices of natural rubber and crude oil, disposable incomes and others. South Korea was the fourth largest manufacturer of tires in terms of revenue, having recorded sales of USD ~ million in 2012. The South Korea tire industry has grown at a CAGR of 22.9% from USD ~ million in 2008 to USD ~ million in 2012.

The tire market in South Korea represents an oligopoly, with the presence of three major tire manufacturers that specialize in designing and producing tires for a range of vehicles. Tire industry in South Korea was led by Hankook, which registered revenues of USD ~ million in 2012. Kumho and Nexen were the second and third largest tire manufacturers in 2012 respectively.

Historically, exports have been the primary focus of tire enterprises in South Korea. Along with their presence in the domestic market, tire manufacturers in South Korea also hold a share of the markets in foreign countries including China. Total exports of tires from South Korea were valued at USD ~ million in 2012. Compared to exports, imports represent a minor portion of the overall consumption of tires in South Korea.

A major development in the tire space has been the inception of tire labeling by the European Union. With the introduction of strict manufacturing standards, numerous companies have had to incorporate radical changes in their tire production so as to conform to the strict prerequisites for tire exports to Europe.
The market for tires in South Korea is growing at a brisk rate. Technological advancements and demand of tires across a wide array of vehicles as well as competitive pressures amongst tire producers have been significantly changing the market. Revenues from the tire industry in South Korea are expected to expand to USD ~ million in 2017, growing with a CAGR of ~% from 2012 to 2017.
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KEY TOPICS COVERED IN THE REPORT

- The market size of the South Korea tire industry.
- Market segmentation of the South Korea tire industry on the basis of replacement, OEM and exports and passenger and commercial vehicles.
- Trends and Development in the South Korea tire industry.
- Competitive landscape and detailed company profiles of the major manufacturers of South Korea.
- Future outlook and projections of the South Korea tire industry on the basis of revenues.

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