Table of Contents
South Korea has emerged as a major market for automotive tyres in Asia-Pacific over the last few years. On account of significant industrial growth, the country’s automotive industry has been flourishing at a rapid pace. This is evident from the fact that South Korea is the fifth largest passenger car manufacturer in the world. As a result, the country has been registering significant growth in tyre volume sales over the last five years. The government’s announcement of reduction in individual consumption tax on car purchase is expected to further boost tyre sales in the country in the coming years. However, the country lacks in indigenous tyre manufacturing units due to scarcity of natural rubber, and hence, depends largely on natural rubber imports from Thailand, Indonesia, Vietnam, Malaysia and the Philippines.
According to “South Korea Tyre Market Forecast & Opportunities, 2020”, the tyre market in South Korea is forecast to reach around US$ 5 billion in 2017. Growing vehicle exports, increasing adoption of electric vehicles and favorable government initiatives are expected to propel the market over the next five years. With a majority share in South Korea’s tyre market, the passenger car tyre segment is the most dominant tyre segment in the country’s tyre market. Since major global automobile manufacturers like Hyundai, General Motors, Renault Samsung, Daelim and Doosan have a significant presence in South Korea, the demand for tyres from the OEM segment exceeds replacement sales. Northern region comprising Seoul, Incheon, Gyeonggi province and Gangwon province is the largest tyre market in South Korea as the region is the political and industrial hub of the country, which makes it an attractive investment destination for leading global players operating in diverse industry segments including automobile and allied industries. “South Korea Tyre Market Forecast & Opportunities, 2020” discusses the following aspects about the tyre market in South Korea:
- South Korea Tyre Market Size, Share & Forecast
- Segmental Analysis – Passenger Car Tyres, Commercial Vehicle Tyres, Two-Wheeler Tyre & OTR Tyres
- Policy and Regulatory Landscape
- Changing Market Trends & Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tyre market in South Korea
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tyre companies and other stakeholders align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer’s specific needs
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with tyre distributors, retailers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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