Republic of Korea: Aircraft Tyre Market 2024

Aircraft Tyre Market Size in Republic of Korea

The South Korean aircraft tyre market skyrocketed to $X in 2021, jumping by 74% 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, however, recorded a noticeable reduction. Over the period under review, the market attained the maximum level at $X in 2015; however, from 2016 to 2021, consumption remained at a lower figure.

Aircraft Tyre Exports

Exports from Republic of Korea

In 2021, overseas shipments of tyres for aircraft were finally on the rise to reach X units for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports showed a strong increase. The pace of growth was the most pronounced in 2013 with an increase of 806%. As a result, the exports reached the peak of X units. From 2014 to 2021, the growth of the exports remained at a lower figure.

In value terms, aircraft tyre exports surged to $X in 2021. In general, exports saw tangible growth. The growth pace was the most rapid in 2013 with an increase of 493%. The exports peaked at $X in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units) was the main destination for aircraft tyre exports from South Korea, with a 67% share of total exports. Moreover, aircraft tyre exports to Hong Kong SAR exceeded the volume sent to the second major destination, the United Arab Emirates (X units), fourfold. The third position in this ranking was held by Thailand (X units), with a 5.8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Hong Kong SAR stood at +227.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United Arab Emirates (+19.4% per year) and Thailand (+0.6% per year).

In value terms, Hong Kong SAR ($X) remains the key foreign market for tyres for aircraft exports from South Korea, comprising 67% of total exports. The second position in the ranking was taken by the Philippines ($X), with a 9.6% share of total exports. It was followed by Taiwan (Chinese), with a 9.4% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Hong Kong SAR totaled +219.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Philippines (-10.6% per year) and Taiwan (Chinese) (+27.7% per year).

Export Prices by Country

In 2021, the average aircraft tyre export price amounted to $X per unit, dropping by -17% against the previous year. Over the period under review, the export price saw a perceptible contraction. The most prominent rate of growth was recorded in 2018 when the average export price increased by 21%. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the United States ($X per unit), while the average price for exports to the United Arab Emirates ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+14.1%), while the prices for the other major destinations experienced more modest paces of growth.

Aircraft Tyre Imports

Imports into Republic of Korea

In 2021, imports of tyres for aircraft into South Korea skyrocketed to X units, rising by 68% on 2020 figures. In general, imports, however, showed a abrupt shrinkage. Over the period under review, imports hit record highs at X units in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

In value terms, aircraft tyre imports soared to $X in 2021. Over the period under review, imports, however, recorded a pronounced shrinkage. Over the period under review, imports attained the maximum at $X in 2015; however, from 2016 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, the United States (X units) constituted the largest aircraft tyre supplier to South Korea, accounting for a 50% share of total imports. Moreover, aircraft tyre imports from the United States exceeded the figures recorded by the second-largest supplier, Japan (X units), threefold. The third position in this ranking was taken by Thailand (X units), with an 18% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-13.6% per year) and Thailand (+6.6% per year).

In value terms, the United States ($X) constituted the largest supplier of tyres for aircraft to South Korea, comprising 63% of total imports. The second position in the ranking was taken by Japan ($X), with a 14% share of total imports. It was followed by Thailand, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +9.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Japan (-12.3% per year) and Thailand (+15.7% per year).

Import Prices by Country

The average aircraft tyre import price stood at $X per unit in 2021, picking up by 3.2% against the previous year. Over the last nine years, it increased at an average annual rate of +3.7%. The growth pace was the most rapid in 2020 when the average import price increased by 18% against the previous year. Over the period under review, average import prices reached the peak figure in 2021 and is likely to see gradual growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was the United States ($X per unit), while the price for the UK ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Thailand (+8.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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