Republic of Korea: Market for Tyres For Buses Or Lorries 2025

Market Size for Tyres For Buses Or Lorries in Republic of Korea

The South Korean truck and bus tyre market declined to $X in 2022, approximately reflecting the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market attained the peak level at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Production of Tyres For Buses Or Lorries in Republic of Korea

In value terms, truck and bus tyre production contracted slightly to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced downturn. The growth pace was the most rapid in 2021 when the production volume increased by 5.5% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Exports of Tyres For Buses Or Lorries

Exports from Republic of Korea

In 2022, the amount of tyres for buses or lorries exported from South Korea reduced to X units, approximately mirroring the previous year's figure. Over the period under review, exports showed a deep setback. The pace of growth was the most pronounced in 2016 when exports increased by 53% against the previous year. The exports peaked at X units in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, truck and bus tyre exports totaled $X in 2022. In general, exports recorded a abrupt downturn. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X units) was the main destination for truck and bus tyre exports from South Korea, accounting for a 40% share of total exports. Moreover, truck and bus tyre exports to the United States exceeded the volume sent to the second major destination, Mexico (X units), sixfold. The third position in this ranking was taken by Germany (X units), with a 4.7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+1.0% per year) and Germany (-0.6% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for buses or lorries exports from South Korea, comprising 40% of total exports. The second position in the ranking was taken by Mexico ($X), with a 6.3% share of total exports. It was followed by Germany, with a 4.7% share.

From 2012 to 2022, the average annual growth rate of value to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (+2.1% per year) and Germany (+0.5% per year).

Export Prices by Country

In 2022, the average truck and bus tyre export price amounted to $X per unit, picking up by 15% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The growth pace was the most rapid in 2018 when the average export price increased by 17%. Over the period under review, the average export prices attained the maximum in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were Saudi Arabia ($X per unit) and Poland ($X per unit), while the average price for exports to France ($X per unit) and the UK ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Saudi Arabia (+1.1%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Buses Or Lorries

Imports into Republic of Korea

In 2022, overseas purchases of tyres for buses or lorries decreased by -4.5% to X units, falling for the second consecutive year after two years of growth. In general, imports, however, recorded a remarkable increase. The pace of growth was the most pronounced in 2016 when imports increased by 63%. Imports peaked at X units in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, truck and bus tyre imports dropped to $X in 2022. Overall, imports, however, showed a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 20%. Imports peaked at $X in 2021, and then declined modestly in the following year.

Imports by Country

In 2022, China (X units) constituted the largest truck and bus tyre supplier to South Korea, accounting for a 64% share of total imports. Moreover, truck and bus tyre imports from China exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. Spain (X units) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +10.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.9% per year) and Spain (-0.0% per year).

In value terms, China ($X) constituted the largest supplier of tyres for buses or lorries to South Korea, comprising 64% of total imports. The second position in the ranking was held by Thailand ($X), with a 26% share of total imports. It was followed by Spain, with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at +9.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+13.2% per year) and Spain (-0.7% per year).

Import Prices by Country

In 2022, the average truck and bus tyre import price amounted to $X per unit, growing by 2.1% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the average import price increased by 27% against the previous year. Over the period under review, average import prices reached the peak figure at $X per unit in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Spain ($X per unit) and Thailand ($X per unit), while the price for France ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (-0.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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