Republic of Korea: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Republic of Korea

In 2021, the South Korean passenger car tyre market decreased by -22.6% to $X, falling for the third year in a row after two years of growth. Overall, the total consumption indicated a moderate expansion from 2012 to 2021: its value increased at an average annual rate of +3.7% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption decreased by -45.2% against 2018 indices. Over the period under review, the market reached the peak level at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Passenger Car Tyre Production in Republic of Korea

In value terms, passenger car tyre production surged to $X in 2021 estimated in export price. Over the period under review, production saw a relatively flat trend pattern. Passenger car tyre production peaked at $X in 2017; however, from 2018 to 2021, production failed to regain momentum.

Passenger Car Tyre Exports

Exports from Republic of Korea

In 2021, the amount of tyres for motor cars exported from South Korea skyrocketed to X units, with an increase of 44% against 2020 figures. The total export volume increased at an average annual rate of +1.9% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, passenger car tyre exports surged to $X in 2021. The total export value increased at an average annual rate of +1.1% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for passenger car tyre exports from South Korea, accounting for a 29% share of total exports. Moreover, passenger car tyre exports to the United States exceeded the volume sent to the second major destination, Russia (X units), fivefold. Germany (X units) ranked third in terms of total exports with a 6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States amounted to -2.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (+5.6% per year) and Germany (+8.0% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motor cars exports from South Korea, comprising 30% of total exports. The second position in the ranking was taken by the Netherlands ($X), with a 7.1% share of total exports. It was followed by Germany, with a 6.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States stood at -3.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+17.4% per year) and Germany (+7.9% per year).

Export Prices by Country

The average passenger car tyre export price stood at $X per unit in 2021, increasing by 13% against the previous year. Over the period under review, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was the Netherlands ($X per unit), while the average price for exports to Russia ($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 Netherlands (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Republic of Korea

In 2021, passenger car tyre imports into South Korea amounted to X units, therefore, remained relatively stable against the previous year's figure. Overall, imports recorded a buoyant increase. The pace of growth was the most pronounced in 2017 when imports increased by 38%. Over the period under review, imports hit record highs in 2021 and are expected to retain growth in the immediate term.

In value terms, passenger car tyre imports reached $X in 2021. Over the period under review, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 28% against the previous year. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in years to come.

Imports by Country

Thailand (X units), China (X units) and Portugal (X units) were the main suppliers of passenger car tyre imports to South Korea, together comprising 51% of total imports. These countries were followed by Japan, Germany, the United States, the Czech Republic, Slovakia, Mexico, Italy, Spain, Canada and Romania, which together accounted for a further 40%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Spain (with a CAGR of +36.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Thailand ($X) constituted the largest supplier of tyres for motor cars to South Korea, comprising 26% of total imports. The second position in the ranking was taken by Portugal ($X), with an 11% share of total imports. It was followed by China, with an 8.8% share.

From 2012 to 2021, the average annual growth rate of value from Thailand totaled +35.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Portugal (+15.4% per year) and China (-4.6% per year).

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, surging by 7.1% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +2.3%. The most prominent rate of growth was recorded in 2013 when the average import price increased by 21% against the previous year. The import price peaked in 2021 and is likely to see steady growth in years to come.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Mexico ($X per unit), while the price for China ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+4.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :