Republic of Korea: Market for Tyres For Motorcycles or Bicycles 2024

Market Size for Tyres For Motorcycles or Bicycles in Republic of Korea

The South Korean motorcycle or bicycle tyre market reduced to $X in 2022, waning by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Motorcycle or bicycle tyre consumption peaked at $X in 2019; however, from 2020 to 2022, consumption remained at a lower figure.

Production of Tyres For Motorcycles or Bicycles in Republic of Korea

In value terms, motorcycle or bicycle tyre production declined to $X in 2022 estimated in export price. Overall, the total production indicated modest growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2019 indices. The pace of growth appeared the most rapid in 2017 when the production volume increased by X% against the previous year. Motorcycle or bicycle tyre production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Exports of Tyres For Motorcycles or Bicycles

Exports from Republic of Korea

In 2022, overseas shipments of tyres for motorcycles or bicycles decreased by X% to X units, falling for the second year in a row after two years of growth. Over the period under review, exports showed a pronounced downturn. The growth pace was the most rapid in 2016 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2017 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, motorcycle or bicycle tyre exports amounted to $X in 2022. In general, total exports indicated a notable increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked in 2022 and are likely to continue growth in years to come.

Exports by Country

The United States (X units) was the main destination for motorcycle or bicycle tyre exports from South Korea, accounting for a X% share of total exports. Moreover, motorcycle or bicycle tyre exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was taken by Canada (X units), with a X% 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: Germany (X% per year) and Canada (X% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motorcycles or bicycles exports from South Korea, comprising X% of total exports. The second position in the ranking was held by Germany ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average motorcycle or bicycle tyre export price amounted to $X per unit, growing by X% against the previous year. Overall, the export price showed resilient growth. The most prominent rate of growth was recorded in 2018 an increase of X%. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably for the major foreign markets. In 2022, amid the top suppliers, the countries with the highest prices were the Philippines ($X per unit) and Italy ($X per unit), while the average price for exports to Japan ($X per unit) and the United States ($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 Italy (X%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Motorcycles or Bicycles

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in supplies from abroad of tyres for motorcycles or bicycles, when their volume decreased by X% to X units. Overall, total imports indicated mild growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Imports peaked at X units in 2021, and then contracted markedly in the following year.

In value terms, motorcycle or bicycle tyre imports expanded sharply to $X in 2022. In general, imports, however, posted a resilient expansion. The pace of growth was the most pronounced in 2014 when imports increased by X% against the previous year. Imports peaked in 2022 and are likely to see gradual growth in the near future.

Imports by Country

China (X units), Indonesia (X units) and Thailand (X units) were the main suppliers of motorcycle or bicycle tyre imports to South Korea, with a combined X% share of total imports. Taiwan (Chinese), Germany, Vietnam, Italy and Japan lagged somewhat behind, together accounting for a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Vietnam (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), China ($X) and Germany ($X) appeared to be the largest motorcycle or bicycle tyre suppliers to South Korea, with a combined X% share of total imports. Thailand, Taiwan (Chinese), Vietnam, Japan and Italy lagged somewhat behind, together comprising a further X%.

In terms of the main suppliers, Vietnam, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average motorcycle or bicycle tyre import price amounted to $X per unit, growing by X% against the previous year. In general, the import price saw a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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