South Korea OTR Tire Market Size Expands at Significant CAGR of 7.70% To Touch USD 297.2 Million by 2030

Published | 20 June 2024

South Korea OTR Tire Market is expanding rapidly due to industrial growth, expanding construction and mining activities, adoption of technological advancements, government infrastructure projects, and an increasing demand for durable, high-performance tires in heavy machinery.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated South Korea OTR Tire Market size by value at USD 190.2 million in 2023. During the forecast period between 2024 and 2030, BlueWeave expects South Korea OTR Tire Market size to expand at a CAGR of 7.70% reaching a value of USD 297.2 million by 2030. South Korea OTR (Off The Road) Tire Market is driven by rapid industrialization and urbanization, leading to increased construction and mining activities. The rise in infrastructure development projects necessitates advanced heavy machinery, boosting OTR tire demand. Additionally, the growth in the agricultural sector, requiring specialized tires for various equipment, further propels the market. Technological advancements in tire manufacturing, offering enhanced durability and performance, also contribute significantly. Moreover, the expansion of the logistics and transportation sectors, coupled with a strong focus on sustainability and environmental regulations, influences the market dynamics positively.

Opportunity – Growing focus on OTR tire retreading and repair services

South Korea OTR Tire Market is experiencing significant growth driven by an increasing emphasis on tire retreading and repair services. As sustainability and cost-efficiency become paramount, industries are turning to retreading to extend tire life and reduce expenses. The trend is bolstered by advancements in retreading technology and a rising awareness of environmental benefits. The robust infrastructure and mining sectors further propel the demand for high-performance, durable retreaded tires. Consequently, key players are expanding their service offerings, ensuring a dynamic market evolution focused on both economic and ecological advantages.

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Impact of Escalating Geopolitical Tensions on South Korea OTR Tire Market

Escalating geopolitical tensions, particularly between the United States and China, are impacting the South Korea OTR (off the road) Tire Market. Increased tariffs and trade restrictions have disrupted supply chains, leading to higher production costs and delays. South Korea, a major exporter of OTR tires, faces decreased demand from key markets like China due to the strained relations. Additionally, the Russian invasion of Ukraine has exacerbated global raw material shortages, further driving up prices. Companies like Hankook Tire and Kumho Tire are compelled to seek alternative markets and suppliers, impacting their operational efficiency. The uncertain geopolitical climate has also led to volatile currency exchange rates, complicating international transactions and financial stability in the tire industry.

25–35 Inch Most Popular OTR Tire Size in South Korea

Based on tire size, South Korea OTR Tire Market is divided into below 25 inches, 25–35 inches, and above 35 inches segments. The 25–35 inch tire size is the largest segment in South Korea OTR Tire Market. The segment dominates due to its widespread application in construction and mining industries, which require durable and high-performance tires for heavy machinery and equipment. The demand is driven by the continuous growth and development of infrastructure projects and the mining sector in South Korea. As industries expand, the need for reliable and efficient OTR tires in the 25–35 inches range continues to rise, making it the largest and most significant segment in the market.

Radial OTR Tire Type Registers Higher Demand

On the basis of tire type, South Korea OTR Tire Market is split into Radial OTR tire and Bias OTR tire segments. The radial OTR tire segment holds a larger market share in South Korea OTR Tire Market. The dominance is attributed to the superior durability, better traction, and enhanced fuel efficiency offered by radial tires compared to bias tires. Radial OTR tires also provide better performance on rough terrains and have a longer lifespan, making them a preferred choice in various heavy-duty applications such as mining, construction, and industrial activities. The increasing demand for heavy machinery and equipment in these sectors significantly contributes to the prominence of the radial OTR tire segment in South Korea.

Competitive Landscape

South Korea OTR Tire Market is fiercely competitive. Major companies in the market include Bridgestone Korea, Yokohama Tire Korea Co Ltd, Michelin Korea Co Ltd, Sumitomo Rubber Industries, Ltd, Hankook Tire & Technology Co Ltd, and Goodyear Korea Company. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in South Korea OTR Tire Market.

Don’t miss the business opportunity South Korea OTR Tire Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of South Korea OTR Tire Market. It also highlights the factors driving forecasts of total Market size. The report promises to provide recent technology trends in South Korea OTR Tire Market and industry insights to help decision-makers make sound strategic decisions. Further, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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