South Korea Otr Tire Market
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South Korea OTR Tire Market, By Tire Size (Below 25 Inches, 25–35 Inches, Above 35 Inches); By Tire Type (Radial OTR Tire, Bias OTR Tire); By Sales Channel (OEMs (Original Equipment Manufacturers), Aftermarket); By Application (Agriculture, Construction, Mining, Industrial), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: June 2024
- Report ID: BWC24457
- Available Format: PDF
- Page: 200
Report Overview
Industrial growth, increasing mining and construction activities, technological advancements in tire manufacturing, rising demand for heavy machinery, and expanding infrastructure projects driving the growth of South Korea OTR Tire Market during the forecast period between 2024 and 2030.
South Korea OTR Tire Market – Industry Trends & Forecast Report, 2030
The South Korea OTR Tire Market size by value was estimated at USD 190.2 million in 2023. During the forecast period between 2024 and 2030, the South Korea OTR Tire Market size is expected to expand at a CAGR of 7.70% reaching a value of USD 297.2 million by 2030. The 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.
OTR (Off The Road) Tires – Overview
OTR (off the road) tires are specialized tires designed for heavy-duty vehicles operating in off-road conditions, such as construction, mining, and agriculture. These tires are built to endure harsh terrains, providing enhanced durability, stability, and traction. Key features include reinforced sidewalls, deep treads, and resistance to cuts and abrasions. OTR tires come in various sizes and types, including radial and bias-ply, catering to different vehicle requirements and operational needs. Their robust construction ensures extended service life, essential for minimizing downtime and maximizing productivity in challenging environments.
South Korea OTR Tire Market
Growth Drivers
Increasing Government Investments in Infrastructure Projects
The South Korea OTR tire market is poised for significant growth, driven by the government's substantial investment in infrastructure projects. With a focus on enhancing the country's transportation network, energy infrastructure, and construction sector, the demand for off the road (OTR) tires is set to rise. These tires, essential for heavy machinery and vehicles used in large-scale projects, will see increased utilization. The government's commitment to infrastructure development not only stimulates the construction industry but also boosts the need for reliable OTR tires, fostering market expansion and technological advancements in tire manufacturing.
Challenges
Fluctuations in Raw Material Prices
The South Korea OTR Tire Market is experiencing significant volatility due to fluctuations in raw material prices. Key materials like natural rubber and synthetic compounds have seen sharp price changes, affecting production costs and profit margins. Manufacturers are grappling with these unpredictable expenses, which complicates pricing strategies and supply chain management. This instability underscores the need for strategic sourcing and cost management practices to maintain market competitiveness and profitability.
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.
South Korea OTR Tire Market
Segmental Coverage
South Korea OTR Tire Market – By Tire Size
Based on tire size, the South Korea OTR Tire Market is divided into below 25 inches, 25–35 inches, and above 35 inches segments. The 25–35 inches tire size is the largest segment in the 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.
South Korea OTR Tire Market – By Tire Type
On the basis of tire type, the 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 the 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.
South Korea OTR Tire Market – By Sales Channel
Based on sales channel, the South Korea OTR Tire Market is divided into OEMs (Original Equipment Manufacturers) and Aftermarket segments. OEMs denote the tires supplied directly by manufacturers for initial equipment installation on vehicles during production. Conversely, the aftermarket segment refers to tires sold for replacement or upgrade purposes after the vehicle's initial purchase. While both segments are integral to the market, the aftermarket segment typically encompasses a larger portion due to the ongoing need for tire replacements, upgrades, and repairs among vehicle owners and operators, thereby playing a significant role in shaping the overall market dynamics.
South Korea OTR Tire Market – By Application
Based on application, the South Korea OTR Tire Market is divided into Agriculture, Construction, Mining and Industrial segments. The construction application is the largest in the South Korea OTR (Off The Road) Tire Market. The segment encompasses various applications such as heavy equipment used in infrastructure development, building construction, and road maintenance. With South Korea experiencing significant urbanization and infrastructure projects, demand for construction machinery and vehicles equipped with OTR tires is high. The construction segment drives substantial growth in the OTR tire market due to ongoing development initiatives and the need for robust tires capable of withstanding challenging terrains and operating conditions.
Competitive Landscape
Major players in the South Korea OTR Tire 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. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2023 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Million |
Market Coverage |
South Korea |
Product/Service Segmentation |
Tire Size, Tire Type, Sales Channel, Application |
Key Players |
Bridgestone Korea, Yokohama Tire Korea Co Ltd, Michelin Korea Co., Ltd., Sumitomo Rubber Industries, Ltd, Hankook Tire & Technology Co Ltd, Goodyear Korea Company |
By Tire Size
-
Below 25 inches
-
25–35 inches
-
Above 35 inches
By Tire Type
-
Radial OTR Tire
-
Bias OTR Tire
By Sales Channel
-
OEM (Original Equipment Manufacturers)
-
Aftermarket
By Application
-
Agriculture
-
Construction
-
Mining
-
Industrial
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- South Korea OTR Tire Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Increasing Government Investment in Infrastructure Projects
- Rising Tire Size for Heavy Machinery in Construction and Mining
- Restraints
- Intense Competition from Global Tire Manufacturers
- Fluctuations in Raw Material Prices
- Opportunities
- Growing Focus on OTR Tire Retreading and Repair Services
- Technological Advancements in OTR Tire Design and Manufacturing
- Challenges
- Stringent Environmental Regulations on OTR Tire Production and Disposal
- Skilled Labor Shortage in the OTR Tire Industry
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- South Korea OTR Tire Market: Marketing Strategies
- South Korea OTR Tire Market: Pricing Analysis
- South Korea OTR Tire Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Million)
- Market Share & Forecast
- By Tire Size
- Below 25 inches
- 25–35 inches
- Above 35 inches
- By Tire Type
- Radial OTR Tire
- Bias OTR Tire
- By Sales Channel
- OEMs (Original Equipment Manufacturers)
- Aftermarket
- By Application
- Agriculture
- Construction
- Mining
- Industrial
- Others
- By Tire Size
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Offerings
- South Korea OTR Tire Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
- Impact of Escalating Geopolitical Tensions on South Korea OTR Tire Market
- Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- Bridgestone Korea
- Yokohama Tire Korea Co Ltd
- Michelin Korea Co Ltd
- Sumitomo Rubber Industries, Ltd
- Hankook Tire & Technology Co Ltd
- Goodyear Korea Company
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents, By Country
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 South Korea OTR Tire Segmentation
Figure 2 South Korea OTR Tire Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 South Korea OTR Tire Market Size, By Value (USD Million), 2019–2030
Figure 5 South Korea OTR Tire Market Share, By Tire Size, By Value, 2019–2030
Figure 6 South Korea OTR Tire Market Share, By Tire Type, By Value, 2019–2030
Figure 7 South Korea OTR Tire Market Share, By Sales Channel, By Value, 2019–2030
Figure 8 South Korea OTR Tire Market Share, By Application, By Value, 2019–2030
List of Tables
Table 1 South Korea OTR Tire Market Size, By Value (USD Million), 2019–2030
Table 2 South Korea OTR Tire Market Size, By Tire Size, By Value, 2019–2030
Table 3 South Korea OTR Tire Market Size, By Tire Type, By Value, 2019–2030
Table 4 South Korea OTR Tire Market Size, By Sales Channel, By Value, 2019–2030
Table 5 South Korea OTR Tire Market Size, By Application, By Value, 2019–2030
Table 6 Bridgestone Korea Company Overview
Table 7 Bridgestone Korea Financial Overview
Table 8 Goodyear Korea Company: Company Overview
Table 9 Goodyear Korea Company Financial Overview
Table 10 Michelin Korea Co Ltd Company Overview
Table 11 Michelin Korea Co Ltd Financial Overview
Table 12 Yokohama Tire Korea Co Ltd Company Overview
Table 13 Yokohama Tire Korea Co Ltd Financial Overview
Table 14 Sumitomo Rubber Industries, Ltd. Company Overview
Table 15 Sumitomo Rubber Industries, Ltd. Financial Overview
Table 16 Hankook Tire & Technology Co Ltd Company Overview
Table 17 Hankook Tire & Technology Co Ltd Financial Overview
Table 18 Toyo Tire Corporation Company Overview
Table 19 Toyo Tire Corporation Financial Overview
Table 19 Other Prominent Players
Table 20 Othe Prominent Players
Market Segmentation
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