Low Rolling Resistance Tire Industry Analysis in Korea

Analytical Study of Low Rolling Resistance Tire in Korea from (2023 to 2033)

Demand for low rolling resistance tire in Korea is expected to be worth USD 1,540.40 million in 2023, up from USD 1,408.40 million in 2022. The use of low rolling resistance tires in Korea is expected to maintain a favorable growth trajectory throughout the forecast period, with a CAGR of 8.70%. By 2033, the sales of low rolling resistance tires in Korea are anticipated to reach a valuation of USD 3,547.55 million.

Key Insights from Low Rolling Resistance Tire Industry in Korea

• Low rolling resistance tires are credited with the primary benefit of reducing fuel consumption by up to 10-15%. As a result, to conserve fuel, low rolling resistance tires are gaining increasing acceptance in Korean vehicles.
• The reduction in fuel consumption is crucial for mitigating the environmental impact of vehicles on the road. To promote eco-friendliness, low rolling resistance tires are being utilized in Korea.
• Sustainability is a concern not only for vehicle manufacturers but also for the government in Korea. Various government mandates have imposed limits on fuel consumption that vehicles in Korea must adhere to. Low rolling resistance tires are one way to reduce fuel consumption and meet these standards.

Attributes	Details
Industry size for Korea in 2023	USD 1,540.40 million
Expected Industry Size for Korea by 2033	USD 3,547.55 million
Forecasted CAGR between 2023 to 2033	8.70%

Key Trends for Low Rolling Resistance Tire in Korea

• Low rolling resistance tire is being used in both light commercial vehicles and heavy commercial vehicles. Thus, the use of low rolling resistance tire is varied and is used for an increasing number of vehicles in Korea.
• Low rolling resistance tire is afflicted with the reputation of providing less grip on the road, which acts as a restraint on the demand. However, manufacturers are addressing the challenge by introducing advanced gripping technology.
• New products are being introduced at a rapid pace in Korea. The aim of the players in Korea is to increase the efficiency of the tires, thus further reducing fuel usage, and providing better gripping.
• Car production is steadily rising across Korea. The number of cars increasing is leading to more demand for tires, which is benefiting the sale of low rolling resistance tire.
• Manufacturers have introduced additional features to low rolling resistance tires. Sound reduction and increased mobility on snow are some of the features available in low rolling resistance tire in Korea.

Category-wise Insights

Heavy Consumer Vehicle (HCV) is the Vehicle Type Predominantly Using Low Rolling Resistance Tire in Korea

Low rolling resistance tire is predominantly used in heavy consumer vehicle (HCV) in Korea. For 2023, the industry share by vehicle for HCV in Korea is estimated to be 50.7%. Production of HCV is increasing in Korea, in line with increased vehicle production. With HCVs heavily using low rolling resistance tire, the demand for the tire is rising.

Demand for Low Rolling Resistance Tire in Korea Based on Vehicle Type	HCV
Industry Share in 2023	50.7%

Low Rolling Resistance Tire with Dual Width Dominates the Industry in Korea

Dual width low rolling resistance tires are the prominent product in Korea. In 2023, dual-width tires are expected to hold 82.7% of the industry share. Given that dual width tires are heavily used in HCVs, and considering the fast pace at which HCVs are adopting low rolling resistance tires, it is clear that dual width tires are the preferred choice.

Demand for Low Rolling Resistance Tire in Korea Based on Width Type	Dual
Industry Share in 2023	82.7%

Competitive Landscape

Players in Korea are looking to expand beyond the borders of the country. To facilitate this, they are actively seeking partnerships and collaborations. Innovation is considered a crucial factor by industry players. Through innovation, Korea-based companies are focused on enhancing product efficiency and introducing new features.

Recent Developments Observed in Low Rolling Resistance Tire in Korea

• In October 2023, Yokohama Rubber announced the launch of its GEOLANDAR CV 4S tire in several countries, including Korea. The tire is designed to withstand all weather conditions.
• In May 2023, the Korean giant Hankook Tire introduced the iON brand of tires, specifically designed for electric vehicles.

Some of the Key Players with Low Rolling Resistance Tire in Korea

• Bridgestone Corporation
• The Goodyear Tire & Rubber Company
• Sumitomo Rubber Industries Ltd.
• Pirelli & C S.p.A
• Hankook Tire
• MICHELIN
• Continental AG
• Trelleborg AB
• The Yokohama Rubber Co. Ltd
• Apollo Tyres Ltd.
• Maxxis International (Cheng Shin Rubber)
• Marangoni S.p.A
• MRF Tyres

Scope of the Report

Attribute	Details
Estimated Industry Size in 2023	USD 1,540.40 million
Projected Industry Size by 2033	USD 3,547.55 million
Anticipated CAGR between 2023 to 2033	8.70% CAGR
Historical Analysis of Demand for Low Rolling Resistance Tire in Korea	2018 to 2022
Demand Forecast for Low Rolling Resistance Tire in Korea	2023 to 2033
Report Coverage	Industry Size, Industry Trends, Key Insights for Low Rolling Resistance Tire in Korea, Insights on Global Players and Leading Industry Strategy in Korea, Ecosystem Analysis of Local and Regional Korea Providers
Key Companies Profiled	Bridgestone Corporation; The Goodyear Tire & Rubber Company; Sumitomo Rubber Industries Ltd.; Pirelli & C S.p.A; Hankook Tire; MICHELIN; Continental AG; Trelleborg AB; The Yokohama Rubber Co. Ltd; Apollo Tyres Ltd.; Maxxis International (Cheng Shin Rubber); Marangoni S.p.A; MRF Tyres
Key Provinces Analyzed	South Gyeongsang, North Jeolla, South Jeolla, Jeju

Key Segments

By Vehicle:

• Passenger Vehicle
• Light Commercial Vehicle
• Heavy Commercial Vehicle

By Width:

• Dual Type
• Wide Band Type

By Province:

• South Gyeongsang
• North Jeolla
• South Jeolla
• Jeju

Frequently Asked Questions

What is the Industry Size of Low Rolling Resistance Tire in Korea?

The industry size of low rolling resistance tire in Korea is USD 1,540.40 million in Korea as of 2023.

What is the Projected Growth Rate for the Korea Low Rolling Resistance Tire Industry?

Low rolling resistance tire is forecasted to develop at a rate of 8.70% in Korea through 2033.

What Will be the Industry Size of Low Rolling Resistance Tire in Korea by 2033?

The industry size for low rolling resistance tire is forecasted to reach USD 3,547.55 million in Korea by 2033.

What is the Preferred Width of Low Rolling Resistance Tire in Korea?

Dual width low rolling resistance tire is highly preferred in Korea.

What Vehicles Most Frequently Use Low Rolling Resistance Tire in Korea?

HCVs are the primary users of low rolling resistance tires in Korea.