Low Rolling Resistance Tire Korea Market Trends & Forecast 2033

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 US$ 1,540.40 million in 2023, up from US$ 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 US$ 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	US$ 1,540.40 million
Expected Industry Size for Korea by 2033	US$ 3,547.55 million
Forecasted CAGR between 2023 to 2033	8.70%

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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%

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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	US$ 1,540.40 million
Projected Industry Size by 2033	US$ 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 US$ 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 US$ 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.

Table of Content

1. Executive Summary
1.1. Korea Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Sales Channel
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Sales Channel, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Sales Channel, 2023 to 2033
5.3.1. Aftersales
5.3.2. OEM
5.4. Y-o-Y Growth Trend Analysis By Sales Channel, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Sales Channel, 2023 to 2033
6. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Vehicle Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Vehicle Type, 2023 to 2033
6.3.1. HCVs
6.3.2. LCVs
6.3.3. Passenger Cars
6.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
7. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Width Type
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Width Type, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Width Type, 2023 to 2033
7.3.1. Dual Type
7.3.2. Wide Band Type
7.4. Y-o-Y Growth Trend Analysis By Width Type, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By Width Type, 2023 to 2033
8. Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033, By Region
8.1. Introduction
8.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Region, 2018 to 2022
8.3. Current Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Region, 2023 to 2033
8.3.1. South Gyeongsang
8.3.2. North Jeolla
8.3.3. South Jeolla
8.3.4. Jeju
8.3.5. Rest of Korea
8.4. Market Attractiveness Analysis By Region
9. South Gyeongsang Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
9.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Sales Channel
9.2.2. By Vehicle Type
9.2.3. By Width Type
9.3. Market Attractiveness Analysis
9.3.1. By Sales Channel
9.3.2. By Vehicle Type
9.3.3. By Width Type
9.4. Key Takeaways
10. North Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
10.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Sales Channel
10.2.2. By Vehicle Type
10.2.3. By Width Type
10.3. Market Attractiveness Analysis
10.3.1. By Sales Channel
10.3.2. By Vehicle Type
10.3.3. By Width Type
10.4. Key Takeaways
11. South Jeolla Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
11.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Sales Channel
11.2.2. By Vehicle Type
11.2.3. By Width Type
11.3. Market Attractiveness Analysis
11.3.1. By Sales Channel
11.3.2. By Vehicle Type
11.3.3. By Width Type
11.4. Key Takeaways
12. Jeju Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
12.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Sales Channel
12.2.2. By Vehicle Type
12.2.3. By Width Type
12.3. Market Attractiveness Analysis
12.3.1. By Sales Channel
12.3.2. By Vehicle Type
12.3.3. By Width Type
12.4. Key Takeaways
13. Rest of Korea Industry Analysis and Outlook 2018 to 2022 and Forecast 2023 to 2033
13.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Sales Channel
13.2.2. By Vehicle Type
13.2.3. By Width Type
13.3. Market Attractiveness Analysis
13.3.1. By Sales Channel
13.3.2. By Vehicle Type
13.3.3. By Width Type
13.4. Key Takeaways
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Sales Channel
14.3.3. By Vehicle Type
14.3.4. By Width Type
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. Hankook Tire
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Kumho Tire
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Bridgestone Corporation
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. The Goodyear Tire & Rubber Company
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Sumitomo Rubber Industries Ltd.
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Pirelli & C S.p.A
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Apollo Tyres Ltd.
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. MICHELIN
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Continental AG
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Trelleborg AB
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology

Low Rolling Resistance Tire Industry Analysis in Korea

Demand Forecast for Low Rolling Resistance Tire in Korea, by Light and Heavy Commercial Vehicle Type, 2023 to 2033