London, 20 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the passenger car tire market in South Korea 2015-2019, which is expected to grow at a CAGR of 3.78% during the forecast period of 2014-2019.
The increase in demand for passenger cars will contribute to the growth of the passenger car tire market in South Korea. Growth is directly proportional to the sale of passenger cars and an increase in car sales will aid in the growth of the OEM tire market along with the increase in on-road passenger cars. For tire manufacturers, the replacement segment is an important source of revenue and is vital for the industry’s growth. The automobile market in South Korea offers many growth opportunities for manufacturers in terms of both volume and revenue.
“The major natural rubber-producing countries are in South and Southeast Asia. Rubber plantations in these regions are prone to seasonal damage and extreme weather conditions. In such situations, the supply becomes unpredictable, leading to price volatility. This has led to the development of alternative sources of natural rubber such as guayule,” says Faisal Ghaus, Vice President of Technavio.
“Cooper Tires has entered into a consortium with Yulex, Arizona State University, and the Agricultural Research Service of the US Department of Agriculture. The focus is to make biopolymers that are extracted from guayule.”
Key Market Drivers:
- Falling crude oil prices leading to increased miles driven per year, thereby having a positive impact on tire demand.
- Growing sales of imported passenger cars leading to increased demand for imported tires.
- Growing passenger car sales, primarily of domestic manufacturers, triggering growth in OEM tires segment.
Key Market Trends:
- Development of alternative sources of natural rubber.
- Fall of rubber prices and its impact on the tire industry.
- RFID Tires.
Key Market Vendors:
- Bridgestone Corp.
- Continental AG
- Goodyear Korea Co., Ltd.
- Hankook Tire Co.
- Kumho Tyre Co. Inc.
- Michelin Corp.
- Nexen Tyre Corp.
- Pirelli & C. SpA
- Yokohama Rubber Co. Ltd.
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
