South Korea Advanced Tires Market
South Korea’s advanced tires market is growing as automotive manufacturers focus on innovations that enhance vehicle safety, performance, and fuel efficiency. Leading brands like Hankook and Kumho are at the forefront of developing advanced tire technologies, such as run-flat tires and low rolling resistance tires. The South Korean government supports research in eco-friendly tire production, aligning with its environmental goals. Advanced tires also address the needs of electric vehicles, which require specialized tires for optimized energy consumption and durability. Partnerships with automotive companies further drive the demand for advanced tires that improve overall vehicle performance. Additionally, advanced tires with embedded sensors are gaining traction, allowing for real-time monitoring of tire pressure and wear, ensuring safety and maintenance efficiency. The South Korean advanced tire market is strategically positioned for growth, bolstered by a commitment to sustainability and technological innovation.
The global advanced tires market is growing at a rapid pace. The market growth attributes to the rising demand for high-end cars and to minimize the skyrocketing tire maintenance and replacement costs. Besides, the inclination towards the adoption of advanced tires and the advantages of advanced tires boost sales. Moreover, the rapid industrial automation escalates the market growth to furthered height, improving functionalities of advanced tires.
According to Market Research Future (MRFR), the advanced tires market is projected to touch a valuation of USD 406.44 MN by 2023, growing at 10.8% CAGR throughout the forecast period (2022-2023).
Vehicles are becoming more connected with advanced sensor technologies that monitor every component within a vehicle to optimize performance, safety, and uptime. Tires are the most critical components of a vehicle to provide vital information that can help fleet operators and drivers make better decisions. These advantages, in turn, accelerate the growth of the advanced tires market. The rapidly growing aircraft industry allows the market to garner revenue growth consistently.
Additionally, substantial investments transpired into designing tires to meet the specifications, and demanding regulations of various civil and military-specific applications push the market growth. The agriculture industry is witnessing robust growth over the past few years due to the increased global food demand. This, as a result, promotes the market demand increasing the numbers of agriculture tractors.
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Key Players:
Continental (Germany), Michelin (France), Hankook Tire (South Korea), Goodyear (US), Pirelli (Italy), Bridgestone (Japan), Sumitomo (Japan), Yokohama (Japan), Nokian (Finland), CEAT (India), and Toyo Tire are a few of the major players in this market.
Regional Analysis:
The advanced tyre market is examined regionally throughout the Americas, Europe, Asia Pacific, and the Middle East Africa. By the end of the forecast period, North America is anticipated to control a significant portion of the global market. The expansion of the market for advanced tyres has been fueled by the presence of developed economies in the area with high per capita incomes. In the coming years, the growth of the market for advanced tyres is likely to be positively impacted by an increase in demand for autonomous vehicles.
Another significant development region is Europe, which is predicted to have the highest growth rate through 2023. The region's automotive industry's continued strong performance is anticipated to fuel market expansion. Furthermore, the automotive industry in Europe has experienced technological advancements that are anticipated to accelerate the adoption of advanced tyres in the region over the course of the assessment period.
Market Segmentation:
A thorough segmentation study of the global market for advanced tires is done by type of vehicle (on- and off-road), material type, and type. LDV and HDV make up the market's on-highway vehicle type divisions. Among these, the LDV sector currently rules the global market and is anticipated to experience rapid growth over the assessment period. In contrast, a substantially larger CAGR is anticipated for the HDV market during the following years.
The market has been divided into categories for agricultural tractors, construction and mining equipment, and industrial equipment based on the type of off-highway vehicle they are. The category for agricultural tractors now has the biggest market share, but the segment for mining equipment is expected to grow at the fastest rate.
The market has been divided into natural rubber, synthetic rubber, steel, elastomers, and other materials based on material type. The natural rubber industry among them commands the largest market share. It is anticipated to experience significant growth in the years to come. During the review period, a larger customer base is anticipated for the synthetic rubber segment.
Pneumatic tires, run-flat tires, and airless tires are the three categories into which the market has been divided. Due to its load-bearing capacity, the pneumatic segment is predicted to experience excessive demand. However, the run-flat tire market is anticipated to grow at a faster CAGR.
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