South Korea Airless Tyres Market to Reach Around USD 2.34 Million by 2035, Driven by the Growing Demand for High-Performance Automobiles

South Korea is experiencing a surging demand for efficient automobiles due to consumers growing disposable income and dual-income households. The presence of leading automotive giants such as Hyundai Motors Co. Ltd. (OTCMKTS: HYMTF) and Kia Motors is aiding the South Korea airless tyres market expansion.

Airless tyres are becoming increasingly common due to their many advantages, includeing puncture-proof properties, high durability, and resistance to demanding environments. These tyres guarantee passenger safety and guard against blowouts, flat tyres, and other problems. They also have the potential to improve a v’hicle's load-carrying capacity when driving on rough terrain. As a result, these tyres are ideal for a variety of vehicles, including utility, two-wheeler, commercial, and military vehicles. Rising military spending in South Korea further supports the need for airless tyres.

In January 2022, prominent South Korean tyre manufacturer, Hankook Tyre Co., Ltd. (KRX: 161390), launched an airless tyre called i-Flex, which was used for the latest robotics module called Plug and Drive by Hyundai Motor Group. The company claims that, in contrast to conventional tyres, a 10-inch tyre is fitted with a biomimetic design and does not require air within.

i-Flex uses a multi-layer interlocking spoke design, which was inspired by the cell structure of a living organism, to strengthen the load-bearing structure and absorb shock. Due to the C-type prototype being used to provide a maximised ground plane for steady autonomous driving, the i-Flex is the best tyre for self-driving cars. Additionally, the product eliminates the need for routine tyre pressure checks and guards against flat tyre-related traffic accidents.

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Market Analysis by Type, Material, Vehicle Type, Sales Channels, and Rim Size:

• The market, on the basis of type, can be segmented into radial and bias.
• Based on material, the market can be divided into rubber and plastic.
• The different vehicle types in the market include military vehicle, passenger and commercial vehicles, utility vehicles, and two wheelers, among others.
• Based on sales channel, the market can be bifurcated into OEM and aftermarket.
• The market, on the basis of rim size, can be divided into less than 15 inches, 15 to 20 inches, and more than 20 inches.

Key Findings of the Report:

• As airless tyres are made from a single material, they are easier to recycle and produce less pollution. Increasing demand for highly efficient automobiles creates opportunities for the South Korea airless tyres market growth.
• In 2023, the South Korean government allocated USD 48.3 billion to the defence sector, which accounted for 8.9% of its total government expenditure. The defence sector uses airless tyres, sometimes referred to as non-pneumatic tyres (NPTs), to increase vehicle longevity and safety.
• Government regulations for tyre labelling to improve performance such as rolling resistance and wet grip further expand the airless tyre market in South Korea.
• In 2023, automotive production in South Korea accounted for 3.9 million passenger vehicles and 0.3 million commercial vehicles, which is a 13% increase compared to 2022. The expanding automotive production increases airless tyre market demand.

Figure: Total Automotive Production in South Korea (in million units), 2018-2023

Key Offerings of the Report:

• The EMR report gives an overview of the South Korea airless tyres market for the periods (2019-2025) and (2026-2035).
• The report also offers the historical (2019-2025) and forecast (2026-2035) markets for types, materials, vehicle types, sales channels, and rim sizes of airless tyres in South Korea.
• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

Top Players

• Bridgestone Corporation
• Hankook Tire Co., Ltd.
• Michelin Group
• Kumho Tire Co., Inc.
• Nexen Tire Corporation
• Continental AG
• Sumitomo Rubber Industries, Ltd.
• Others

The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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