South Korea Airless Tyres Market to Reach Around USD 2.11 Million by 2032, 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 (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) 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.

The major players in the South Korea airless tyres market are Bridgestone Corporation, Hankook Tire Co., Ltd., Michelin Group, Kumho Tire Co., Inc., Nexen Tire Corporation, Continental AG, and Sumitomo Rubber Industries, Ltd., among 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.

Key Highlights of the Report

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