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The South Korea airless tyres market size reached a value of more than USD 1.23 million in 2022. The South Korea airless tyre industry is expected to grow at a CAGR of 5.50% between 2023 and 2028, reaching a value of USD 1.70 by 2028.
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The tyres that don't appear to be supported by atmospheric pressure are called airless tyres or non-pneumatic tyres (NPT). These tyres are known as Tweel, which may be a combination of the terms "wheel" and "tyre." Its construction might consist of a solid inner hub fixed on the vehicle's shaft and surrounded by polymer spokes. This creates a wedge-shaped pattern that makes it easier to absorb the effects of the road.
Hankook Tire & Technology, the leading tyre manufacturer in South Korea, unveiled what it claimed to be Asia's largest test track, which allows for the performance testing of cutting-edge tyres for electric vehicles and supercars in addition to high-tech research facilities. The "Hankook Technoring" test site was created on a 1.26 million square metre plot of land in Taean, South Korea. Hankook Technoring is built to use new growth engines and adapt proactively to constantly changing mobility conditions. The development of cutting-edge technology and data-based big data analysis is crucial in the age of digital technology. Hankook Tire will construct a large data analysis platform based on real-vehicle test data and create artificial intelligence-based virtual optimization technology.
About 230 billion won i.e., approximately $182 million was spent by the tyre company on the construction of several tracks, including a dry road handling circuit, a hydroplaning road, a circular circuit to test the steering stability of tyres and their marginal performance, a braking test road, a wet road handling circuit, and a noise test road. The business is actively indulged in R&D in creating sensor-equipped tyres and airless tyres for automated vehicles.
Airless tyres have a longer lifespan, are more trustworthy, and are safer than conventional tyres. One of the main elements influencing product demand is the fact that the tyres cannot go flat since they lack an internal rubber tube. Future commercial application in a broad variety of vehicles is intended for the air-free concept tyre, which is being developed as a more ecologically friendly product than conventional tyres. Additionally, the business is continually making technical advancements that broaden the range of applications for products. Other factors such as high purchase power and high living standard also boost the growth of airless tyre market in South Korea.
At CES 2022, the South Korean tyre company Hankook Tire introduced the airless tyre i-Flex, which was utilised for the most recent robotics module Plug & Drive from the Hyundai Motor Group. The company claims that a 10-inch tyre has a biomimetic design and doesn't need air inside like a regular tyre. The tyre manufacturer said that i-Flex employed a multi-layer interlocked spoke design to support the load carrying framework and shock absorption. This design was inspired by the cell structure of a living body. The device also doesn't need to have its air pressure checked on a regular basis, and it also stops road accidents brought on by flat tyres.
The tyre's biomimetic shape provides improved shock absorption and load-bearing capability, and its lack of air improves safety and lowers maintenance costs, making it the best choice for autonomous vehicle designs. The tyre's tread is tailored for multi-directional vehicle movement and integrates with the tyre's distinctive honeycomb pattern. Additionally, there is no possibility of a flat tyre, and it is more aesthetically pleasing than conventional tyres, just like the other non-pneumatic tyre innovations. The collaboration of these two conglomerate companies is expected to play a pivotal role in the expansion of the airless tyre industry in South Korea.
Based on type, the South Korea airless tyres market is segmented into radial and bias. Based on Material, the airless tyre market of South Korea is divided into rubber and plastic. Based on vehicle type, the airless tyre industry of South Korea can be segmented into military vehicle, passenger and commercial vehicle, utility vehicle, and two wheelers, among others. On the basis of sales channels, the South Korea airless tyres market of South Korea can be bifurcated into OEM and aftermarket. On the basis of rim size, the airless tyre industry of South Korea can be classified into ‘less than 15 inches’, 15 to 20 inches, and more than 20 inches.
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Radial tyres are constructed from a series of cords that connect the beads to the tread. This enables the belts to be laid exactly beneath the tread and the cords to be positioned virtually at a right angle to the tread's centreline and parallel to one another. This network contributes to the strength and structure of the tyre. Bias tyres are created by weaving nylon and polyester belts and cords at an angle of 30 to 45 degrees from the centreline of the tread. Radials, on the other hand, have crisscrossing steel belts beneath the tread to reinforce the structure and thick side walls to provide better resistance from cuts and damage. Bias tyres are anticipated to be the market segment with the greatest opportunity over the forecast period.
The rising disposable income and standards of living, along with technological advancements are providing impetus to the growth of all segments in the airless tyre industry in South Korea. Rubber is a cost-effective, highly load-bearing material. The rubber used during manufacturing airless tyres, such as vulcanised rubber compounds used within a tyre, must have a high stiffness to increase steering stability. Over the course of the projected period, it is predicted that the plastics industry would be the most opportunistic. Since plastic is recyclable, manufacturers prefer using it to create airless tyres. Environment-conscious consumers are therefore attracted towards the plastic segment, which is anticipated to aid the growth of the airless tyre industry in the country.
The country's governments have focused more on the agricultural sector as a consequence of the rising demand for agricultural equipment, which has increased the production of airless tyres. In order to address problems associated with airless tyres, such as noise and vibration, the producers are attempting to apply frequently developing technologies. Increased adoption from off-road vehicles and large commercial, as well as increased deployment in the military sector, will be the main factors driving the market share for airless tyres.
Because airless tyres have less rolling resistance than conventional tyres, they are frequently employed in electric cars. They are able to preserve more battery power as a result. Although airless tyres can be used on different types of vehicles, they are not recommended for fast or nimble vehicles.
There are two types of sales channels in the airless tyre market of South Korea, which are OEM and aftermarket. Among these OEM secures a larger share of the market and is anticipated to hold a significant share during the forecast period as well. OEMs rigorously abide by the requirements for product safety and make significant investments in supply chain improvement and new product development which aids market growth. However, the aftermarket segment will also experience considerable growth as they provide the driver to get the tyre configured according to their own needs and priorities.
The range of tyre sizes you can have on your automobile is determined by the size of the rims. This indicates that a variety of tyre sizes may be used on the wheels without compromising the performance of the vehicle. There are three types of rim sizes available, each with a significant market share. Some people these days modify their vehicle's appearance for aesthetic reasons, they buy bigger wheels, rims, and tyres. Rims and tyres are frequently the most noticeable aspects of a vehicle's overall appearance.
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Bridgestone Corporation- The Bridgestone Corporation creates, produces, and sells a variety of products, including tyres. The business produces tyres and tubes for a variety of vehicles, including motorcycles, aeroplanes, buses, construction and mining equipment, scooters, trucks, and industrial and agricultural gear. Its tyre activities include tyre development, production, and marketing, as well as retail sales, tyre retreading, vehicle repairs and maintenance, and raw material supply. In addition, Bridgestone offers a variety of commodities, including equipment for athletic goods, industry, bicycles, chemicals, and construction and automotive materials. The headquarters of the firm is in Tokyo, Japan.
Hankook Tire Co., Ltd.- Tire and tube products are manufactured and sold by Hankook Tire & Technology Co., Ltd. The business manufactures tyres for passenger cars, electric vehicles, sport utility vehicles, and other related items. Hankook Tire & Technology has developed into a global leader since its founding in 1941, establishing the path for the global tyre industry with amazing inventions and bold challenges. Each year, Hankook Tire & Technology manufactures 120 million premium tyres and exports them to 160 nations.
|Scope of the Report||
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|Breakup by Type||
|Breakup by Material||
|Breakup by Vehicle Type||
|Breakup by Sales Channels||
|Breakup by Rim Size||
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 South Korea Airless Tyres Market Analysis
8.1 Key Industry Highlights
8.2 South Korea Airless Tyres Historical Market (2018-2022)
8.3 South Korea Airless Tyres Market Forecast (2023-2028)
8.4 South Korea Airless Tyres Market by Type
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.5 South Korea Airless Tyres Market by Material
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6 South Korea Airless Tyres Market by Vehicle Type
8.6.1 Military Vehicle
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6.2 Passenger and Commercial Vehicles
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.6.3 Utility Vehicles
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.6.4 Two Wheelers
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.7 South Korea Airless Tyres Market by Sales Channels
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.8 South Korea Airless Tyres Market by Rim Size
8.8.1 Less Than 15 Inches
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
8.8.2 15 to 20 Inches
220.127.116.11 Market Share
18.104.22.168 Historical Trend (2018-2022)
22.214.171.124 Forecast Trend (2023-2028)
8.8.3 More Than 20 Inches
126.96.36.199 Market Share
188.8.131.52 Historical Trend (2018-2022)
184.108.40.206 Forecast Trend (2023-2028)
9 Market Dynamics
9.1 SWOT Analysis
9.2 Porter’s Five Forces Analysis
9.2.1 Supplier’s Power
9.2.2 Buyer’s Power
9.2.3 Threat of New Entrants
9.2.4 Degree of Rivalry
9.2.5 Threat of Substitutes
9.3 Key Indicators for Demand
9.4 Key Indicators for Price
10 Competitive Landscape
10.1 Market Structure
10.2 Company Profiles
10.2.1 Bridgestone Corporation
10.2.1.1 Company Overview
10.2.1.2 Product Portfolio
10.2.1.3 Demographic Reach and Achievements
10.2.2 Hankook Tire Co., Ltd.
10.2.2.1 Company Overview
10.2.2.2 Product Portfolio
10.2.2.3 Demographic Reach and Achievements
10.2.3 Michelin Group
10.2.3.1 Company Overview
10.2.3.2 Product Portfolio
10.2.3.3 Demographic Reach and Achievements
10.2.4 Kumho Tire Co., Inc.
10.2.4.1 Company Overview
10.2.4.2 Product Portfolio
10.2.4.3 Demographic Reach and Achievements
10.2.5 Nexen Tire Corporation
10.2.5.1 Company Overview
10.2.5.2 Product Portfolio
10.2.5.3 Demographic Reach and Achievements
10.2.6 Continental AG
10.2.6.1 Company Overview
10.2.6.2 Product Portfolio
10.2.6.3 Demographic Reach and Achievements
10.2.7 Sumitomo Rubber Industries, Ltd.
10.2.7.1 Company Overview
10.2.7.2 Product Portfolio
10.2.7.3 Demographic Reach and Achievements
11 Key Trends and Developments in the Market
List of Key Figures and Tables
1. South Korea Airless Tyres Market: Key Industry Highlights, 2018 and 2028
2. South Korea Airless Tyres Historical Market: Breakup by Type (USD Million), 2018-2022
3. South Korea Airless Tyres Market Forecast: Breakup by Type (USD Million), 2023-2028
4. South Korea Airless Tyres Historical Market: Breakup by Material (USD Million), 2018-2022
5. South Korea Airless Tyres Market Forecast: Breakup by Material (USD Million), 2023-2028
6. South Korea Airless Tyres Historical Market: Breakup by Vehicle Type (USD Million), 2018-2022
7. South Korea Airless Tyres Market Forecast: Breakup by Vehicle Type (USD Million), 2023-2028
8. South Korea Airless Tyres Historical Market: Breakup by Sales Channel (USD Million), 2018-2022
9. South Korea Airless Tyres Market Forecast: Breakup by Sales Channel (USD Million), 2023-2028
10. South Korea Airless Tyres Historical Market: Breakup by Rim Size (USD Million), 2018-2022
11. South Korea Airless Tyres Market Forecast: Breakup by Rim Size (USD Million), 2023-2028
12. South Korea Airless Tyres Market Structure
In 2022, the South Korea airless tyre market attained a value of nearly USD 1.23 million.
The market is projected to grow at a CAGR of 5.50% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 1.70 million by 2028.
The rising disposable income, high living standards, numerous advantages, application in a variety of vehicles and continuous R&D are the major industry drivers.
Infrastructural and technological advancements are the key trends in the South Korea airless tyre market.
Radial and bias are the dominant types of the airless tyre in the industry.
The leading sales channels in the market are OEM and aftermarket.
The major players in the industry 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.
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