Airless tires have several benefits over traditional tires, including their ability to resist punctures and the lack of need for a spare tire. They can also contribute to a reduction in greenhouse gas emissions and require less frequent replacement. Moreover, they can increase a vehicle's load capacity and perform well in challenging terrains, making them suitable for a variety of vehicles, such as passenger cars, commercial vehicles, utility vehicles, and even military vehicles. The growing military budget in South Korea is driving the demand for airless tires.
South Korea Airless Tires Market Driving Factors and Challenges
The South Korea airless tires market is experiencing significant trends driven by technological advancements in the automotive and military industries. This is resulting in the rapid growth of new energy vehicles, which is further supported by the strong presence of major vehicle manufacturers in the country. Additionally, advancements in transportation and automotive infrastructure aimed at developing fuel-efficient and environmentally friendly vehicles are increasingly using airless tires, which is boosting demand for the market. The government's stringent regulations to reduce greenhouse gas emissions are expected to accelerate the transition from conventional tires to airless tires in vehicles.
Despite the various benefits of airless tires, there are still some challenges facing the South Korea airless tires market. One of the primary challenges is the high cost of production, which makes airless tires more expensive than traditional tires. This may limit their adoption by price-sensitive customers, particularly in the passenger vehicle segment.
Another challenge is the limited availability of airless tires in the market. While major automotive manufacturers are investing in research and development of airless tires, their commercial production and availability in the market are still limited.
Impact of COVID-19 on South Korea Airless Tires Market
The COVID-19 pandemic had a significant impact on the airless tires market in South Korea, as it has on many other industries globally. The pandemic caused disruptions in the supply chain and manufacturing processes, which resulted in a slowdown in production and sales of airless tires. Due to the economic uncertainties caused by the pandemic, customers have become more price-sensitive, which may limit the adoption of airless tires in the market. The pandemic has also led to a decline in demand for passenger and commercial vehicles, which has further affected the demand for airless tires in South Korea.
However, the pandemic has also created opportunities for the airless tires market in South Korea. With the increasing focus on reducing greenhouse gas emissions and developing environmentally friendly vehicles, the demand for airless tires may see an uptick in the post-pandemic era
South Korea Airless Tires Market Key Players:
The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Continental AG, Hankook Tire Co., Ltd., Kumho Tire Co. Inc., Michelin Group, Nexen Tire Corporation, Sumitomo Rubber Industries, Ltd., Others
South Korea Airless Tires Market Segmentation:
By Type: Based on the Type, South Korea Airless Tires Market is segmented as; Radial Tyres, Bias Tyres.
By Material: Based on the Material, South Korea Airless Tires Market is segmented as; Rubber and Plastic.
By Vehicle Type: Based on the Vehicle Type, South Korea Airless Tires Market is segmented as; Military Vehicle, Passenger and Commercial Vehicles, Utility Vehicles, Two Wheelers, Trucks and Buses, LCV, HCV, Terrain Vehicles, Motorcycles, Others.
By Sales Channels: Based on the Sales Channel, South Korea Airless Tires Market is segmented as; Aftermarket and OEM.
By Rim Size: Based on the Rim Size, South Korea Airless Tires Market is segmented as; Less than 15 Inches, 15-20 Inches, More than 20 Inches.
By Tire Size: Based on the Tyre Size, South Korea Airless Tires Market is segmented as; ⁢ 20 Inches, 21-25 Inches, 26-30 Inches, 31-35 Inches and > 35 Inches.
By Region: This report also provides the data for key regional segments of Gangwon, Gyeonggi, North Chungcheong, North Gyeongsang, North Jeolla, South Chungcheong, South Gyeongsang, South Jeolla.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.