Chinese imports a growing part of Korean tyre market
The Korea Tire Manufacturers Association (KTMA) reports that the total value of tyres imported into Korea reached US$511.48 million (561.6 billion won) in 2015, up 63.8 per cent from $312.27 million in 2010. Tyre imports in the first half of 2016 (January to June) also increased, growing 6.2 per cent year-on-year to $250.84 million.
The largest single source was China, with a 33.6 per cent share, followed by German makes with 9.5 per cent. Japanese tyres had a 9 per cent share, followed by Thai tyres with 8.1 per cent, French with 4.8 per cent and Italian with 1.4 per cent.
There has also been something of a switch in the brands fitted to Korean OE as well. The nation’s largest automaker Hyundai Motor is now choosing the likes of France-based Michelin and Germany-based Continental as suppliers for its Ioniq hybrid and Genesis EQ900 respectively.