Accounting for 33.6%! Chinese tires are imported into South Korea

April 16, 2023

Recently reported by the Korean Tyre Manufacturers Association (KTMA), the total value of imported tires in South Korea reached 511.48 million U.S. dollars (561.6 billion won) in 2015, an increase of 63.8% from 311.27 million U.S. dollars in 2010. In the first half of 2016 (January-June), the year-on-year import of tires was also a sustained growth year-on-year, which was a 6.2% increase from the first half of 2015 to $200,508,400.
China exports Korean tires
Of all the importing countries, China exported the largest number of tires in South Korea, which accounted for approximately 33.6% of the total, followed by Germany, which accounted for approximately 9.5% of the total share. Japan's tires accounted for 9% of the total, followed by Thailand by 8.1%, and French tires by 4.8%. , Italy 1.4%.
In addition, in the Korean OE tire market, the original tire brand has always changed, and these are also closely related to market share. For example, Hyundai Motor Co., the largest automobile manufacturer in South Korea, chose the French Michelin tires as the original hybrids of the modern Ioniq hybrid, and chose the German horse brand as the original tire of the Jiens EQ900 luxury car.
There are three major tire companies in Korea, Hankook, Kumho and Nexans. Form a tripartite situation in South Korea. At the same time, the development of the Korean auto market is also rapid in recent years, and many large tire manufacturing countries are trying to discover the Korean market. Strive to compete with the local three for a certain market share.
From the KTMA report, it can be seen that Chinese tires are very popular in the Korean market and firmly occupy the position of Korea's import tire market leader.
On the one hand, due to geopolitical reasons, it is more convenient for China to export tires to South Korea, regardless of tariffs or transportation costs. At the same time, the price of tires is also more favorable. The Sino-Korea trade agreement also made Chinese tire companies benefit from exporting to South Korea.
On the other hand, China tires are increasingly favored by foreign consumers. At present, the manufacturing level of China's tire technology can be comparable to world-class brands. However, there is still lack of visibility in brand awareness.
It is believed that in the future, China's tires will increasingly be accepted by more countries in the world and will gradually be able to compete with the top brands in the world. Although there are still many domestic customers who are always wearing colored glasses for Chinese tires, more and more customers from foreign countries recognize Chinese tires better. I believe that China made, I believe that Chinese tires will be getting better and better!

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