Republic of Korea: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Republic of Korea

For the third year in a row, the South Korean market for tyres for agriculture, forestry, construction, industry and other off the road vehicles recorded growth in sales value, which increased by X% to $X in 2022. Over the period under review, consumption showed a buoyant expansion. Consumption of peaked in 2022 and is expected to retain growth in years to come.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Republic of Korea

In 2022, overseas shipments of tyres for agriculture, forestry, construction, industry and other off the road vehicles were finally on the rise to reach X units after two years of decline. Overall, exports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of X units. From 2020 to 2022, the growth of the exports of remained at a lower figure.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to $X in 2022. In general, exports, however, continue to indicate a slight downturn. The pace of growth was the most pronounced in 2019 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X. From 2020 to 2022, the growth of the exports of failed to regain momentum.

Exports by Country

Iraq (X units), Japan (X units) and the United States (X units) were the main destinations of exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from South Korea, with a combined X% share of total exports. Spain, Egypt, Taiwan (Chinese), China, Thailand, Saudi Arabia, Vietnam, Belgium, Hong Kong SAR and Syrian Arab Republic lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Spain (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for agricultural, construction and industrial machinery tyre exported from South Korea were Japan ($X), the United States ($X) and Vietnam ($X), together comprising X% of total exports. China, Egypt, Iraq, Taiwan (Chinese), Spain, Syrian Arab Republic, Thailand, Saudi Arabia, Belgium and Hong Kong SAR lagged somewhat behind, together comprising a further X%.

Spain, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, which is down by X% against the previous year. Overall, the export price recorded a mild slump. The pace of growth appeared the most rapid in 2018 when the average export price increased by X%. Over the period under review, the average export prices hit record highs at $X per unit in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Japan (X%), while the prices for the other major destinations experienced a decline.

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Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Republic of Korea

In 2022, purchases abroad of tyres for agriculture, forestry, construction, industry and other off the road vehicles increased by X% to X units, rising for the third year in a row after two years of decline. Over the period under review, imports saw resilient growth. The most prominent rate of growth was recorded in 2015 with an increase of X%. Imports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded rapidly to $X in 2022. The total import value increased at an average annual rate of X% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of X% against the previous year. Over the period under review, imports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure in 2022 and are likely to see gradual growth in the immediate term.

Imports by Country

In 2022, China (X units) constituted the largest agricultural, construction and industrial machinery tyre supplier to South Korea, accounting for a X% share of total imports. Moreover, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from China exceeded the figures recorded by the second-largest supplier, Taiwan (Chinese) (X units), ninefold. Thailand (X units) ranked third in terms of total imports with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Taiwan (Chinese) (X% per year) and Thailand (X% per year).

In value terms, China ($X) constituted the largest supplier of tyres for agriculture, forestry, construction, industry and other off the road vehicles to South Korea, comprising X% of total imports. The second position in the ranking was taken by India ($X), with a X% share of total imports. It was followed by Thailand, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and Thailand (X% per year).

Import Prices by Country

In 2022, the average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, reducing by X% against the previous year. Over the period under review, the import price continues to indicate a abrupt decline. The most prominent rate of growth was recorded in 2013 an increase of X% against the previous year. As a result, import price reached the peak level of $X per unit. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($X per unit), while the price for Slovakia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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