Republic of Korea: Market for Tyres For Motorcycles or Bicycles 2024

Market Size for Tyres For Motorcycles or Bicycles in Republic of Korea

The South Korean motorcycle or bicycle tyre market shrank to $X in 2022, which is down by X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2020 to 2022, the growth of the market remained at a somewhat lower figure.

Production of Tyres For Motorcycles or Bicycles in Republic of Korea

In value terms, motorcycle or bicycle tyre production reduced to $X in 2022 estimated in export price. The total output 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 2019 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2020 to 2022, production growth remained at a lower figure.

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Exports of Tyres For Motorcycles or Bicycles

Exports from Republic of Korea

In 2022, shipments abroad of tyres for motorcycles or bicycles decreased by X% to X units, falling for the second consecutive year after two years of growth. Over the period under review, exports showed a noticeable contraction. The pace of growth appeared the most rapid in 2016 with an increase of X% against the previous year. As a result, the exports reached the peak of X units. From 2017 to 2022, the growth of the exports remained at a lower figure.

In value terms, motorcycle or bicycle tyre exports reached $X in 2022. Overall, total exports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The United States (X units) was the main destination for motorcycle or bicycle tyre exports from South Korea, accounting for a X% share of total exports. Moreover, motorcycle or bicycle tyre exports to the United States exceeded the volume sent to the second major destination, Germany (X units), threefold. The third position in this ranking was held by Canada (X units), with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Canada (X% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motorcycles or bicycles exports from South Korea, comprising X% of total exports. The second position in the ranking was taken by Germany ($X), with a X% share of total exports. It was followed by Canada, with a X% share.

From 2012 to 2022, the average annual growth rate of value to the United States totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (X% per year) and Canada (X% per year).

Export Prices by Country

In 2022, the average motorcycle or bicycle tyre export price amounted to $X per unit, with an increase of X% against the previous year. In general, the export price recorded a resilient expansion. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. The export price peaked in 2022 and is expected to retain growth in the near future.

Average prices varied noticeably for the major external markets. In 2022, amid the top suppliers, the highest price was recorded for prices to the Philippines ($X per unit) and Italy ($X per unit), while the average price for exports to Japan ($X per unit) and the United States ($X per unit) were amongst the lowest.

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

Imports of Tyres For Motorcycles or Bicycles

Imports into Republic of Korea

In 2022, after two years of growth, there was significant decline in purchases abroad of tyres for motorcycles or bicycles, when their volume decreased by X% to X units. In general, total imports indicated modest growth from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports reached the peak figure at X units in 2021, and then shrank sharply in the following year.

In value terms, motorcycle or bicycle tyre imports reached $X in 2022. Over the period under review, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

China (X units), Indonesia (X units) and Thailand (X units) were the main suppliers of motorcycle or bicycle tyre imports to South Korea, with a combined X% share of total imports. Taiwan (Chinese), Germany, Vietnam, Italy and Japan lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for Vietnam (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest motorcycle or bicycle tyre suppliers to South Korea were Indonesia ($X), China ($X) and Germany ($X), with a combined X% share of total imports. Thailand, Taiwan (Chinese), Vietnam, Japan and Italy lagged somewhat behind, together accounting for a further X%.

Among the main suppliers, Vietnam, with a CAGR of X%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average motorcycle or bicycle tyre import price stood at $X per unit in 2022, increasing by X% against the previous year. Overall, the import price saw a buoyant expansion. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Italy ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Indonesia (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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