Korean replacement tyre market growing at 30 percent annually

ERJ staff report (DS)

Seoul, Korea -- A market research company has valued the South Korean replacement car tyres market at over USD 800 Million in 2010. The agency, GfK Asia said sales in the second half were 15 percent ahead of sales in the first half and 30 percent ahead of the same period iin 2009.

Total sales in 2010 were over 8.6 million units worth USD800.9 billion, according to GfK's automotive retail audit. The increase is value was due mainly to increased selling prices of tyres.

The company's survey begain in mid 2009 and covers five main areas-Seoul, Kyunggi, Inchon, Kyungbuk, and Kyungnam. Findings showed that replacement car tyre prices retailed in the range of USD87 to USD99 during the 12 months, averaging at USD93 per tyre in 2010. While quarter three sales totaled USD212.7 million for 2.35 million replacement car tyres sold -the highest in unit terms retailed for the year, fourth quarter reported the highest earnings at USD216.4 million although having sold a lesser quantity of 2.19 million units.

This is an external link and should open in a new window. If the window does not appear, please check your pop-up blocking software. ERJ is not responsible for the content of external sites.

Press release from GfK Asia