South Korea Tubeless Tires Market Growth and Size, Rising Trends, Revenue, Industry Share, Scope, CAGR Status, Challenges and Future Opportunities and Forecast Till 2033: SPER Market Research
Tires that don’t depend on air pressure for support are referred to as airless tires, or non-pneumatic tires (NPT). They are made of materials like rubber and plastic composites, sometimes with a flexible web or honeycomb structure that bears the weight of the vehicle, as opposed to being filled with air. By removing the possibility of flats and blowouts, this design improves safety and requires less maintenance, In abrasive settings or sectors like construction, the military, or agriculture where tire punctures are frequent, airless tires are very helpful. Furthermore, their continuous performance in the face of punctures or pressure variations increases their dependability, Because airless tires are less likely to burst and blow out, they improve car safety and cut down on maintenance expenses and downtime.
According to SPER Market Research, ‘South Korea Airless Tires Market Size- By Type, By Material, By Vehicle Type, By Sales Channel, By Rim Size, By Tire Size- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ states that the South Korea Airless Tires Market is estimated to reach USD 0.002 billion by 2033 with a CAGR 5.78%.
Several factors are driving the airless tire market in South Korea, one of which is the increasing consumer demand for dependable and high-performance cars. The increased demand for durable, low-maintenance tires is propelling the production of automobiles. Additionally, the surge in demand for airless tires is due to its multiple advantages, such as puncture-proof, high durability, and suitability for use in demanding activities, among other benefits. These tires avoid blowouts, flat tires, and other concerns while also maintaining passenger safety. Further influencing the market are attempts being taken by the South Korean government and regulatory bodies to create and suggest tire labeling policies and programs. Vehicle efficiency is improved and the negative consequences of traditional tires are lessened when tires are labelled.
Although numerous factors are propelling the expansion of the South Korea airless tires market, there are also possible challenges that may impede its advancement. The increase in raw material costs and the presence of unreliable alternatives are forecasted to hinder market expansion. Moreover, the lack of awareness and limited adoption are expected to pose significant challenges to the airless tires market in South Korea in the coming period. It further looks into potential areas for revenue growth, shifts in market regulations, market size, category growth, niche applications, market dominance, product releases, geographic expansion, and technological advancements in the market, Due to its potential weight disadvantage over conventional tires, airless tires may have an adverse effect on handling and fuel economy.
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The COVID-19 pandemic caused a blow to the South Korean airless tire sector since social isolation and tight lockdowns were implemented to stop the virus’s spread. The demand for automobile parts and components was impacted by the ensuing economic instability, business closures that were partially completed, and poor consumer confidence. Moreover, the epidemic caused supply chain disruptions, which delayed logistical operations. In the event of a pandemic, the market for airless tires in South Korea is anticipated to rebound as limitations are loosened and the number of large commercial vehicles rises, the pandemic caused significant disruptions in global supply chains, affecting the production and distribution of airless tires.
The largest market share for South Korea Airless tire Market is held by Seoul due to strong construction and industrial industry that benefits from the usage of airless tires. Some Key Players in this Market are – Continental AG, Hankook Tire Co., Ltd., Kumho Tire Co., Inc, Michelin Group, Nexen Tire Corporation.
South Korea Airless Tires Market Segmentation:
By Type: Based on the Type, South Korea Airless Tires Market is segmented as; Radial Tyres, Bias Tyres.
By Material: Based on the Material, South Korea Airless Tires Market is segmented as; Rubber and Plastic.
By Vehicle Type: Based on the Vehicle Type, South Korea Airless Tires Market is segmented as; Military Vehicle, Passenger and Commercial Vehicles, Utility Vehicles, Two Wheelers, Trucks and Buses, LCV, HCV, Terrain Vehicles, Motorcycles, Others.
By Sales Channels: Based on the Sales Channel, South Korea Airless Tires Market is segmented as; Aftermarket and OEM.
By Rim Size: Based on the Rim Size, South Korea Airless Tires Market is segmented as; Less than 15 Inches, 15-20 Inches, More than 20 Inches.
By Tire Size: Based on the Tyre Size, South Korea Airless Tires Market is segmented as; ⁢ 20 Inches, 21-25 Inches, 26-30 Inches, 31-35 Inches and > 35 Inches.
By Region: This report also provides the data for key regional segments of Gangwon, Gyeonggi, North Chungcheong, North Gyeongsang, North Jeolla, South Chungcheong, South Gyeongsang, South Jeolla.
For More Information, refer to below link:-
South Korea Tubeless Tires Market Outlook
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