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Biz News Korea(Eng)
S.Korea’s tire sales hit eight-year low in 2017
- Collected
- 2018.02.04
- Distributed
- 2018.02.05
- Source
- Go Direct
According to Korea Tire Manufacturers Association on Sunday, Korean tire makers sold combined 93,130,000 tires at home and abroad last year. The figure is a 3.9 percent drop from a year earlier and the lowest since 2009 with 88,970,000. The country’s tire sales had peaked at 99 million units in 2013 but have been on a downward spiral since then.
Market experts say local tire market already reached its maturity point with the domestic tire sales volume having stayed stagnant at around 25 million units since 2010. Furthermore, global tire market also is at a saturation point, making it tougher for Korean tires stay competitive in the price war where Chinese and Southeast Asian tire markers backed by low labor cost are expanding their attacks with cheap price tags.
Last year, Korea’s tire export dwindled 3.4 percent on year to 68,230,000 units. It is the first year for the tire export volume to fall below 70 million since 2010. The country’s tire export has been shrinking continuously since it reached a peak of 73,670,000 units in 2012.
By Kim Jung-hwan and Cho Jeehyun
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]