Reasons for Sharp Increase
Imported tires show a strong sales growth. As sales of imported tires from January to April increased by more than 40 percent compared to a year earlier, the figures will reach a record high this year. This is largely due to the fact that Hyundai Motor and its smaller affiliate Kia Motors have expanded the introduction of imported tires and imported cars still see a rising trend.
According to the data from Korea Tire Manufacturers Association (KOTMA) on June 22, the total tire imports from January to April this year stood at US$221.17 million (252.22 billion won), up 42 percent, or US$65.57 million (74.78 billion won) from US$155.6 million (177.48 billion won) during the same period a year ago.
Considering the fact that imports from January to April last year accounted for 26.28 percent of the total annual imports, the figure this year will easily exceed US$800 million (912.32 billion won). It will be almost doubled in four years after posting US$471.38 million (537.56 billion won) in 2013.
The imported tire market has shown such a rapid growth starting from last year. At this point, Hyundai and Kia Motors used more imported tires in their new cars. After Hyundai Motor recalled the Genesis due to Hankook Tires’ abnormal vibration and noises in 2014, the company used Germany’s Continental and Michelin tires in the Genesis EQ900 released at the end of 2015. Since then, Kia Motors also used Continental tires in its all-new 3.3-liter gasoline K7 premium model.
In addition, Hyundai Motor’s Ioniq and Kia Motors’ Niro hybrid cars used Michelin tires. The new Grandeur launched last year is also equipped with 18 and 19-inch Michelin