Hyosung’s tire market share in SE Asia grows

The tire arm of Hyosung Corp. saw its market share in four Southeast Asian countries grow to 40 percent this year from 22 percent two years ago, the company said Monday.

The number of clients in India, Indonesia, Thailand and Vietnam also increased from two to 12 in the same period, according to Hyosung Advanced Materials.

The company’s technical team has contributed in expanding its market share by hold regular seminars to introduce its latest materials, as sales of vehicles have grown along with increases in income level in the region.

Indonesia, with its population of 255 million, is the largest auto market in Southeast Asia. Demand for new vehicles in India is expected to grow 7.5 percent this year, the company said.

By Cho Chung-un (christory@heraldcorp.com)