Kumho Tire tops replacement tire market in Korea

Kumho Tire has maintained its top position in South Korea’s replacement tire market for two years in a row, data from the Korea Tire Manufacturers Association showed Tuesday.

Buoyed by consumer demand for premium tires and the launch of new tire products last year, Kumho Tire said it had recorded high sales of tires here.

According to data from the association, Kumho Tire ranked No. 1 with sales of 6.52 million tires in 2018, accounting for 40.6 percent of locally produced tires sold in the country. It was followed by Hankook Tire and Nexen Tire with 35.3 percent and 24.1 percent, respectively.

The staller performance came amid concerns that acquisition of Kumho Tire by a foreign investor last year might influence the company’s brand loyalty. 

The company said its solid sales in the domestic market could be attributed to high demand for the Majesty 9 Solus TA91, a model for high-end sedans, and the Crugen HP71, a tire for SUVs. 

By Kim Da-sol (ddd@heraldcorp.com)