▶ The company ranked first in 2018 with a 40.6% share in Korea’s replacement tire market.
▶ Year-on-year sales of the Crugen HP71, a tire for SUVs, rose by 155%.


 Kumho Tire (CEO: Jeon Dae-jin) retained its top spot in the Korean replacement tire market for two consecutive years thanks to continued good sales of its premium tires and the launching of its new tires in 2018, which has given a boost to the company’s efforts at normalizing its operations.

 According to recent data from the Korea Tire Manufacturers Association (KOTMA), Kumho came on top with 6.52 million tires sold in the Korean market as of December 2018, accounting for 40.6% of locally-produced tires sold in the country, followed by Hankook Tire and Nexen Tire at 35.3% and 24.1%, respectively.

 The feat came amid concerns that last year’s acquisition of Kumho Tire by a foreign investor might undermine the company’s brand loyalty among Korean consumers. The replacement tire market is a segment that tire manufacturers place most importance on because consumers themselves can select replacement tires at car repair shops and so on. An industry official said, “Kumho’s rebound in the replacement tire market could be interpreted as meaning that the company is regaining consumer confidence.”

 Kumho’s solid performance in Korea is largely attributed to the brisk sales of the Majesty 9 Solus TA91, a model for high-end sedans, and the Crugen HP71, a tire for SUVs. Launched in May 2018, the Majesty 9 is an improved version of the existing premium model Majesty Solus, offering excellent performance in terms of comfort and quietness. Thanks to a word of mouth, the tire has been well received since its debut by consumers as a product optimized for high-end sedans

 The Crugen HP71, which was unveiled in March 2017, saw its sales increase by more than 155% in 2018 compared to the previous year, serving as a considerable source of revenue for the company. The tire has enjoyed increasing popularity among SUV owners who look for a stable driving experience on urban roads since it offers smooth driving and greater quietness, thus enhancing in-vehicle comfort significantly.

 “As a dealer who has sold Kumho’s tires only from the outset, I’m really proud that consumers prefer Kumho Tire over other brands,” said the owner of a Tire Pro store, Kumho’s dealership in Korea, “If the company successfully develops and offers products that meet consumer needs, I believe it will continue to be number one in market share.”


[Reference]
■ Tire market share in Korea                                                                                                       [Unit: %]