Hankook Tire Co., South Korea’s leading tire maker, said Friday its Chinese sales account for nearly 18 percent of its total revenue, fueled by strong demand in the world’s largest auto market.

Hankook Tire’s sales in China topped 1 trillion won (US$942 million) last year on rising demand for new tires among car owners, according to the company.

Its market share in China is steady at 15 percent, competing closely with The Goodyear Tire & Rubber Co. for the second-largest tire seller. Michelin Group is the leader in China with some 18 percent market share.

Hankook Tire is one of the first South Korean tire manufacturers to make an entry into the Chinese market. It started a Chinese operation in 1996.

Hankook Tire has a production capacity of more than 30 million units per year in China and is seeking to expand it to 39 million units by 2015.

The South Korean tire maker has been operating two plants in China. It is currently building a new plant in Chongqing in southwestern China, which is expected to be completed in 2015.

The company plans to not only solidify its position in the Chinese market with its third plant, but also begin tackling China’s central and western regions, the company officials said.(Yonhap News)