Vietnam Tire (Tyre) Market (2024-2030) | Analysis, Size, Share, Revenue, Forecast, Trends, industry & Growth

Vietnam Tire (Tyre) Market Highlights

Report Name	Vietnam Tire (Tyre) Market
Forecast period	2024-2030
CAGR	7%
Growing Sector	Automotive

Topics Covered in the Vietnam Tire (Tyre) Market Report

The Vietnam Tire (Tyre) Market report thoroughly covers the market by Types, Origin, End Users, and Vehicle Types. The market report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Vietnam Tire (Tyre) Market Synopsis

The Vietnam Tire (Tyre) Market has experienced significant growth in the past. The market will continue its upward trend in the coming years. The strong economy, growing automotive industry, government policies, and demand for eco-friendly tyres are some factors driving the growth of the market.

According to 6Wresearch, the Vietnam Tire (Tyre) Market size is expected to grow at a significant CAGR of 7% during 2024-2030. The strong economic growth of the country is one of the key drivers of the market. This has led consumers to spend more and increase the demand for vehicles, hence driving the demand for tyres. The growing automotive industry in Vietnam has driven the demand for tyres in the market. Moreover, the government of Vietnam has implemented policies to support and promote the local manufacturing of tyres. These initiatives have encouraged local and foreign players to invest in the tyre industry. Furthermore, there is a growing demand for eco-friendly tyres due to growing environmental concerns and increasing awareness. The eco-friendly tyres have renewable materials and lower carbon emissions.

The Vietnam Tire Market faces strong competition from imported tyres. The cost of imported tyres is lower due to low production costs in countries. The market lacks advanced technology compared to other countries like China and Japan. Another challenge for the market is the limited distribution market. mostly market is dominated by small retailers which makes it difficult for large retailers to reach a wider consumer base. Moreover, the fluctuating prices of raw materials, rubber and oil, impact the final cost of tyres.

Vietnam Tire (Tyre) Industry Leading Players

The top players in the Vietnam tire market include both domestic companies and international brands. Some of the major players are Bridgestone, Michelin, Yokohama Rubber Co., Ltd., Kumho Tire Co., Inc., Toyo Tire & Rubber Co., Ltd., Goodyear, and Hankook Tire Co., Ltd. These companies have a strong presence in the Vietnam market and offer a wide range of tyres for different vehicle types, including passenger cars, commercial vehicles, and motorcycles.

Vietnam Tire (Tyre) Market Government Regulations

One of the main initiatives taken by the government is the implementation of tax breaks and incentives for domestic tyre production. This includes a reduction in corporate income tax and import duties on raw materials used in tyre manufacturing. The government has also launched programs to improve the infrastructure and logistics capabilities in the country. Furthermore, the Vietnam government has increased its focus on promoting environmentally friendly and sustainable practices in the tyre industry. Moreover, the government has been working with international organizations such as the World Bank and Asian Development Bank to provide financing opportunities for local tyre manufacturers.

Future Insights of the Market

The Vietnam Tire (Tyre) Market is expected to see significant growth in the coming years. The increasing demand for vehicles and a growing automotive industry, rising disposable income of consumers and strong economic growth of the country are driving factors for this market. Moreover, the growing trend towards eco-friendly tyres is expected to drive market growth. Furthermore, advancements in technology have led to the development of more efficient tyres, driving the market. The rise of e-commerce and online sales has larger the distribution channel and created a positive impact on the market.

Market Segmentation by Origin

According to Ravi Bhandari, Research Head, 6Wresearch, the local manufacturing segment is growing in the market. this is due to the government initiatives promoting and supporting the local manufacturers through tax breaks and subsidies.

Market Segmentation by Types

In terms of types, radial tyres are experiencing growth in the market due to superior performance and efficiency. This makes them a preferred choice in commercial vehicles.

Market Segmentation by End Users

Based on end users, the replacement segment dominates the market due to the regular wear and tear of the tyres.

Market Segmentation by Vehicle Types

The two-wheeler vehicle types are expected to witness growth in the market as a large number of scooters and bicycles are used for the transportation of goods.

Key Attractiveness of the Report

• 10 Years of Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report

• Vietnam Tire Market Overview
• Vietnam Tire Market Outlook
• Vietnam Tire Market Forecast
• Historical Data of Vietnam Tire Market Revenues and Volume, for the Period 2020-2030
• Vietnam Tire Market Size and Vietnam Tire Market Forecast of Revenues and Volume, Until 2030
• Historical Data of Vietnam Tire Market Revenues and Volume, By Vehicle Types, for the Period 2020-2030
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Vehicle Types, until 2030
• Historical Data of Vietnam Tire Market Revenues and Volume, By Types, for the Period 2020-2030
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Types, until 2030
• Historical Data of Vietnam Tire Market Revenues and Volume, By Origin, for the Period 2020-2030
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Origin, until 2030
• Historical Data of Vietnam Tire Market Revenues and Volume, By End Users, for the Period 2020-2030
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By End Users, until 2030
• Historical Data of Vietnam Tire Market Revenues and Volume, By Regions, for the Period 2020-2030
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Regions, until 2030
• Market Drivers and Restraints
• Vietnam Tire Market Trends and Industry Life Cycle
• Vietnam Tire Market Revenue Share, By Regions
• Vietnam Tire Market Revenue Share, By Players
• Vietnam Tire Market Overview on Competitive Benchmarking
• Company Profiles
• Key Strategic Recommendations

Markets Covered

The report provides a detailed analysis of the following market segments

By Origin

• Local Manufacturing
• Imports

By Types

• Radial Tires
• Bias Tires

By End Users

• OEM
• Replacement

By Vehicle Types

• Trucks
• Light Trucks
• Two-Wheelers
• Passenger Cars