Tire Market to Grow with a CAGR of 5.37% in Vietnam through to 2028
The major drivers for the Vietnam Tire
Market include robust economic growth leading to increased vehicle ownership,
infrastructure development, and a rising demand for replacement tires as the
automotive industry expands.
According to TechSci Research report, “Vietnam Tire
Market - Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Vietnam Tire Market stood at USD 2.84 Billion in
2022 and is anticipated to grow with a CAGR of 5.37% in the forecast period,
2024-2028. The key drivers for the Vietnam Tire Market include the significant
rise in vehicle production and sales, particularly driven by the growing middle
class and their increasing purchasing power. Additionally, there is a rising
focus on green and sustainable production methods, with tire manufacturers
adopting eco-friendly manufacturing processes and materials. This shift towards
sustainability is not only driven by environmental concerns but also by the
changing consumer preferences towards eco-conscious products.
Furthermore, the growth of the commercial and
heavy-duty vehicle segments in Vietnam has been remarkable, fueled by the
country's robust economic development and infrastructure projects. As the
transportation and logistics sectors expand, there is a growing demand for
high-quality and durable tires that can withstand the demanding conditions of
commercial vehicles.
Moreover, the technologically advanced and durable
tire designs offered by manufacturers in Vietnam contribute significantly to
the market's growth. These tire designs are developed using cutting-edge
technology and innovative materials, ensuring enhanced performance, safety, and
longevity. This has further boosted the demand for tires in the country.
Lastly, the Vietnamese government's initiatives
towards infrastructure development, such as road construction and improvement
projects, have played a crucial role in driving the tire market. These
infrastructure projects have led to an increased requirement for commercial
vehicles, including trucks and buses, which in turn has propelled the demand
for tires.
Overall, the combination of factors including vehicle
production and sales, green and sustainable production methods, the growth of
commercial and heavy-duty vehicle segments, technologically advanced tire
designs, and government initiatives towards infrastructure development have
collectively contributed to the thriving tire market in Vietnam.
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Tire Market”
The Vietnam Tire Market serves as a dynamic and
critical component of the country's automotive sector, characterized by robust
growth, technological innovation, and a rich mix of both domestic and
international tire manufacturers. This market overview offers valuable insights
into the current landscape of the Vietnam Tire Market, encompassing its size,
prominent players, primary market segments, driving factors, and challenges.
In terms of market size and growth, the Vietnam Tire
Market has experienced consistent expansion due to several converging factors.
The country's robust economic development has led to increased disposable
incomes and enhanced purchasing power among consumers. Consequently, there has
been a substantial uptick in demand for personal vehicles, spanning passenger
cars, motorcycles, and commercial vehicles. This surge in vehicle ownership
directly corresponds to a heightened need for replacement tires, making a
significant contribution to the market's ongoing expansion. Furthermore, the
government's investments in infrastructure development and road networks have
bolstered the market's growth potential.
The Vietnam Tire Market boasts a competitive landscape
characterized by the presence of both domestic and international tire
manufacturers and suppliers. Renowned global tire giants such as Bridgestone,
Michelin, Goodyear, and Continental coexist alongside well-established local
players like the Vietnam Rubber Group and Casumina. This diversity of local and
international tire manufacturers ensures consumers have access to a wide array
of tire options, ranging from budget-friendly choices to premium segments. The
presence of these industry leaders fosters product innovation, quality
enhancements, and competitive pricing, ultimately benefiting consumers and
enhancing the overall competitiveness of the market.
Within the Vietnam Tire Market, several primary
segments cater to diverse consumer needs and industrial demands. Passenger car
tires occupy a significant share within the market, reflecting the steady
growth in personal vehicle ownership. Vietnamese consumers exhibit a preference
for a wide variety of tire options, considering factors such as tire type,
size, and performance characteristics to align with their specific preferences
and driving conditions. Consequently, the market offers an extensive selection
of passenger car tires, ensuring they meet the various demands of Vietnamese
consumers.
Motorcycle tires represent another crucial segment
within the Vietnam Tire Market, given the country's prevalent use of motorcycles
as a mode of transportation. This segment caters to a vast consumer base,
offering a range of tire options that vary in terms of durability, tread
patterns, and performance attributes. Commercial vehicle tires, designed to
withstand heavy loads and frequent use, serve as yet another essential market
segment, responding to the needs of the country's growing logistics and
transportation industry.
In conclusion, the Vietnam Tire Market occupies a
central and dynamic position within the nation's automotive landscape. Its
growth is underpinned by a combination of factors, including economic
development, rising vehicle ownership rates, and government investments in
infrastructure. The competitive landscape, featuring both domestic and
international tire manufacturers, ensures that consumers have access to a
diverse range of tire options. The primary market segments, particularly
passenger car and motorcycle tires, cater to the diverse preferences and
demands of Vietnamese consumers, reflecting the market's adaptability and
responsiveness. Overall, the Vietnam Tire Market stands as a pivotal and
thriving component of the nation's automotive industry, poised for sustained
growth and development in the coming years.
Major companies operating in Vietnam Tire Market are:
- Bridgestone Corporation
- Continental AG
- Goodyear Tire & Rubber
Company
- Sumitomo Rubber Industries
Ltd
- Michelin Group
- Pirelli & C. S.p.A.
- Yokohama Rubber Company
Limited
- Kumho Tire Co. Inc.
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“The key drivers for the Vietnam Tire Market include
the increasing vehicle production and sales, the rising focus on green and
sustainable production methods, and the growth of the commercial and heavy-duty
vehicle segments. The technologically advanced and durable tire designs also
contribute to the demand. Moreover, the government's initiatives towards
infrastructure development have augmented the growth of the construction
sector, leading to an increased requirement for commercial vehicles, thereby
driving the tire market in Vietnam.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based management consulting firm.
“Vietnam Tire Market – Vietnam
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented Market By Vehicle Type
(Passenger Car Light Commercial Vehicle, Medium & Heavy Commercial Vehicle,
Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By
Demand Category Type (OEM, Replacement), By Region,
Competition”, has evaluated the future growth potential of Vietnam Tire Market and
provides statistics & information on market size, structure and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Vietnam Tire Market.
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