Vietnam Two-Wheeler Tire Market to Grow with a CAGR of 5.11% through 2029

The Vietnam two-wheeler tire market thrives on rising motorcycle usage, expanding urbanization, affordable commuting preferences, and increasing demand for durable, fuel-efficient, and high-performance tires.

According to TechSci Research report, “Vietnam Two-Wheeler Tire Market – By Region, Competition Forecast & Opportunities, 2029F”, Vietnam Two-Wheeler Tire Market was valued at USD 1.86 Billion in 2023 and is expected to reach USD 2.50 Billion by 2029 with a CAGR of 5.11% during the forecast period. The Vietnam two-wheeler tire market is experiencing significant growth due to the country's heavy reliance on motorcycles for commuting. With increasing population and less public transport infrastructure in many areas, two-wheelers remain a economical and easy commuting option. The increase in incomes has motivated consumers to purchase high-quality tires that offer improved safety, performance, and durability.

Rising awareness of fuel efficiency and sustainable practices has boosted demand for advanced tires designed to reduce rolling resistance and enhance fuel economy. The growth of online shopping and the wide variety of tire options available online have further supported the market, providing consumers with convenience and competitive prices. Vietnam’s climate, which requires tires that can handle wet and rough terrain, shapes the market, encouraging manufacturers to develop products tailored to local needs.

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Vietnam's rapid economic growth, particularly in the tourism sector, is contributing to the expansion of the two-wheeler tire market. With more domestic and international tourists visiting Vietnam, demand for rental motorcycles and scooters has surged, especially in major tourist destinations. This boost in tourism has led to an increased need for two-wheeler tires to cater to the rental and sharing economy. Furthermore, Vietnam's rising status as a manufacturing hub, particularly in the automotive and tire industries, has made it an attractive market for both domestic and international tire manufacturers. Economic growth fosters increased production and distribution of two-wheeler tires, ensuring a steady supply to meet the rising demand.

The digitalization of the retail sector is influencing the two-wheeler tire market in Vietnam. Online platforms, including e-commerce websites and specialized tire retailers, are growing in popularity, providing consumers with a convenient way to purchase tires. The ease of comparing prices, reading reviews, and accessing a wide range of tire brands is attracting more customers to digital retail channels. Additionally, tire manufacturers are focusing on improving their online presence and partnering with e-commerce platforms to enhance their market reach. This trend is further accelerated by the rise of mobile shopping, where consumers prefer purchasing tires and accessories directly from their smartphones.

The Vietnam Two-Wheeler Tire Market is segmented into vehicle type, sales channel, tire construction type, propulsion type and region.

Motorcycles are the fastest-growing segment in Vietnam's two-wheeler tire market due to their status as the preferred mode of transport for urban and rural populations. Vietnam's dense traffic conditions and limited public transportation infrastructure make motorcycles a practical choice for daily commuting, resulting in a substantial demand for tires. Additionally, the affordability of motorcycles compared to cars aligns with the income levels of a majority of the population, further driving their adoption.

The rising trend of ride-hailing services in urban centers has also fueled motorcycle usage, increasing tire replacement cycles due to frequent use. Moreover, growing disposable incomes have led to a shift toward premium motorcycles, creating a demand for high-performance tires. The development of specialized tire technologies, such as those offering better grip and durability for Vietnam's varied road conditions, enhances the segment's growth. These factors collectively position motorcycles as the leading driver of tire market expansion.

Northern Vietnam is the fastest-growing region in the two-wheeler tire market due to its high population density and rapid urbanization. Major cities like Hanoi serve as economic hubs, fostering increased two-wheeler usage for daily commuting in response to limited public transport options and congested roads. The region's expanding industrial zones and rural-to-urban migration have further boosted motorcycle ownership, driving tire demand.

Northern Vietnam's diverse terrain, ranging from urban centers to rural and mountainous areas, necessitates a variety of specialized tires capable of handling different road conditions. The region experiences distinct seasonal weather patterns, including heavy rainfall, increasing the need for durable, wet-grip tires. The development of infrastructure and a growing middle-class population have also encouraged higher sales of premium motorcycles and their associated tire segments. These factors collectively make Northern Vietnam a hotspot for growth in the two-wheeler tire market.

Major companies operating in Vietnam Two-Wheeler Tire Market are:

• Michelin Vietnam Company Limited
• Bridgestone Tire Sales Viet Nam Limited
• Pirelli Tyre S.p.A
• Toyo Tire Corporation 
• The Goodyear Tire and Rubber Company
• KUMHO TIRE VIETNAM CO., LTD 
• The Yokohama Rubber Co., Ltd.
• Hankook Tire & Technology Co., Ltd.
• Maxxis International
• Sailun Tires

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“A key trend in Vietnam's two-wheeler tire market is the increasing adoption of advanced tire technologies, including tubeless and eco-friendly tires, driven by rising safety and fuel efficiency awareness. E-commerce platforms are expanding accessibility, while manufacturers focus on developing tires tailored for Vietnam's diverse road and weather conditions. “Said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Vietnam Two-Wheeler Tire Market - By Vehicle Type (Motorcycle, Moped, Scooter), By Sales Channel (OEM, Replacement), By Tire Construction Type (Radial, Bias), By Propulsion Type (ICE, Electric, Others), By Region, Competition, Forecast & Opportunities, 2019-2029F”, has evaluated the future growth potential of Vietnam Two-Wheeler 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 the Vietnam Two-Wheeler Tire Market.

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