Vietnam two-wheeler
tire market stood at around 38.37 million units in 2020 and is expected to
register growth of 7.12% by volume in the forecast period. According to the Vietnam
Association of Motorcycle Manufacturers (VAMM), the production of two-wheelers
in 2018 stood around 3.08 million units, which increased to 3.43 million units
in 2019. This production expansion within the country is driving the OEM tire
market. The sales of two-wheelers across the
country are also increasing as most of the residents of the country prefer
two-wheelers as a convenient mode of transportation due to lack of public
transportation. Continuous rise in sales volume of two-wheelers leads to an increase
in the two-wheeler fleet size of the country which is driving the demand for the
country’s replacement tire market. Moreover, the underdeveloped road conditions
in Vietnam are making consumers change tires more frequently. These factors are
collectively driving the demand for two-wheeler tires
in the country. Worlds’ leading tire companies are increasing their market
outreach, production capabilities and product portfolio, which is anticipated
to intensify the competition in the Vietnam two-wheeler tire market over the
course of the next five years.
Vietnam two-wheeler tire market can be segmented based on demand
category, tire type, vehicle type, tire size, and company. In terms of demand category, the Vietnam two-wheeler
tire market is dominated by replacement tires. This is due to the large fleet
size of the country, which is continuously expanding. Moreover, the road
conditions of Vietnam are still in development stage, thus increasing the tire replacement
frequencies of the consumers. Therefore, replacement category is poised to
dominate the market in the next five years as well. In terms of tire type, the market
is being dominated by bias tires. In Vietnam, most consumers prefer two-wheelers
to commute, where bias tires are more popular. This is the reason bias tires
are more popular among Vietnamese consumers as compared to radial tires, and
this trend is anticipated to be witnessed in the forecast period as well.
In terms of vehicle type, electric & hybrid
two-wheelers are gaining popularity at a robust speed, however this category is
still in a budding stage. As of 2020, the Vietnam two-wheeler tire market is
being dominated by scooters. Scooters, being light weight and easy to ride,
plus being a companion to both female and old age riders, majorly constitute
the two-wheeler fleet and sales in the country. Thus, the tire demand via
vehicle segment is led by the scooter segment. While
tire sizes are kept under consideration, most of the two-wheelers currently
running on the Vietnamese roads have tire size of 70/90-17 and 80/90-17. Thus,
these two tire sizes generate most of the two-wheeler tire demand in the
country.
Cheng Shin Rubber Industry Co., Southern Rubber
Industry Joint Stock Company, Inoue Rubber Vietnam Co., Ltd. (IRC), Kenda
Rubber (Vietnam) Co., Ltd., Yokohama Tyre Vietnam Inc. are some of the leading
players operating in the Vietnam two-wheeler tire market. Apart from these
flagship companies, many Chinese players are also increasing their footprint in
the Vietnam two-wheeler tire market by pushing their low-cost products blended
with ease of availability.
Years
considered for this report:
Historical Period: 2016-2019
Base Year: 2020
Estimated Year: 2021
Forecast Period: 2022-2026
Objective of the Study:
·
To
analyze the historical growth in the market size of the Vietnam two-wheeler tire
market, in terms of value as well as volume, from 2016 to 2020.
·
To
estimate and forecast the Vietnam two-wheeler tire market from 2021 to 2026 and
growth rate until 2026.
·
To
classify and forecast Vietnam two-wheeler tire market
based on Demand Category, Tire Type, Vehicle
Type and Tire Size.
·
To
identify drivers and challenges for the Vietnam two-wheeler tire market.
·
To
examine competitive developments such as business growth opportunities, new
product development, mergers and acquisitions, etc., in the Vietnam two-wheeler tire
market.
·
To
conduct the pricing analysis for the Vietnam two-wheeler tire market.
·
To
identify and analyze the profile of leading players involved in the
manufacturing of Vietnam two-wheeler tire market.
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TechSci Research performed primary
as well as exhaustive secondary research for this study. Initially, TechSci
Research sourced a list of tire dealers and distributors in Vietnam two-wheeler.
Subsequently, TechSci Research conducted primary research surveys with the
identified companies. While interviewing, the respondents were also enquired
about their competitors. Through this technique, TechSci Research was able to
include vendors and service providers that could not be identified due to the
limitations of secondary research. TechSci Research analyzed product offerings,
application, distribution channel and regional presence of all the tire distributors
and dealers across the country.
TechSci Research calculated the market size for Vietnam two-wheeler
tire using a bottom-up technique, wherein manufacturers’ volume sales data for
different applications, were recorded as well as forecast for the future years.
TechSci Research sourced these values from industry experts and company
representatives, and externally validated through analysing historical sales
data of respective manufacturers to arrive at the overall market size. Multiple
secondary sources such as directories, databases such as OICA, Vietnam
Association of Motorcycle Manufacturers (VAMM), Economic Intelligence Unit
(EIU), Company Websites, company annual reports, white papers, investor
presentations and financial reports were also studied for the Vietnam two-wheeler
tire market research by TechSci Research.
Key Target Audience:
·
Two-wheeler manufacturing companies
·
Two-wheeler tire manufacturing companies
·
Raw material suppliers
·
Dealers/distributors of tires
·
Governments and financial institutions
·
Research organizations and consulting companies
·
Research institutes
·
Associations, organizations, forums and alliances related to tires
·
Industry associations
·
Market research and consulting firm
The study is useful in
providing answers to several critical questions that are important for the
industry stakeholders such as manufacturers, suppliers and partners, end users,
etc., besides allowing them in strategizing investments and capitalizing on
market opportunities.
Report Scope:
In this report, the Vietnam two-wheeler tire market has been
segmented into the following categories, in addition to the industry trends
which have also been detailed below:
- Vietnam Two-Wheeler Tire Market, By
Demand Category:
- Vietnam Two-Wheeler Tire Market, By
Tire Type:
- Vietnam Two-Wheeler Tire Market, By
Vehicle Type:
- Scooter
- Electric & Hybrid Vehicle
- Motorcycle
- Vietnam Two-Wheeler Tire Market, By
Tire Size:
- 70/90-17
- 80/90-17
- 8/90-14
- Others
Company
Profiles: Detailed analysis of
the major companies present in the Vietnam two-wheeler tire market.
Available
Customizations:
With the given market data,
TechSci Research offers customizations according to a company’s specific needs.
The following customization options are available for the report:
Company
Information
- Detailed analysis and
profiling of additional market players (up to five).
Profit Margin Analysis
- Profit
margin analysis in case of direct and indirect sales channel.