Vietnam Tire (Tyre) Market (2020-2026) | Analysis, Size, Share, Revenue, Forecast, Trends, industry, Growth & COVID-19 IMPACT

Latest 2023 Development of the Vietnam Tire (Tyre) Market

Vietnam Tire (Tyre) Market is projected to witness strong growth owing to several growth aspects. The primary factors driving the market expansion include increasing sales of vehicles due to a higher demand for tires in the country. Additionally, the government is investing heavily in infrastructure development which includes the construction of new roads and highways. As a result, this has created a significant demand for heavy-duty tires. The automotive industry in Vietnam is growing rapidly, which has created a significant demand for tires.

The Vietnam Tire (Tyre) Industry has been growing steadily in recent years, driven by increasing vehicle ownership and rising demand for high-quality tires. Many international tire companies have invested in Vietnam, attracted by the country’s favourable business environment. Moreover, domestic tire manufacturers have also been expanding their market share in Vietnam. The rising e-commerce has greatly influenced the tire market in Vietnam with many consumers shifting towards online shopping. This has led to increased competition among online retailers and a shift towards digital sales strategies.

Vietnam tire market Synopsis

Vietnam tire market has observed high evolution in the automotive industry in the past few years due to expanding automobile fleet size and favourable government policies in the country. The easy accessibility and high production of rubber are one of the major aspects resulting in growth in the manufacturing of tires in the country, leading to a decline in the prices of the tires in the Vietnam tire market. Moreover, the motorization rate of the country has also been increasing at a brisk due to the constant growth in the country's per capita GDP. The manufacturers are also working on the advancement of technology to boost the automobile sector in the future.

According to 6Wresearch, Vietnam Tire (Tyre) Market is projected to grow during 2020-2026. Vietnam has occurred as a major market for automotive tires in the Asia Pacific due to its substantial growth in automobile production and favourable taxation reforms. Vietnam's tire market is majorly an import-driven market however, the government has encouraged foreign investments with the neighbouring countries. Earlier Free Trade Agreement signed up between the European Union and Vietnam in 2015.

Two-wheeler tires are the major revenue-generating segment in the overall Vietnam tire market due to the constant and widely growing two-wheeler foot size in the country. In Vietnam, the south Vietnam region is the chief regional tire market in the country owing to its large vehicle fleet size, extensive focus on industries and business, and also of its high population density in the region.

Vietnam Tire market report thoroughly covers the market by origin, types, vehicle types, and end-users. Vietnam Tire market outlook provides an unbiased and detailed analysis of the ongoing Vietnam Tire 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.

The Vietnam tire market is expected to witness growth in the coming years on the back of rising sales of two-wheeler vehicles. A rise in the fleet and two-wheeler rides in the country backed by the potential growth of the automotive industry and success in bringing in advanced features in the two-wheeler tires is expected to trigger the potential market growth of the Vietnam tire market in the upcoming six years. Additionally, favourable economic conditions in the country have led to an increase in the two-wheeler fleet and are anticipated to proliferate the significant growth of the Vietnam tire market in the upcoming six years and the timeframe thereafter.

COVID-19 impact on the Vietnam Tire (Tyre) Market

The COVID-19 pandemic significantly impacted the Vietnam tire market share by disrupting the supply chain of raw materials and components required for tire manufacturing. Additionally, the demand for vehicles has slightly reduced due to lockdowns and abridged economic activity. Moreover, the pandemic has also affected the import and export of tires, with restrictions and disruptions in logistics and transportation. Furthermore, the pandemic has led to a shift towards e-commerce platforms for tire sales, as consumers prefer contactless methods of purchasing tires. 

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 Period2016-2019
• Vietnam Tire Market Size and Vietnam Tire Market Forecast of Revenues and Volume, Until 2026
• Historical Data of Vietnam Tire Market Revenues and Volume, By Vehicle Types, for the Period 2016-2019
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Vehicle Types, until 2026
• Historical Data of Vietnam Tire Market Revenues and Volume, By Types, for the Period 2016-2019
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Types, until 2026
• Historical Data of Vietnam Tire Market Revenues and Volume, By Origin, for the Period 2016-2019
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Origin, until 2026
• Historical Data of Vietnam Tire Market Revenues and Volume, By End Users, for the Period 2016-2019
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By End Users, until 2026
• Historical Data of Vietnam Tire Market Revenues and Volume, By Regions, for the Period 2016-2019
• Market Size & Forecast of Vietnam Tire Market Revenues and Volume, By Regions, until 2026
• 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 Vietnam Tire Market 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

Vietnam Tire (Tyre) Market: FAQs