Vietnam Tire Market

Market Overview:

Vietnam tire market size is projected to exhibit a growth rate (CAGR) of 5.80% during 2024-2032. The expanding middle class, expanding infrastructure development, increased vehicle production, the rise of electric vehicles (EVs), a shift toward eco-friendly tires, a rise in recreational activities and tourism, and favorable sustainability initiatives in tire manufacturing represent some of the key factors driving the market.

A tire is a resilient and often inflatable rubber or composite structure that encircles a wheel's rim to provide traction, support, and cushioning for a vehicle. It is an integral component of various modes of transportation, including automobiles, bicycles, motorcycles, trucks, airplanes, and even industrial machinery. It plays a crucial role in ensuring the safe and efficient movement of vehicles by offering grip on road surfaces, absorbing shocks from uneven terrain, and supporting the weight of the vehicle. Tires consist of several layers, including the innermost inner tube (in the case of pneumatic tires) and the outer rubber tread. Pneumatic tires, the most common type, are filled with air to maintain proper inflation pressure, which is essential for optimal performance and safety. Tread patterns on the outer surface of tires vary to suit different applications, with designs optimized for traction on dry roads, wet surfaces, snow, or off-road terrains. Tires are designed and manufactured to withstand a range of conditions and loads, making them a critical component in the automotive and transportation industries, contributing to safety, fuel efficiency, and overall vehicle performance.

Vietnam Tire Market Trends:

The expanding middle class population base in Vietnam, coupled with rising disposable incomes, has spurred an increased demand for automobiles, motorcycles, and other vehicles, thereby boosting the need for tires. This represents one of the key factors driving the market growth. Besides this, favorable government initiatives and infrastructure development projects, such as construction of roads, coupled with urbanization, have contributed to the demand for tires, as improved transport networks necessitate increased tire usage. Moreover, the surge in manufacturing activities in Vietnam and the country's position as a key player in global supply chains have stimulated commercial vehicle production, further fueling the market growth. In confluence with this, the growing popularity of ride-sharing services and e-commerce platforms has led to an increase in delivery and logistics operations, driving the demand for commercial vehicle tires. Concurrently, the government's push towards sustainable and eco-friendly transportation solutions has led to a rise in the production and adoption of electric vehicles (EVs) and hybrid vehicles, which require specialized tires, creating a positive outlook for market expansion. In addition to this, the expanding shift towards more fuel-efficient and eco-friendly tires, driven by stricter emission standards and consumer preferences for greener transportation solutions, is presenting lucrative opportunities for the market expansion. Furthermore, a growing trend in sports and leisure activities has led to increased demand for specialty tires used in off-road vehicles, motorcycles, and bicycles, thereby contributing to the market growth. Apart from this, a rising focus on safety and vehicle maintenance leading to an increased replacement rate for tires, with consumers seeking high-quality products, is providing an impetus to the market growth.

Vietnam Tire Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on design, end use, vehicle type, distribution channel, and season.

Design Insights:

• Radial
• Bias
   

The report has provided a detailed breakup and analysis of the market based on the design. This includes radial and bias.

End Use Insights:

• OEM
• Replacement
   

A detailed breakup and analysis of the market based on the end use have also been provided in the report. This includes OEM and replacement.

Vehicle Type Insights:

• Passenger Cars
• Light Commercial Vehicles
• Medium and Heavy Commercial Vehicles
• Two Wheelers
• Three Wheelers
• Off-The-Road (OTR)
   

The report has provided a detailed breakup and analysis of the market based on the vehicle type. This includes passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR).

Distribution Channel Insights:

• Offline
• Online
   

A detailed breakup and analysis of the market based on the distribution channel have also been provided in the report. This includes offline and online.

Season Insights:

• All Season Tires
• Winter Tires
• Summer Tires
   

The report has provided a detailed breakup and analysis of the market based on the Season. This includes all season tires, winter tires, and summer tires.

Regional Insights:

• Northern Vietnam
• Central Vietnam
• Southern Vietnam
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Northern Vietnam, Central Vietnam, and Southern Vietnam.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided. Some of the key players include:

• DRC Tire
• Bridgestone Tire Mfg.
• Yokohama Tyre Vietnam Inc. (The Yokohama Rubber Company, Limited)
• Pirelli & C. S.p.A.
• Hankook Tire & Technology
   

(Please note that this is only a partial list of the key players, and the complete list is provided in the report.)

Vietnam Tire Market Report Coverage:

Key Questions Answered in This Report:

• How has the Vietnam tire market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Vietnam tire market?
• What is the breakup of the Vietnam tire market on the basis of design?
• What is the breakup of the Vietnam tire market on the basis of end use?
• What is the breakup of the Vietnam tire market on the basis of vehicle type?
• What is the breakup of the Vietnam tire market on the basis of distribution channel?
• What is the breakup of the Vietnam tire market on the basis of season?
• What are the various stages in the value chain of the Vietnam tire market? 
• What are the key driving factors and challenges in the Vietnam tire?
• What is the structure of the Vietnam tire market and who are the key players?
• What is the degree of competition in the Vietnam tire market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Vietnam tire market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Vietnam tire market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Vietnam tire industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.