Vietnam Tire Market to Cross $ 3 Billion by 2021
Increasing automobile production / assembly and expanding
fleet size coupled with favourable government initiatives to drive Vietnam tire
market through 2021
According to recently released TechSci Research report, “Vietnam
Tire Market Forecast & Opportunities, 2021”, the tire market in Vietnam is projected to cross $ 3 billion
by 2021. Over the last five years, Vietnam has emerged as one of the fastest
developing economies in the Asia-Pacific region. Increasing automobile
production/assembly, expanding fleet size and easy availability of natural
rubber are few of the major factors boosting the country’s tire market. Several automobile companies in Vietnam are planning
to expand their manufacturing capacities in the coming years. For instance,
Truong Hai Automobile Co., Ltd., which is one of the major automobile players
in Vietnam, plans to invest US$ 1.33 billion over a period of three years to
expand the company’s production capacity in the country. Another major
automobile player operating in the country, Hyundai Thanh Cong, is also
planning to establish new plants in Vietnam.
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Vietnam
construction industry is expected to generate revenues worth US$ 10.76 billion
in 2016, and the sector is anticipated to grow at a CAGR of over 10% over the
next five years. Apart from the construction sector, the country’s logistics
industry is also forecast to register healthy growth rate owing to anticipated growth
in the MSME sector. Booming construction and logistics sectors are expected to drive robust
growth in demand for heavy, medium and light trucks in the country, and
consequently boost tire sales as well over the next five years. Vietnam tire
market is dominated by two-wheeler tire segment, followed by passenger car tire
segment, and this trend is expected to continue during the forecast period. South
Vietnam is the leading regional market for tires in the country, due to high
population density, large vehicle fleet size and high concentration of
industries and businesses in the region.
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“In order to boost the country’s economy,
Vietnam is signing trade agreements with various countries across the globe.
For instance, Free Trade Agreement was signed between Vietnam and the European
Union in 2015. Under this agreement, nearly all the trade tariffs between
Vietnam and the European Union will be eliminated. Moreover, in 2015, the Government of
Vietnam, inked AFTA (ASEAN Free Trade Agreements) with neighboring countries to
encourage foreign investments into the country. AFTA is expected to bring down
tariff levied on vehicle imports, which is expected to boost the country’s tire
market in the coming years.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“Vietnam
Tire Market Forecast and Opportunities, 2021” has
evaluated the future growth potential of tire market in Vietnam, and provides
statistics and information on market size, consumer behaviour and trends. The
report is intended to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities available in Vietnam tire market.
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