Press Release

Vietnam Tire Market to be Dominated By Two-Wheeler Tire Segment Through 2025

Favorable government policies and increasing foreign investments in automobile industry are expected  to aid the growth of Vietnam tire market in next five years.

According to TechSci Research report, “Vietnam Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three-Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Vietnam tire market is projected to undergo a CAGR of 6.27% in terms of value during the forecast period. Key factors propelling the growth of Vietnam tire market are growing automobile sales, increasing automobile fleet, favourable government policies and rise in foreign investments in the country’s automotive sector. Moreover, Vietnam’s rubber production capability provides considerable opportunities for tire manufacturers to increase production capacities and establish new manufacturing plants in the country.

Due to convenient availability of raw material and cheap labor, many tire manufacturers are strengthening their footprint in Vietnam by establishing their manufacturing plants in the country. Moreover, government of Vietnam, on its part, inked WTO and AFTA agreements with neighbouring countries to encourage foreign investments. All these factors have been fueling OEM and replacement demand for automotive tires in Vietnam.

Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on "Vietnam Tire Market"   

Vietnam tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market is categorized into Passenger Car, LCV, M&HCV, OTR, two-wheeler and three-wheelers. Among them, the two-wheeler segment held the majority share in Vietnam tire market and is expected to hold 85.07% market share by 2025 on account of increasing sales of two wheeler and growing demand for affordable personal transportation.

Based on demand category, the Vietnam tire market can be categorized into OEMs vs replacement. Among them, the replacement segment dominated the Vietnam tire market in 2019 owing to increased average lifecycle of automobiles and growing awareness pertaining to maintenance and safety of vehicle and tire. The segment is further expected to continue its dominance during the forecast period and hold a market share of around 65.83% by 2025.

Leading market players in Vietnam tire market are Danang Rubber Joint Stock Company, The Southern Rubber Industry JSC, Bridgestone Tire Sales Vietnam Limited Liability Company, Yokohama Tyre Vietnam Inc., Michelin Vietnam Co., Ltd., SAO VANG RUBBER JOINT STOCK COMPANY, Kumho Tire Co., Ltd. Vietnam, Continental Ag, Goodyear Vietnam Co. Ltd. and Cheng Shin Rubber (Vietnam) Ind. Ltd., among others.

“In order to boost the country's economy, Vietnam has signed free trade agreements with various European countries, which helps tire manufacturers based in Vietnam to offer tire at lower price in European countries without tariff. Besides, low production & labor costs and increased automobile demand in the country are contributing to the growth of the tire industry in Vietnam through 2025.s,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Vietnam Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2025” has analyzed the potential of Vietnam tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Vietnam tire market.

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Vietnam Tire Market By Vehicle Type (Passenger Car, Light Commercial Vehicle, Medium & Heavy Commercial Vehicle, Two Wheelers, Three Wheelers, OTR), By Tire Construction Type (Radial, Bias), By Demand Category Type (OEM, Replacement), By Region, Competition, Forecast & Opportunities,

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