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.
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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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