Vietnam Tire Market Growth, Size, Trends, Demand, Revenue, Share, Challenges and Future Outlook
Vietnam Tire Market Size- By Type, By Rim Size, By Vehicle Type, By Demand Category, By Sales Channel- Regional Outlook, Competitive Strategies and Segment Forecast to 2033
| Published: Oct-2023 | Report ID: AMIN23152 | Pages: 1 - 106 | Formats*: |
| Category : Automotive & Transportation | |||
Vietnam Tire Market Introduction and Overview
According to SPER Market Research, the Vietnam Tire Market is estimated to reach USD 1.31 billion by 2033 with a CAGR of 7.91%.
The report includes an in-depth analysis of the Vietnam Tire Market, including market size and trends, product mix, Applications and supplier analysis. Tyres are round, ring-shaped parts of a car that are mounted on wheels and filled with air. The tire's main job is to keep the wheel rim safe while also acting as a tractive force between the car and the ground. Tyres create a flexible cushion when they travel over unlevel ground, which reduces vibration and absorbs stress. Natural rubber has long been a common material used to make tyres. Contrarily, modern tyres are constructed from synthetic rubber, steel wires, carbon black, and other materials.
- July 2022: For the fifth consecutive year, Bridgestone Tyre Sales Vietnam LLC and Bridgestone Tyre Manufacturing Vietnam LLC (Bridgestone Vietnam) received the Quality Award from Toyota Motor Vietnam Co. LTD (Toyota Vietnam). The prize recognised Bridgestone's dedication to offering superior products and services that go above and beyond Toyota's standards as the top-selling automaker in the world.
- June 2022: In order to target annual sales of USD 5.5 billion by 2025, Danang Rubber Joint Stock Co. (DRC), a Vietnamese corporation, increased tyre production and started a sales and marketing programme. The project, which was revealed on
- June 23, brought together the PHI collection Inc. company and a collection of Luxembourg-based bank funds (TTG) as well as the Vietnamese conglomerate Tin Thanh Consortium. The release omitted information on the projected investments or the expanded tyre manufacturing capacity. Smart tyres with mounted chips for tracking and managing journeys, according to the concept, would result in savings of 10% to 20% when compared to purchasing tyres.
Market Opportunities and Challenges
The Vietnam Tyre (Tyre) Market is anticipated to expand rapidly due to a number of growth factors. The major factors influencing the market expansion include rising vehicle sales as a result of an increase in tyre demand in the nation. The government is also making significant investments in infrastructure development, which includes building new roads and highways. This has caused a huge increase in demand for heavy-duty tyres. Tyres are in high demand in Vietnam due to the country's expanding automobile sector.
On the other hand, the rising volatility in the price of raw materials is one of the main issues with regard to the market expansion of the Vietnamese tyre market. The cost of rubber and tyre raw materials is fluctuating more and more. The cost of the raw materials used to make tyres, such as nylon, steel, rubber, and others, is always changing. The availability of bauxite and iron ore, as well as fuel prices, affect the price of steel and aluminium on a global scale.
Market Competitive Landscape
The major players in the Vietnam Tire Market include: Bridgestone Tire Mfg., Continental, Goodtime Rubber Co., Ltd., Goodyear, Kumho Tire, Maxxis International/Cheng Shin Rubber, Michelein, Kenda Rubber Co., Ltd., Pirelli & C. S.p.A, Sao Vang Rubber JSC, Sumitomo Rubber, The Southern Rubber Industries Joint., Toyo Tire Corp., Yokohama Tyre, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Rim Size, By Vehicle Type, By Demand Category, By Sales Channel |
| Regions covered | Eastern Region, Northern Region, Southern Region, Western Region |
| Companies Covered | Bridgestone Tire Mfg., Continental, Goodtime Rubber Co., Ltd., Goodyear, Kumho Tire, Maxxis International/Cheng Shin Rubber, Michelein, Kenda Rubber Co., Ltd., Pirelli & C. S.p.A, Sao Vang Rubber JSC, Sumitomo Rubber, The Southern Rubber Industries Joint., Toyo Tire Corp., Yokohama Tyre, Others |
COVID-19 Impact on Vietnam Tire Market
The COVID-19 outbreak's hazy circumstances had a detrimental effect on the tyre business. As a result of numerous restrictions imposed by national and municipal governments, such as border closures and labour restrictions, some production facilities have been shut down. Despite all the precautions taken, COVID-19 cases increased in Vietnam, one of the countries that successfully limited the outbreak. As a result, the unanticipated COVID-19 pandemic outbreak significantly hurt the Vietnam tyre industry. Under the lockdown the government imposed to halt the virus from spreading, only essential businesses, government structures, and hospitals were able to operate regularly. This had an impact on how many cars and tyres could be produced. A labour shortage also had a significant negative influence on the supply and demand for tyres because of social norms that prevent close ties.
Key Target Audience:
- Automobile Manufacturers
- Automotive Parts Distributors
- Automotive Service Centers
- Fleet Owners and Operators
- Import and Export Authorities
- Logistics and Supply Chain Professionals
- Tire Manufacturers and Suppliers
- Tire Retailers and Dealers
- Others
Our in-depth analysis of the Vietnam Tire Market includes the following segments:
| By Type: |
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| By Rim Size: |
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| By Vehicle Type: |
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| By Demand Category: |
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| By Sales Channel: |
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Key Topics Covered in the Report:
- Vietnam Tire Market Size (FY’2023-FY’2033)
- Overview of Vietnam Tire Market
- Segmentation of Vietnam Tire Market By Type (Bias, Radial)
- Segmentation of Vietnam Tire Market By Rim Size (Up to 19â€, 20â€-25â€, above 25â€)
- Segmentation of Vietnam Tire Market By Vehicle Type (Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off-The-Road, Passenger Cars, Two-Wheeler)
- Segmentation of Vietnam Tire Market By Demand Category (Aftermarket, OEM)
- Segmentation of Vietnam Tire Market By Sales Channel (Offline, Online)
- Statistical Snap of Vietnam Tire Market
- Expansion Analysis of Vietnam Tire Market
- Problems and Obstacles in Vietnam Tire Market
- Competitive Landscape in the Vietnam Tire Market
- Impact of COVID-19 and Demonetization on Vietnam Tire Market
- Details on Current Investment in Vietnam Tire Market
- Competitive Analysis of Vietnam Tire Market
- Prominent Players in the Vietnam Tire Market
- SWOT Analysis of Vietnam Tire Market
- Vietnam Tire Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data2.1.2. Primary Data2.1.3. SPER’s internal database2.1.4. Premium insight from KOL’s2.2. Market size estimation2.2.1. Top-down and Bottom-up approach2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis4.1.1. Drivers4.1.2. Restraints4.1.3. Opportunities4.1.4. Challenges4.2. COVID-19 Impacts of the Vietnam Tire Market
5. Market variable and outlook
5.1. SWOT Analysis5.1.1. Strengths5.1.2. Weaknesses5.1.3. Opportunities5.1.4. Threats5.2. PESTEL Analysis5.2.1. Political Landscape5.2.2. Economic Landscape5.2.3. Social Landscape5.2.4. Technological Landscape5.2.5. Environmental Landscape5.2.6. Legal Landscape5.3. PORTER’s Five Forces5.3.1. Bargaining power of suppliers5.3.2. Bargaining power of buyers5.3.3. Threat of Substitute5.3.4. Threat of new entrant5.3.5. Competitive rivalry5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Vietnam Tire Market Manufacturing Base Distribution, Sales Area, Product Type6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Vietnam Tire Market
7. Vietnam Tire Market, By Type (USD Million)
7.1. Vietnam Tire Market Value Share and Forecast, By Type, 2023-20337.2. Bias7.3. Radial
8. Vietnam Tire Market, By Rim Size (USD Million)
8.1. Vietnam Tire Market Value Share and Forecast, By Rim Size, 2023-20338.2. Up to 19â€8.3. 20â€-25â€8.4. Above 25â€
9. Vietnam Tire Market, By Vehicle Type (USD Million)
9.1. Vietnam Tire Market Value Share and Forecast, By Vehicle Type, 2023-20339.2. Light Commercial Vehicles9.3. Medium and Heavy Commercial Vehicles9.4. Off-The-Road (OTR)9.5. Passenger Cars9.6. Two-Wheeler
10. Vietnam Tire Market, By Demand Category (USD Million)
10.1. Vietnam Tire Market Value Share and Forecast, By Demand Category, 2023-203310.2. Aftermarket10.3. OEM
11. Vietnam Tire Market, By Sales Channel (USD Million)
11.1. Vietnam Tire Market Value Share and Forecast, By Sales Channel, 2023-203311.2. Offline11.3. Online
12. Vietnam Tire Market Forecast, 2019-2033 (USD Million)
12.1. Vietnam Tire Market Size and Market Share
13. Vietnam Tire Market, By Type, 2019-2033 (USD Million)
13.1. Vietnam Tire Market Size and Market Share By Type (2019-2026)13.2. Vietnam Tire Market Size and Market Share By Type (2027-2033)
14. Vietnam Tire Market, By Rim Size, 2019-2033 (USD Million)
14.1. Vietnam Tire Market Size and Market Share By Rim Size (2019-2026)14.2. Vietnam Tire Market Size and Market Share By Rim Size (2027-2033)
15. Vietnam Tire Market, By Vehicle Type, 2019-2033 (USD Million)
15.1. Vietnam Tire Market Size and Market Share By Vehicle Type (2019-2026)15.2. Vietnam Tire Market Size and Market Share By Vehicle Type (2027-2033)
16. Vietnam Tire Market, By Demand Category, 2019-2033 (USD Million)
16.1. Vietnam Tire Market Size and Market Share By Demand Category (2019-2026)16.2. Vietnam Tire Market Size and Market Share By Demand Category (2027-2033)
17. Vietnam Tire Market, By Sales Channel, 2019-2033 (USD Million)
17.1. Vietnam Tire Market Size and Market Share By Sales Channel (2019-2026)17.2. Vietnam Tire Market Size and Market Share By Sales Channel (2027-2033)
18. Vietnam Tire Market, By Region, 2019-2033 (USD Million)
18.1. Vietnam Tire Market Size and Market Share By Region (2019-2026)18.2. Vietnam Tire Market Size and Market Share By Region (2027-2033)18.3. Eastern Region18.4. Northern Region18.5. Southern Region18.6. Western Region
19. Company Profile
19.1. Bridgestone Tire Mfg.19.1.1. Company details19.1.2. Financial outlook19.1.3. Product summary19.1.4. Recent developments19.2. Continental19.2.1. Company details19.2.2. Financial outlook19.2.3. Product summary19.2.4. Recent developments19.3. Goodtime Rubber Co., Ltd19.3.1. Company details19.3.2. Financial outlook19.3.3. Product summary19.3.4. Recent developments19.4. Goodyear19.4.1. Company details19.4.2. Financial outlook19.4.3. Product summary19.4.4. Recent developments19.5. Kumho Tire19.5.1. Company details19.5.2. Financial outlook19.5.3. Product summary19.5.4. Recent developments19.6. Maxxis International/Cheng Shin Rubber19.6.1. Company details19.6.2. Financial outlook19.6.3. Product summary19.6.4. Recent developments19.7. Michelein19.7.1. Company details19.7.2. Financial outlook19.7.3. Product summary19.7.4. Recent developments19.8. Kenda Rubber Co., Ltd.19.8.1. Company details19.8.2. Financial outlook19.8.3. Product summary19.8.4. Recent developments19.9. Pirelli & C. S.p.A19.9.1. Company details19.9.2. Financial outlook19.9.3. Product summary19.9.4. Recent developments19.10. Sao Vang Rubber JSC19.10.1. Company details19.10.2. Financial outlook19.10.3. Product summary19.10.4. Recent developments19.11. Sumitomo Rubber19.11.1. Company details19.11.2. Financial outlook19.11.3. Product summary19.11.4. Recent developments19.12. The Southern Rubber Industries Joint19.12.1. Company details19.12.2. Financial outlook19.12.3. Product summary19.12.4. Recent developments19.13. Toyo Tire Corp19.13.1. Company details19.13.2. Financial outlook19.13.3. Product summary19.13.4. Recent developments19.14. Yokohama Tyre19.14.1. Company details19.14.2. Financial outlook19.14.3. Product summary19.14.4. Recent developments19.15. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
Frequently Asked Questions About This Report
Vietnam Tire Market Segment is Covered By Type, By Rim Size, By Vehicle Type, By Demand Category, By Sales Channel
The Asia-Pacific region is anticipated to have the highest market share in Vietnam Tire Market.
The key players in the market include Companies Covered Bridgestone Tire Mfg., Continental, Goodtime Rubber Co., Ltd., Goodyear, Kumho Tire, Maxxis International/Cheng Shin Rubber, Michelein, Kenda Rubber Co., Ltd., Pirelli & C. S.p.A, Sao Vang Rubber JSC, Sumitomo Rubber, The Southern Rubber Industries Joint., Toyo Tire Corp., Yokohama Tyre, Others
Natural rubber has long been a common material used to make tyres. Contrarily, modern tyres are constructed from synthetic rubber, steel wires, carbon black, and other materials.
Vietnam Tire Market is projected to reach USD 1.31 billion by 2033, growing at a CAGR of 7.91% during the forecast period.
Vietnam Tire Market grew in market size from 2023. The Market is expected to reach USD 1.31 billion by 2033, at a CAGR of 7.91% during the forecast period.
Vietnam Tire Market CAGR of 7.91% during the forecast period.
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Vietnam Tire Market size is USD 1.31 billion from 2023 to 2033.
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