Article -> Article Details
| Title | Vietnam Tire Market Size, Share, Top Companies, Forecast 2025-2033 |
|---|---|
| Category | Business --> Construction |
| Meta Keywords | vietnam tire market |
| Owner | Imarc |
| Description | |
| Vietnam Tire Market Overview Base Year: 2024 Historical Years: 2019-2024 Forecast Years: 2025-2033 Market Size in 2024: USD 860 Million Market Forecast in 2033: USD 1,300 Million Market Growth Rate (2025-33): 4.1% Vietnam tire market size reached USD 860 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 1,300 Million by 2033, exhibiting a growth rate (CAGR) of 4.1% during 2025-2033. 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. For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/vietnam-tire-market/requestsample Vietnam Tire Market Trends and Drivers: The Vietnamese tire market is experiencing a substantial upcycle driven by the rapid growth of the domestic automotive industry, with improved economic development and consumer behavior supporting qualitative growth rather than merely quantitative growth. A rapidly expanding middle class with more disposable income and a growing preference for private transport over public transport has resulted in record sales of passenger cars. Large-scale government investment in national infrastructure is driving explosive growth in the commercial vehicle segment. This is an active investment, and there are a lot of new and old roads and industrial areas. Replacement tires and OEM tires have a very strong and multi-layered demand that arises from these areas of investment. Most major car manufacturers are increasing their production in this region and therefore need a reliable and large supply of locally produced tires. In response, the major tire companies are investing heavily, expanding their production and localizing their supply chains to meet OEM customers' needs while at the same time capturing an increasing share of the often lucrative replacement market where customers want higher quality and higher spec products with improved performance and durability. Vietnam has become a leading global tire manufacturer and exporter with the aforementioned planned orientation being massively accelerated by the current changes in the global trading order and global supply chains' diversification toward Vietnam. The series of new-generation free trade agreements (FTAs) that Vietnam has signed, especially the EU-Vietnam Free Trade Agreement (EVFTA), gives Vietnamese tire manufacturers tariff-free access to the large European market and an important competitive advantage over manufacturers of other countries. With this geopolitical advantage and a stable and competitive labor pool, Vietnam has attracted previously unheard of levels of foreign direct investment from the world's largest tire manufacturers, which have built export-oriented plants in Vietnam's industrial parks serving markets in Europe, North America, and the Asia-Pacific region and generating local jobs. A concurrent value chain move is through original equipment moves from lower value, entry-model tires into higher-margin, more technology-driven tire segments, including high performance radial tires for passenger car markets and specialty radial tires for commercial truck and bus (TBR) markets. With this positioning, Vietnam is not a source of low-cost labor. Vietnam is a center of manufacturing excellence that meets all of the advanced demands of international OEMs and consumers that are discerning. The emergence of technological innovation plus a calculated pivot towards niche product categories that are increasingly specific to a market defines the future of the Vietnamese tire market beyond conventional mass production. This is the most transformative trend that is the industry's proactive response to the global electric vehicle (EV) revolution. Because of the rapid domestic growth of EV adoption, local tire manufacturers have recently increased effort on developing next-generation EV tires that feature properties and structures to cope with any problems presented by EVs. These include good sidewall structure, mixed application technology, noise adjustment, large battery mass, low tire drag, and low passenger area noise. Outside of electric vehicles, specialized tires such as those for strong economy sectors of Vietnam or OTR tires for mining and construction industries are now seeing market growth. Agricultural tires are successful and support a national need. Manufacturers differentiate their products so that they generate high margins and are difficult to imitate, which grants their brands credibility and protection from commodity product competition. Manufacturers must create strong competitive advantages to be successful in a rapidly evolving, segmented global marketplace. Vietnam Tire Market Industry Segmentation: Design Insights:
End Use Insights:
Vehicle Type Insights:
Distribution Channel Insights:
Season Insights:
Regional Insights:
Competitive Landscape: The competitive landscape of the industry has also been examined along with the profiles of the key players. Request Customization: https://www.imarcgroup.com/request?type=report&id=21732&flag=E Key highlights of the Report:
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization. About Us: IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research. Contact Us: IMARC Group 134 N 4th St. Brooklyn, NY 11249, USA Email: sales@imarcgroup.com Tel No:(D) +91 120 433 0800 United States: +1-201971-6302 | |