Exploring Vietnam Truck & Bus Tire Market: Rising Trends, Opportunities and Challenges Forecast 2030

Vietnam Truck Bus Tire Market Overview:

According to MarkNtel Advisors study the Vietnam Truck Bus Tire Market size is valued at around USD 384 million in 2024 is estimated to grow at a CAGR of around 5.86% during the forecast period, i.e., 2024-30. The country's elevated infrastructure has increased passenger and cargo movement. The nation's demand for goods and passenger transportation has expanded due to the financial boom and urbanization, that have sped up infrastructure development. These projects, which consist of building new roads, increasing present ones, and enhancing the transportation network, are all planned to grow connectivity and inspire the effective motion of people and products in the country. According to OICA, sales of commercial vehicles in Vietnam grew at a CAGR of about 2.7% during 2019-23. Nearly 241,978 commercial vehicles (LCV, MHCV) were registered in the country during 2019-23. This good-sized addition to the modern fleet of commercial vehicles is predicted to reinforce the demand for truck and bus tires during the forecast period.

Key Findings of the Study: Vietnam Truck Bus Tire market

Vietnam Truck Bus Tire Market Opportunity:

Expanding Tourism Sector to Offer Lucrative Growth Opportunities – The developing focus of the nation on promoting tourism is also boosting the demand for buses and minivans. In the first half of 2024, almost 7.5 million tourists visited Vietnam. Whereas, around 12.6 million international tourists visited the country in 2023, and 8.3 million in 2022. So, this large increase in the nation’s tourism industry is catalyzing the enlargement of the commercial automobile market. Ultimately, the replacement demand for truck and bus tires is anticipated to surge in the coming years. Vietnam anticipates hosting around, 25 million overseas tourists by 2025 and 35 million through 2030, other than around 18 million home travelers. To accommodate this number of traveler population and their logistics requirements, the sale of commercial vehicles (trucks, buses) is expected to register exponential revenue growth. Therefore, the demand for tires from this vehicle segment is likewise expected to surge during the forecast period.

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Scope of the Vietnam Truck Bus Tire Market Report Segmentation

-By Vehicle Type

Truck- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Bus- Market Size Forecast 2019-2030, Units Sold (Thousand Units)

-By Demand Type

OEM - Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Aftermarket - Market Size Forecast 2019-2030, Units Sold (Thousand Units)

-By Tire Type

Radial - Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Bias - Market Size Forecast 2019-2030, Units Sold (Thousand Units)

-By Tire Size

Tire Size 1- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Tire Size 2- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Tire Size 3-Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Tire Size 4-Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Tire Size 5-Market Size Forecast 2019-2030, Units Sold (Thousand Units)

-By Price Category

Budget (Upto USD 180)- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Economy (USD181 to 300)- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Premium (Above 300)- Market Size Forecast 2019-2030, Units Sold (Thousand Units)

-By Sales Channel

Direct Sales- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Exclusive Outlets- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Multi Brand Stores- Market Size Forecast 2019-2030, Units Sold (Thousand Units)
Online- Market Size Forecast 2019-2030, Units Sold (Thousand Units)

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Geographical analysis:

-By Region

Central
East
West
South

Vietnam Truck Bus Tire Industry Recent Development:

2024: China’s Guizhou Tyre to invest USD 230 million in southern Vietnam to build a new factory, the factory will bolster the production capacity of the entire project area in Vietnam, helping to cut overall production costs, expand the market space, and improve the profitability of Guizhou Tyre’s product.
2021: Jinhu Tire starts truck tire production at the Vietnam plant, Jinyu (Vietnam) Tire is the first overseas production base of the Jinyu Tire Group. It was planned and constructed with digitization at its heart, connecting demand from customers with its RD and production.

Current Landscape of Vietnam Truck Bus Tire Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Vietnam Truck Bus Tire market. The research report profiles major players, including

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Bridgestone Corporation
Michelin
Casumina (Southern Rubber Industry Joint Stock Company)
Sailun
Kenda
Kumho Tire
Zhongce Rubber Group Co., Ltd.
Hankook
Goodyear
Yokohama Rubber Company
DRC Tire
China’s Guizhou Tyre
Jinhu Tire
Others

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