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
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| Regions covered | Eastern Region, Northern Region, Southern Region, Western Region
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| 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:
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By Type:
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Bias
Radial
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By Rim Size:
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Up to 19”
20”-25”
Above 25”
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By Vehicle Type:
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Light Commercial Vehicles
Medium and Heavy Commercial Vehicles
Off-The-Road (OTR)
Passenger Cars
Two-Wheeler
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By Demand Category:
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Aftermarket
OEM
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By Sales Channel:
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Offline
Online
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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 19”, 20”-25”, above 25”)
- 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 report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Vietnam Tire Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Vietnam Tire Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. 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, 2023-2033
7.2. Bias
7.3. Radial
8. Vietnam Tire Market, By Rim Size (USD Million)
8.1. Vietnam Tire Market Value Share and Forecast, By Rim Size, 2023-2033
8.2. Up to 19”
8.3. 20”-25”
8.4. Above 25”
9. Vietnam Tire Market, By Vehicle Type (USD Million)
9.1. Vietnam Tire Market Value Share and Forecast, By Vehicle Type, 2023-2033
9.2. Light Commercial Vehicles
9.3. Medium and Heavy Commercial Vehicles
9.4. Off-The-Road (OTR)
9.5. Passenger Cars
9.6. Two-Wheeler
10. Vietnam Tire Market, By Demand Category (USD Million)
10.1. Vietnam Tire Market Value Share and Forecast, By Demand Category, 2023-2033
10.2. Aftermarket
10.3. OEM
11. Vietnam Tire Market, By Sales Channel (USD Million)
11.1. Vietnam Tire Market Value Share and Forecast, By Sales Channel, 2023-2033
11.2. Offline
11.3. 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 Region
18.4. Northern Region
18.5. Southern Region
18.6. Western Region
19. Company Profile
19.1. Bridgestone Tire Mfg.
19.1.1. Company details
19.1.2. Financial outlook
19.1.3. Product summary
19.1.4. Recent developments
19.2. Continental
19.2.1. Company details
19.2.2. Financial outlook
19.2.3. Product summary
19.2.4. Recent developments
19.3. Goodtime Rubber Co., Ltd
19.3.1. Company details
19.3.2. Financial outlook
19.3.3. Product summary
19.3.4. Recent developments
19.4. Goodyear
19.4.1. Company details
19.4.2. Financial outlook
19.4.3. Product summary
19.4.4. Recent developments
19.5. Kumho Tire
19.5.1. Company details
19.5.2. Financial outlook
19.5.3. Product summary
19.5.4. Recent developments
19.6. Maxxis International/Cheng Shin Rubber
19.6.1. Company details
19.6.2. Financial outlook
19.6.3. Product summary
19.6.4. Recent developments
19.7. Michelein
19.7.1. Company details
19.7.2. Financial outlook
19.7.3. Product summary
19.7.4. Recent developments
19.8. Kenda Rubber Co., Ltd.
19.8.1. Company details
19.8.2. Financial outlook
19.8.3. Product summary
19.8.4. Recent developments
19.9. Pirelli & C. S.p.A
19.9.1. Company details
19.9.2. Financial outlook
19.9.3. Product summary
19.9.4. Recent developments
19.10. Sao Vang Rubber JSC
19.10.1. Company details
19.10.2. Financial outlook
19.10.3. Product summary
19.10.4. Recent developments
19.11. Sumitomo Rubber
19.11.1. Company details
19.11.2. Financial outlook
19.11.3. Product summary
19.11.4. Recent developments
19.12. The Southern Rubber Industries Joint
19.12.1. Company details
19.12.2. Financial outlook
19.12.3. Product summary
19.12.4. Recent developments
19.13. Toyo Tire Corp
19.13.1. Company details
19.13.2. Financial outlook
19.13.3. Product summary
19.13.4. Recent developments
19.14. Yokohama Tyre
19.14.1. Company details
19.14.2. Financial outlook
19.14.3. Product summary
19.14.4. Recent developments
19.15. Others
20. List of Abbreviations
21. Reference Links
22. Conclusion
23. Research Scope