A tire is a rubber ring that surrounds a wheel rim and is usually inflated with air to give it traction and shock absorption. Tires are an essential part of a car because they support the weight of the vehicle, transfer braking and traction forces to the pavement, and ensure a safe and comfortable ride. Depending on the kind of vehicle and its intended purpose, they are available in different sizes, tread patterns, and compositions. Transferring a vehicle’s load from the axle through the wheel to the ground is their primary duty. Additionally, they offer traction on the terrain that the wheel moves over. When the tire rolls across uneven surfaces, they can absorb shock.
According to SPER Market Research, ‘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’ states that the Vietnam Tire Market is estimated to reach USD 1.31 billion by 2033 with a CAGR of 7.91%.
An increasing number of Vietnamese individuals can now afford cars and motorcycles thanks to the country’s thriving economy. To outfit these cars, there will consequently be a greater need for tires. Major global automakers including Toyota, Honda, and Ford have established factories in Vietnam, which has grown to be a center for the production of automobiles. The local manufacture also contributes to the rise in tire demand. The national automotive industry in Vietnam is actively supported by the government. Policies that promote vehicle ownership, enhance infrastructure, or support regional tire manufacture are a few examples of this. The EV market in Vietnam is expected to expand even if it is still in its infancy. This increases the need for tires that are specifically made for electric cars, which are often heavier.
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Global factors greatly affect the cost of materials used in tire production, such as steel, nylon, and natural rubber. Because of this, it is challenging for manufacturers to keep their profit margins and prices steady. One big worry is the existence of fake, inferior tires. These goods frequently cost less, but because they don’t adhere to safety regulations, they could be dangerous. As a result, consumers lose trust in genuine brands and unfair competition is created. Similar to electric vehicle tires, tire technology is developing quickly, therefore tire producers must continually spend in R&D to remain competitive. This might put a heavy financial strain on certain businesses.
The Vietnamese tire market was severely hit by the COVID-19 outbreak. There was less demand for new tires since fewer people drove. In addition, the requirement for tires for buses, taxis, and rental automobiles was hurt by the fall in tourism. International trade difficulties and border closures made it challenging to import the raw ingredients needed to produce tires. This reduced the potential for manufacturing even more. There’s a chance that the pandemic made some people depend more on their own cars for mobility, which might eventually raise tire demand.
Danang City is the major tire production center, thus it dominates the vietnam tire market. Some of the Top Vietnam Tire Market Manufacture are:
- Bridgestone Tire Mfg.
- Continental
- Goodtime Rubber Co., Ltd.
- Goodyear
- Kumho Tire
- Maxxis International/Cheng Shin Rubber
- Michelein
- Kenda Rubber Co., Ltd.
Vietnam Tire Market Segments:
By Type:
- Bias
- Radial
By Rim Size:
- Up to 19”
- 20”-25”
- Above 25”
By Vehicle Type:
- Light Commercial Vehicles
- Medium and Heavy Commercial Vehicles
- Off-The-Road (OTR)
- Passenger Cars
- Two-Wheeler
By Demand Category:
- Aftermarket
- OEM
By Sales Channel:
- Offline
- Online
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