Vietnam Truck & Bus Tire Market Overview and Insights:
Vietnam Truck & Bus Tire Market research is an ongoing process. Consistent monitoring and evaluating of market dynamics to stay informed and adapt your strategies accordingly. As a market research and consulting firm, we offer market research reports that focus on major parameters including Target Market Identification, Customer Needs and Preferences, Thorough Competitor Analysis, Market Size & Market Analysis, and other major factors. At the end, we do provide meaningful insights and actionable recommendations that inform decision-making and strategy development.
What is the Future Market Size of the Vietnam Truck & Bus Tire Industry and its Yearly Growth Rate?
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.
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Who are the Main Competitors Driving the Vietnam Truck & Bus Tire Market Forward?
The prominent players essentially operating in the Vietnam Truck & Bus Tire Market are as follows:
- 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
What are the key Drivers Defining the Vietnam Truck & Bus Tire Market Size?
Surge in Infrastructure Development Activities Driving Market Growth – Vietnam is planning to spend around USD 65 billion on infrastructure development during 2021-30. The nation plans to build expressways, railway lines, ports, airports, etc., under its Master Plan 2030. Vietnam is making plans to develop around 10,000 km of expressways for high-paced transportation. Additionally, the country is running closer to putting in place dams, thermal power plants, and warehouses for the well-timed shipping of products. The enlargement of cities to deal with the developing wishes of the urban population is contributing to the growth & development of trucks and buses in the country. Therefore, the aftermarket sale of tires for these automobiles is predicted to grow in the years to come.
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What is the Segmentation of the Vietnam Truck & Bus Tire Market?
The Vietnam Truck & Bus Tire market covered in this report is segmented –
- By Vehicle Type
- Truck- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Bus- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
The Vietnamese truck and bus tire industry was dominated by the truck segment in 2023. As of 2023, trucks grabbed around 95% market share in the registered vehicle fleet of commercial vehicles (trucks and buses only).
- 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)
- By Region
- Central
- East
- West
- South
Key Questions Answered in the Research Report
- What is the predicted Vietnam Truck & Bus Tire market size and growth rate for the years 2024-30?
- What challenges are restricting the growth of the Vietnam Truck & Bus Tire market?
- Which segment accounted for the largest market share in the Vietnam Truck & Bus Tire market?
- Which prominent companies are leading growth in the Vietnam Truck & Bus Tire market?
- In what formats does Markntel Advisors deliver the concerned report descriptions?
- How long does it take for customers to receive the reports provided by Markntel Advisors?
- Does Markntel Advisors provide customized reports?
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