The Vietnam tire market reached a size of USD 860 Million in 2024. It is projected to grow to USD 1,300 Million by 2033, reflecting a CAGR of 4.1% during the forecast period from 2025 to 2033. Growth is driven by factors such as expanding middle class, infrastructure development, increased vehicle production, rise of electric vehicles, eco-friendly tire shift, and tourism growth.

Study Assumption Years

• Base Year: 2024
• Historical Year/Period: 2019-2024
• Forecast Year/Period: 2025-2033

Vietnam Tire Market Key Takeaways

• The market size in 2024 was USD 860 Million.
• The market is forecast to grow at a CAGR of 4.1% during 2025-2033.
• The market is expected to reach USD 1,300 Million by 2033.
• Rising disposable incomes and expanding middle class positively impact tire demand.
• Government infrastructure projects and urbanization further boost tire usage.
• Growth in commercial vehicle production due to Vietnam's role in global supply chains.
• Increasing adoption of electric and hybrid vehicles enhances demand for specialized tires.

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Market Growth Factors

The expanding middle class population in Vietnam, coupled with increasing disposable incomes, has led to a surge in demand for automobiles and motorcycles, thereby increasing tire demand. Simultaneously, government initiatives in construction of roads and urbanization are improving transport infrastructure, boosting tire usage further. The country’s growing manufacturing sector and its role in global supply chains also fuel production of commercial vehicles, enhancing tire market growth.

The popularity of ride-sharing services and e-commerce platforms has raised demand for commercial vehicle tires by increasing delivery and logistics activities. In addition, government policies promoting sustainable transportation have spurred the adoption of electric vehicles (EVs) and hybrid vehicles, which require specialized tires, creating fresh opportunities for market expansion.

There is a notable shift towards fuel-efficient and eco-friendly tires driven by stricter emission standards and consumer preference for greener transport options. Growth in sports and leisure activities also boosts demand for specialty tires for off-road vehicles, motorcycles, and bicycles. Furthermore, increased consumer focus on safety and vehicle maintenance is raising tire replacement rates with preference for high-quality products.

Market Segmentation

• Design: Radial and Bias tires are analyzed, highlighting differences in structure and usage.
• End Use: The market is categorized based on OEM (Original Equipment Manufacturer) tires and Replacement tires.
• Vehicle Type: Includes Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, and Off-The-Road (OTR) vehicles.
• Distribution Channel: The market is segmented into Offline and Online sales channels, depicting variations in buying behavior.
• Season: Tires are segmented into All Season, Winter, and Summer tires according to seasonal suitability.

Regional Insights

The report examines the major regional markets of Northern Vietnam, Central Vietnam, and Southern Vietnam. However, specific market share or growth statistics by region are not explicitly stated in the source.

Key Players

• DRC Tire
• Bridgestone Tire Mfg.
• Yokohama Tyre Vietnam Inc. (The Yokohama Rubber Company, Limited)
• Pirelli & C. S.p.A.
• Hankook Tire & Technology

Recent Developments & News

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

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