Inflated with air and fitted on rims, tyres are ring-shaped, circular components of a vehicle. The tire's main job is to safeguard the wheel rim while also supplying tractive force between the car and the road. To reduce vibration and absorb stress, tyres create a flexible cushion as they travel over unlevel ground. Natural rubber has been used frequently to make tyres ever since it was invented. The materials used to make modern tyres, however, include synthetic rubber, steel wires, carbon black, and other materials.
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’ state that the Vietnam Tire Market is predicted to reach USD 1.31 billion by 2033 with a CAGR of 7.91%.
As two-wheeler sales increase, the Vietnamese tyre market is anticipated to expand in the upcoming years. The potential market expansion of the Vietnam tyre market in the next years is anticipated to be sparked by an increase in the fleet and two-wheeler rides in the nation, supported by the potential growth of the automotive sector and the success of introducing innovative features in the two-wheeler tyres. Additionally, the country's advantageous economic circumstances have increased the number of two-wheelers on the road and are expected to further the enormous expansion of the Vietnam tyre market in the years to come.
But despite all of the advantages, there are still obstacles faced by the Vietnam Tire Market. The rising volatility of raw material prices, on the other hand, is one of the key problems preventing the Vietnamese tyre market from growing. Raw resources for rubber and tyres are getting more and more expensive. The price of the raw materials used to create tyres, including rubber, steel, and nylon, is always fluctuating. Globally, the cost of steel and aluminium is influenced by the availability of bauxite, iron ore, and fuel.
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Impact of COVID-19 on Vietnam Tire Market
Furthermore, the COVID-19 pandemic had a substantial influence on the market share of tyres in Vietnam by interfering with the flow of the raw materials and parts needed to make tyres. Lockdowns and diminished economic activity have also marginally decreased the demand for autos. Furthermore, the pandemic has restricted and disrupted logistics and transportation, which has had an impact on the import and export of tyres. Additionally,
because people prefer contactless methods of buying tyres, the epidemic has caused a shift towards e-commerce platforms for tyre sales.
Vietnam Tire Market Key Player
Additionally, some of the market key players are Bridgestone Tire Mfg., Continental, Goodtime Rubber Co., Ltd., Goodyear, Kumho Tire, Pirelli & C. S.p.A, Toyo Tire Corp., Yokohama Tyre, Others.
Vietnam Tire Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Vietnam Tire Market is segmented as; Bias, Radial.
By Rim Size: Based on the Rim Size, Vietnam Tire Market is segmented as; Up to 19”, 20”-25”, above 25”.
By Vehicle Type: Based on the Vehicle Type, Vietnam Tire Market is segmented as; Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Off-The-Road (OTR), Passenger Cars, Two-Wheeler.
By Demand Category: Based on the Demand Category, Vietnam Tire Market is segmented as; Aftermarket, OEM.
By Sales Channel: Based on the Sales Channel, Vietnam Tire Market is segmented as; Offline, Online.
By Region: This research also includes data for Eastern Region, Northern Region, Southern Region, Western Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Vietnam Tire Market Future Outlook:
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