Vietnam Truck & Bus Tire Industry Growth Forecast and Market Dynamics – 2030 - Press Release Submission Sites Free, Free Instant Approval Guest Posting Sites

Vietnam Truck & Bus Tire Market Projected to Expand at 5.86% CAGR Through 2030

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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Strategic Takeaways from the Report:

Market Sizing and Forecasting
Regulatory and Policy Influence
Competitive Trends and M&A Activity
Innovation Drivers and Disruptive Technologies
Investment Hotspots and Emerging Niches
Geographical Dynamics and Trade Flows

Vietnam Truck & Bus Tire Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

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). A similar trend was observed in the commercial vehicle tire market as well. The key reasons that can be attributed to this majority share are rapid expansion of e-commerce which has catalyzed the sales of light trucks for intercity transportation, deployment of medium and heavy trucks to transport the material for construction, and mega infrastructure sites from ports and manufacturing plants. Moreover, the expansion of ports and increase in cargo handling requirements is immensely contributing to the growth in demand for trucks. Eventually, the sales of truck tires are substantially higher when compared to the bus segment.

Two-wheelers are one of the most preferred modes of commuting in Vietnam. Of the total registered vehicle fleet of Vietnam, 60% share is cornered by two-wheelers, as reported by the Vietnam Automobile Manufacturers’ Association. Moreover, the sales of buses are registering a gradual decline in the country over the past couple of years. Eventually, the market share of bus tires in Vietnam is also expected to nosedive in the forthcoming years.

By Demand Type

OEM – Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
Aftermarket – Market Size & Forecast 2019-2030, Units Sold (Thousand Units)

The aftermarket segment dominated the Vietnam Truck and Bus Tire Market in 2023. Although manufacturers such as Hino, Isuzu, Ford, VinFast, Thaco, etc., have production plants in the country, their annual requirement is much lower than the aftermarket demand. The same trend is set to prevail in the forthcoming period as well. Despite several Chinese players in discussion with local companies to set up manufacturing units for commercial vehicles in the forthcoming years, the aftermarket segment will continue to hold the majority market share.

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.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Expanding Tourism Sector to Offer Lucrative Growth Opportunities – The developing focus of the nation on promoting tourism is also boosting the demand for buses and minivans. In the first half of 2024, almost 7.5 million tourists visited Vietnam. Whereas, around 12.6 million international tourists visited the country in 2023, and 8.3 million in 2022. So, this large increase in the nation’s tourism industry is catalyzing the enlargement of the commercial automobile market. Ultimately, the replacement demand for truck and bus tires is anticipated to surge in the coming years. Vietnam anticipates hosting around, 25 million overseas tourists by 2025 and 35 million through 2030, other than around 18 million home travelers. To accommodate this number of traveler population and their logistics requirements, the sale of commercial vehicles (trucks, buses) is expected to register exponential revenue growth. Therefore, the demand for tires from this vehicle segment is likewise expected to surge during the forecast period.

Vietnam Truck & Bus Tire Market Competitive Snapshot from 2024-2030

The report highlights established and emerging players in the global Vietnam Truck & Bus Tire Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

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

Their activities include partnerships, product launches, and geographic expansions.

Vietnam Truck & Bus Tire Industry Prime Challenge

Expanding Tire Retreading Activities to Impede Market Growth – The tire retreading market in the country has been witnessing an uptick, primarily driven by the truck tires market. This expansion of the retreading industry typically increases tire mileage by a considerable amount, eventually increasing the replacement duration and reducing the total cost of ownership. This directly impacts the revenues of tire suppliers in the country. The growth of tire retreading activities in the country has an inverse relationship with the growth & development of the Truck & Bus Tire Industry. Thus, the expansion of the tire retreading market presents substantial hurdles to the growth & expansion of the Vietnam Truck & Bus Tire Market.

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