Vietnam Automotive Tires Market Key Insights Based on Product Type, End-Use and Regional Demand Till 2020-2027

 

Growth Opportunities in the Vietnam automotive tire market look promising over the next six years. The rising vehicle sales are resulting in the growth in the production of automobiles, and the increasing number of exports of automotive tires to numerous economies like Australia, the United States, and Southeast Asia are key factors driving the growth of the Vietnam automotive tire market.

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Vietnam Automotive Tire Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)

Key Drivers

The increasing number of exports of automotive tires to various economies like Australia, the United States, and Southeast Asia to fulfill the growing demand for the organizations is a major factor surging the growth of the Vietnam automotive tire market. Furthermore, the rising vehicle sales in the nation are resulting in the growth in the production of automobiles in the nation, which will further drive the market's demand in the upcoming years. According to the Vietnam Automobile Manufacturers Association, the car market in Vietnam has surged by 12% in comparison to 2018, and 322,322 units were sold in 2019. Vietnam's automobile industry development across 2025 strategy targets to raise the manufacturing of passenger cars and trucks and to export around 20,000 locally made cars by the end of 2020 and 90,000 by 2035.

The growing investments by several companies to create plants for the manufacturing of automotive tires in the nation is another driver that will have a positive influence on the market growth. For example, Guizhou Tyre Co. Ltd., a Chinese tire manufacturer, intended to establish a wholly-owned subsidiary called Advance Tyre in Vietnam in 2019 will accelerate the market demand. Through this subsidiary, the company focused on increasing the construction of the bus and truck tire plant under construction. On the other hand, the imposition of an anti-subsidy tax on the Vietnamese tires by the US and the limited rubber raw materials nationwide will hinder the growth of the Vietnam automotive tire market.

Vietnam Automotive Tire Market Segmentation:

Segmentation by Type:

·        Bias

·        Radial

Segmentation by Season:

·        Summer

·        Winter

·        All Seasons

Segmentation by Vehicle Type:

·        Passenger Car

·        LCV

·        Buses

·        Trucks

Segmentation by Rim Size:

·        Less than 15 Inch

·        15-20 Inch

·        More than 20 Inch

Segmentation by Distribution Channel:

·        OEM

·        Aftermarket

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