Vietnam Truck & Bus Tire Market to Observe Prominent CAGR of 5.86% by 2030, Size, Share, Trends, Demand, Growth, Challenges and Competitive Outlook

According to MarkNtel Advisors study 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.

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Key Findings of the Study: Vietnam Truck & Bus Tire market

Vietnam Truck & Bus Tire Market Driver:

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.

Vietnam Truck & Bus Tire Market 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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Scope of the Report and Vietnam Truck & Bus Tire Market Segmentation:

By Vehicle Type

• Truck- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Bus- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)

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)

The aftermarket segment dominated the Vietnam Truck and Bus Tire Market in 2023.

Vietnam Truck & Bus Tire Market Development:

• 2024: China’s Guizhou Tyre to invest USD 230 million in southern Vietnam to build a new factory, the factory will bolster the production capacity of the entire project area in Vietnam, helping to cut overall production costs, expand the market space, and improve the profitability of Guizhou Tyre’s product.
• 2021: Jinhu Tire starts truck tire production at the Vietnam plant, Jinyu (Vietnam) Tire is the first overseas production base of the Jinyu Tire Group. It was planned and constructed with digitization at its heart, connecting demand from customers with its R&D and production

Geographical Analysis:

By Region

• Central
• East
• West
• South

Note: If you require specific information not covered in the current report, we can provide it through customized option

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