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.

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.

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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Market Growth Driver: 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 Key Players:

Bridgestone Corporation, Michelin, Casumina (Southern Rubber Industry Joint Stock Company), Sailun, Goodyear, Yokohama Rubber Co. Ltd., Zhongce Rubber Group Co., Ltd., Kumho Tire, Kenda, Hankook, DRC Tire, China’s Guizhou Tyre, Jinhu Tire and others

Market Segmentation Overview:

By Vehicle Type

-Truck

-Bus

By Demand Type

-OEM

-Aftermarket

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

-Bias

By Tire Size

-Tire Size 1

-Tire Size 2

-Tire Size 3

-Tire Size 4

-Tire Size 5

By Price Category

-Budget (Upto USD 180)

-Economy (USD181 to 300)

-Premium (Above 300)

By Sales Channel

-Direct Sales

-Exclusive Outlets

-Multi Brand Stores

-Online

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By Region

• Central
• East
• West
• South

The Vietnam Truck Bus Tire Market Recent Development

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 RD and production.  

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