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.
For more detailed information about
the Vietnam Truck & Bus Tire market report, click here –
https://www.marknteladvisors.com/research-library/vietnam-truck-bus-tire-market.html
Scope of the Report and Vietnam Truck & Bus Tire
Market Segmentation:
By
Vehicle Type
o
Truck- Market Size & Forecast 2019-2030, Units
Sold (Thousand Units)
o
Bus- Market Size & Forecast 2019-2030, Units
Sold (Thousand Units)
By
Demand Type
o
OEM - Market Size & Forecast 2019-2030, Units
Sold (Thousand Units)
o
Aftermarket - Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
By
Tire Type
o
Radial - Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
o
Bias - Market Size & Forecast 2019-2030, Units
Sold (Thousand Units)
By
Tire Size
o
Tire Size 1- Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
o
Tire Size 2- Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
o
Tire Size 3-Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
o
Tire Size 4-Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
o
Tire Size 5-Market Size & Forecast 2019-2030,
Units Sold (Thousand Units)
By
Price Category
o
Budget (Upto USD 180)- Market Size & Forecast
2019-2030, Units Sold (Thousand Units)
o
Economy (USD181 to 300)- Market Size &
Forecast 2019-2030, Units Sold (Thousand Units)
o
Premium (Above 300)- Market Size & Forecast
2019-2030, Units Sold (Thousand Units)
By
Sales Channel
o
Direct Sales- Market Size & Forecast
2019-2030, Units Sold (Thousand Units)
o
Exclusive Outlets- Market Size & Forecast
2019-2030, Units Sold (Thousand Units)
o
Multi Brand Stores- Market Size & Forecast
2019-2030, Units Sold (Thousand Units)
o
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
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