Automobile Tire Industry Overview
Tires, as a vital component of automobiles, are crucial to the industry's supply chain. In recent years, Vietnam's tire manufacturing industry has developed and matured, with production expected to exceed 30 million units in 2023, growing at a compound annual rate of more than 10% over the last five years. The tire market in Vietnam is segmented into OEM for vehicle manufacturing, replacement demand in the automotive aftermarket, and export demand.Market Dynamics
Given the low rate of car ownership, motorcycles continue to be the preferred mode of transportation in Vietnam. Although it is the third most populous country in Southeast Asia and the 15th in the world, the automobile market in Vietnam grows slowly. The production of automobiles in 2022 rose by 14.84% to 334,000 units. With a significant need for both spare and large vehicle tires, the automotive industry's tire demand is projected to reach about 2 million units in 2023, far exceeding the demand in vehicle manufacturing.Trade Analysis
Vietnam has a substantial surplus in automobile tires. In 2022, the export value of tires was $2.172 billion, a 23.96% increase over the previous year, whereas tire imports totaled only $536 million, leading to a trade surplus of $1.636 billion. More than 90% of the tire production is exported, predominantly to the United States, which remains the major market driver.Major Players in the Market
The top ten tire exporters from Vietnam include only two local companies, Casumina and Da Nang Rubber Co., Ltd. (DRC), alongside numerous foreign-invested enterprises. Renowned global manufacturers such as Bridgestone, Michelin, Yokohama, Kumho, and others have established extensive operations in the country. Chinese manufacturers like Sailun have also set up significant production capacities, with some exceeding 18 million units annually.Market Forecast
The analyst predicts that Vietnam’s tire exports will continue to increase in the forthcoming years, estimating the export volume to reach about 32.1 million units in 2024 and 52.42 million units by 2033. The anticipated compound annual growth rate from 2024 to 2033 is approximately 5.6%.Topics covered:
- Vietnam Automobile tire Industry Overview
- Economic and policy environment for automobile tires in Vietnam
- Vietnam automobile tire market size from 2019 to 2023
- Analysis of major Vietnam automobile tire manufacturers
- Key drivers and market opportunities for the Vietnam automobile tire industry
- What are the key drivers, challenges and opportunities for the Vietnam automobile tire industry during the forecast period 2024-2033?
- What is the expected revenue of the Vietnam Automobile tire market during the forecast period 2024-2033?
- What strategies are adopted by the key players in the market to increase their market share in the industry?
- Which segment of the Vietnam Automobile tire Market is expected to dominate the market in 2033?
- Vietnam Automobile tire Market Forecast from 2024 to 2033
- What are the main headwinds facing the Vietnam automobile tire industry?
Table of Contents
Companies Mentioned
- Llit Co. Ltd.
- Sentury Tire
- Bridgestone
- Michelin
- Dunlop
- Cockpit Thailand
- Yokohama Tires
- Frico Tyre
- IRC Tire
- Hankook
Methodology
Background research defines the range of products and industries, which proposes the key points of the research. Proper classification will help clients understand the industry and products in the report.
Secondhand material research is a necessary way to push the project into fast progress. The analyst always chooses the data source carefully. Most secondhand data they quote is sourced from an authority in a specific industry or public data source from governments, industrial associations, etc. For some new or niche fields, they also "double-check" data sources and logics before they show them to clients.
Primary research is the key to solve questions, which largely influence the research outputs. The analyst may use methods like mathematics, logical reasoning, scenario thinking, to confirm key data and make the data credible.
The data model is an important analysis method. Calculating through data models with different factors weights can guarantee the outputs objective.
The analyst optimizes the following methods and steps in executing research projects and also forms many special information gathering and processing methods.
1. Analyze the life cycle of the industry to understand the development phase and space.
2. Grasp the key indexes evaluating the market to position clients in the market and formulate development plans
3. Economic, political, social and cultural factors
4. Competitors like a mirror that reflects the overall market and also market differences.
5. Inside and outside the industry, upstream and downstream of the industry chain, show inner competitions
6. Proper estimation of the future is good guidance for strategic planning.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | May 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value in 2024 | 32.1 Million Units |
| Forecasted Market Value by 2033 | 52.42 Million Units |
| Compound Annual Growth Rate | 5.6% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 10 |
