In recent years, the demand for commercial vehicle tires in the market has steadily increased due to the continuous development of commercial vehicles and the diversification of demand. With ongoing technological advancements, the service life, load-bearing capacity, and driving stability of commercial vehicle tires have been significantly improved, providing enhanced safety and efficiency for commercial transport vehicles.
Compared to passenger car tires, commercial vehicle tires have a higher replacement ratio, shorter replacement cycles, and greater replacement volumes, leading to an expanding replacement market. According to the publisher, with the development of Vietnam's economy and the rapid growth of industries such as logistics and infrastructure, the commercial vehicle tire market in Vietnam has also grown, with exports of commercial vehicle tires steadily rising.
Based on the data from the publisher, in 2023, Vietnam's commercial vehicle tire exports reached a total value of USD 1.305 billion. With the growth in global tire market demand in 2024, the cumulative export value of Vietnam's commercial vehicle tires had already approached USD 600 million by May 2024.
The analysis of CRI shows that Vietnam exports tires to over 100 countries, with export tires accounting for 90% of its total tire production. The top 3 export destinations for Vietnamese commercial vehicle tires between 2021 and 2024 have been the United States, Brazil, and Russia. The primary companies importing commercial vehicle tires from Vietnam include Sailun Group Hong Kong Co. Limited, Jinyu Tire (Hong Kong) Co. Limited, and American Kenda Rubber Ind Co. Limited.
According to the publisher, most of Vietnam's commercial vehicle tires are exported, with the majority of exporters being subsidiaries of international tire manufacturers and distributors based in Vietnam. Foreign investment dominates the sector, with the market share of Chinese-funded enterprises increasing rapidly in recent years. Major exporters of commercial vehicle tires in Vietnam include Advance Tyre (Vietnam) Co. Limited, ACTR, and Cheng Shin Rubber (Vietnam) Ind Co.
Overall, due to Vietnam's participation in numerous free trade agreements, the growing global demand for commercial vehicle tires, and the continued shift of tire manufacturing to Vietnam, there remain opportunities and growth potential for Vietnam's commercial vehicle tire exports. The publisher forecasts that in the coming years, both the export volume and value of Vietnam's commercial vehicle tires will continue to grow.
Topics covered:
- The Export Volume and Value of Commercial Vehicles Tires in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Commercial Vehicles Tires in Vietnam (2021-2024)
- Total Export Value and Percentage Change of Commercial Vehicles Tires in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Commercial Vehicles Tires in Vietnam (January-May 2024)
- Total Export Value and Percentage Change of Commercial Vehicles Tires in Vietnam (January-May 2024)
- Average Export Price of Commercial Vehicles Tires in Vietnam (2021-2024)
- Top 10 Export Destinations for Vietnam Commercial Vehicles Tires and Their Import Volume
- Top 10 Suppliers in the Export Market of Commercial Vehicles Tires in Vietnam and Their Export Volume
- Top 10 Buyers in the Export Market of Commercial Vehicles Tires in Vietnam and Their Import Volume
- How to Find International Distributors and End Users of Commercial Vehicles Tires in Vietnam
- How Foreign Enterprises Enter the Commercial Vehicles Tires Export Market of Vietnam
- Forecast for the Export of Commercial Vehicles Tires in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- Sailun Group
- Jinyu Tire
- American Kenda Rubber
- Advance Tyre (Vietnam) Co Limited
- Actr Co Ltd.
- Cheng Shin Rubber (Vietnam)
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.
LOADING...
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 1.41 Billion |
| Forecasted Market Value ( USD | $ 3.27 Billion |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
