According to the publisher, in recent years, due to the expansion of the passenger car market, international demand for passenger car tires has been prosperous. As one of the world's largest natural rubber producers, Vietnam has a significant advantage in the production and export of passenger car tires.
The publisher has concluded that the export for passenger car tires in Vietnam has developed rapidly. Vietnam's rich rubber resources and well-established processing facilities, along with high production capacity and cost-effectiveness, have made Vietnamese passenger car tires highly competitive in the international market. The Vietnamese government has supported the growth of passenger car tire exports by enhancing rubber production, improving processing technology, and upgrading infrastructure. Vietnamese passenger car tires have gained the trust of international buyers due to their high cost-performance ratio and reliable supply in recent years.
As international manufacturing capacity shifts to Vietnam, many tire manufacturers have invested in building factories there. Additionally, related domestic industries in Vietnam, such as automobile manufacturing and automotive parts, have also seen rapid development. With rising local income levels vehicle holding rate in Vietnam, which reflect strong domestic demand, the passenger car tires industry continue to grow. Simultaneously, exports of Vietnamese passenger car tires increase steadily.
According to the data from the publisher, Vietnam's passenger car tire exports reached USD 860 million in 2023. International market demand has maintained the growth trend, with cumulative export value nearly reaching USD 400 million from January to May 2024. It is expected that global demand for passenger car tires will further expand in the coming years.
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 main export destinations for Vietnamese passenger car tires between 2021 and 2024 have been the United States, South Korea and Japan. The primary companies importing passenger car tires from Vietnam include Kumho Tire Co., Inc., Sailun Group Hong Kong Co. Limited, and Tireco Inc.
Most of Vietnam's passenger car tires are exported, with the majority of exporters being subsidiaries of international tire manufacturers and distributors based in Vietnam. Foreign capital dominates the sector, with Chinese capital enterprises' market share increasing rapidly in recent years. According to the publisher, the main exporters of Vietnamese passenger car tires include Sailun (Vietnam) Co., Ltd., Kumho Tire Vietnam, and Bridgestone Vietnam.
Given Vietnam's participation in numerous free trade agreements, its passenger car tires enjoy a significant price advantage in the international market. Along with the shift of the global tire manufacturing industry to Vietnam, there are immense opportunities and growth potential for the export of Vietnamese passenger car tires. The publisher forecasts that in the coming years, the export of Vietnamese passenger car tires is expected to maintain its growth trajectory.
Topics covered:
- The Export Volume and Value of Passenger Car Tires in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Passenger Car Tires in Vietnam (2021-2024)
- Total Export Value and Percentage Change of Passenger Car Tires in Vietnam (2021-2024)
- Total Export Volume and Percentage Change of Passenger Car Tires in Vietnam (January-May 2024)
- Total Export Value and Percentage Change of Passenger Car Tires in Vietnam (January-May 2024)
- Average Export Price of Passenger Car Tires in Vietnam (2021-2024)
- Top 10 Export Destinations for Vietnam Passenger Car Tires and Their Import Volume
- Top 10 Suppliers in the Export Market of Passenger Car Tires in Vietnam and Their Export Volume
- Top 10 Buyers in the Export Market of Passenger Car Tires in Vietnam and Their Import Volume
- How to Find International Distributors and End Users of Passenger Car Tires in Vietnam
- How Foreign Enterprises Enter the Passenger Car Tires Export Market of Vietnam
- Forecast for the Export of Passenger Car Tires in Vietnam (2024-2033)
Table of Contents
Companies Mentioned
- Kumho Tire
- Sailun Group
- Tireco Inc.
- Sailun (Vietnam)
- Kumho Tire Vietnam
- Bridgestone 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.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 80 |
| Published | August 2024 |
| Forecast Period | 2024 - 2033 |
| Estimated Market Value ( USD | $ 930 Million |
| Forecasted Market Value ( USD | $ 2100 Million |
| Compound Annual Growth Rate | 9.5% |
| Regions Covered | Vietnam |
| No. of Companies Mentioned | 6 |
