Vietnam Truck & Bus Tire Market Size & Insights

As per recent study by MarkNtel Advisors 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.     

What are the Key DROs in the Vietnam Truck & Bus Tire Market?

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. 

What are the Key Segments in the Vietnam Truck & Bus Tire Market?

The Vietnam Truck & Bus Tire is categorized into notable segments, which help in understanding the structure, dynamics, and opportunities within the market. These segments are typically based on:

• By Vehicle Type
• Truck- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Bus- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• By Demand Type
• OEM - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Aftermarket - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• By Tire Type
• Radial - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Bias - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• By Tire Size
• Tire Size 1- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Tire Size 2- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Tire Size 3-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Tire Size 4-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Tire Size 5-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• By Price Category
• Budget (Upto USD 180)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Economy (USD181 to 300)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Premium (Above 300)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• By Sales Channel
• Direct Sales- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Exclusive Outlets- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Multi Brand Stores- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
• Online- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)

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By Region

• Central
• East
• West
• South

Who are the Key Players in Vietnam Truck & Bus Tire Market?

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

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Vietnam Truck & Bus Tire Market News

• 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. 

Key pillars of the research methodology include:

• 2023: Grundfos Vietnam Co., developed an innovative series of end-suction pumps aimed at promoting the development of smart & sustainable cities in Vietnam. The new NK and NKE ranges represent a significant advancement in terms of energy efficiency, connectivity, and durability, taking end-suction pump technology to a higher level.
• 2022: Ebara Vietnam Pump Company Limited introduced EBARA's latest impeller design, known as "Shurricane," which employs an innovative hydraulic design approach to enhance pump efficiency while minimizing axial thrust load.

"Our methodology reflects the trust businesses place in us. By combining innovation with precision, we deliver not just numbers, but clarity and direction for decision-makers worldwide," said a spokesperson for MarkNtel Advisors.

Why This MarkNtel Advisors Research Report:

• In-depth Market Analysis: Understand trends and dynamics shaping growth.
• Segmented Insights: Target specific segments for focused strategies.
• Geographical Performance: Assess market opportunities by geographic area.
• Emerging Technologies: Discover advancements like AI integration.
• Risk Identification: Pinpoint challenges to inform strategic planning.
• Future Forecasts: Prepare for market changes with actionable projections.

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