Dublin, June 16, 2021 (GLOBE NEWSWIRE) -- The "Vietnam Two-Wheeler Tire Market, By Demand Category (OEM Vs Replacement), By Tire Type (Radial Vs Bias), By Vehicle Type (Scooter, Electric & Hybrid Vehicle and Motorcycle), Tire Size (70/90-17, 80/90-17, 80/90-14 and Others) Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Vietnamese Two-wheeler Tire Market stood at around 38.37 million units in 2020 and is expected to register growth of 7.12% by volume in the forecast period.
According to the Vietnam Association of Motorcycle Manufacturers (VAMM), the production of two-wheelers in 2018 stood around 3.08 million units, which increased to 3.43 million units in 2019. This production expansion within the country is driving the OEM tire market. The sales of two-wheelers across the country are also increasing as most of the residents of the country prefer two-wheelers as a convenient mode of transportation due to lack of public transportation.
Continuous rise in sales volume of two-wheelers leads to an increase in the two-wheeler fleet size of the country which is driving the demand for the country's replacement tire market. Moreover, the underdeveloped road conditions in Vietnam are making consumers change tires more frequently. These factors are collectively driving the demand for two-wheeler tires in the country. Worlds' leading tire companies are increasing their market outreach, production capabilities and product portfolio, which is anticipated to intensify the competition in the Vietnamese Two-wheeler Tire Market over the course of the next five years.
The Vietnamese Two-wheeler Tire Market can be segmented based on demand category, tire type, vehicle type, tire size, and company. In terms of demand category, the Vietnamese Two-wheeler Tire Market is dominated by replacement tires. This is due to the large fleet size of the country, which is continuously expanding.
Moreover, the road conditions of Vietnam are still in development stage, thus increasing the tire replacement frequencies of the consumers. Therefore, replacement category is poised to dominate the market in the next five years as well. In terms of tire type, the market is being dominated by bias tires. In Vietnam, most consumers prefer two-wheelers to commute, where bias tires are more popular. This is the reason bias tires are more popular among Vietnamese consumers as compared to radial tires, and this trend is anticipated to be witnessed in the forecast period as well.
In terms of vehicle type, electric & hybrid two-wheelers are gaining popularity at a robust speed, however this category is still in a budding stage. As of 2020, the Vietnamese Two-wheeler Tire Market is being dominated by scooters. Scooters, being light weight and easy to ride, plus being a companion to both female and old age riders, majorly constitute the two-wheeler fleet and sales in the country.
Thus, the tire demand via vehicle segment is led by the scooter segment. While tire sizes are kept under consideration, most of the two-wheelers currently running on the Vietnamese roads have tire size of 70/90-17 and 80/90-17. Thus, these two tire sizes generate most of the two-wheeler tire demand in the country.
Cheng Shin Rubber Industry Co., Southern Rubber Industry Joint Stock Company, Inoue Rubber Vietnam Co., Ltd. (IRC), Kenda Rubber (Vietnam) Co., Ltd., Yokohama Tyre Vietnam Inc. are some of the leading players operating in the Vietnamese Two-wheeler Tire Market.
Apart from these flagship companies, many Chinese players are also increasing their footprint in the Vietnamese Two-wheeler Tire Market by pushing their low-cost products blended with ease of availability.
Years considered for this report:
- Historical Period: 2016-2019
- Base Year: 2020
- Estimated Year: 2021
- Forecast Period: 2022-2026
Report Scope:
In this report, the Vietnamese Two-wheeler Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Vietnam Two-Wheeler Tire Market, By Demand Category:
- OEM
- Replacement
Vietnam Two-Wheeler Tire Market, By Tire Type:
- Radial
- Bias
Vietnam Two-Wheeler Tire Market, By Vehicle Type:
- Scooter
- Electric & Hybrid Vehicle
- Motorcycle
Vietnam Two-Wheeler Tire Market, By Tire Size:
- 70/90-17
- 80/90-17
- 8/90-14
- Others
Competitive Landscape
- Company Profiles: Detailed analysis of the major companies present in the Vietnamese Two-wheeler Tire Market.
Companies Mentioned
- Cheng Shin Rubber Industry Co.
- Southern Rubber Industry Joint Stock Company
- Inoue Rubber Vietnam Co., Ltd. (IRC)
- Kenda Rubber (Vietnam) Co., Ltd.
- Yokohama Rubber Company
- Danang Rubber JSC (DRC)
- Michelin Group
- Bridgestone Tire Sales Vietnam LLC
- Sao Vang Rubber JSC (SRC)
- Pirelli & C. S.p.A.
For more information about this report visit https://www.researchandmarkets.com/r/jtvof5