Dublin, May 21, 2024 (GLOBE NEWSWIRE) -- The "Vietnam Automobile Tire Industry Research Report 2024-2033" report has been added to ResearchAndMarkets.com's offering.
Covering approximately 330,000 square kilometers, Vietnam had a population of about 103 million by the end of 2023. According to analysis, over 60% of Vietnamese people own motorcycles, significantly higher than the global average, while car ownership is less than 30 vehicles per thousand people.
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
Vietnam's tire exports are forecast to 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
Key Questions Answered:
- 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?
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 80 |
| 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% |
Key Topics Covered:
1 Overview of Vietnam
1.1 Geographic Conditions
1.2 Demographic Structure of Vietnam
1.3 Economic Situation in Vietnam
1.4 Minimum Wage Standards from 2013 to 2022
1.5 Impact of COVID-19 on the Automobile Tire Industry in Vietnam
2 Overview of Vietnam's Automobile Tire Industry
2.1 Development History of Automobile Tires in Vietnam
2.2 Foreign Direct Investment (FDI) in Vietnam's Tire Industry
2.3 Policy Environment of Vietnam's Tire Industry
3 Supply and Demand Status of Vietnam's Automobile Tire Industry
3.1 Supply Situation of the Tire Industry in Vietnam
3.2 Demand Situation of the Tire Industry in Vietnam
4 Import and Export Status of Vietnam's Automobile Tire Industry
4.1 Import Status
4.2 Export Status
4.3 Cost Analysis of Vietnam's Automobile Tire Industry
4.3.1 Labor costs
4.3.2 Plant rent and land costs
4.3.3 Electricity
4.3.4 Raw material prices
4.3.5 Other Costs
5 Cost and price analysis of automobile tire production in Vietnam
5.1 Cost Analysis
5.1.1 Labor Cost
5.1.2 Plant rent and land cost
5.1.3 Industrial electricity price
5.1.4 Raw material cost
5.1.5 Other Costs
5.2 Price Analysis of Automobile Tire in Vietnam
6 Market Competition in Vietnam's Automotive Tire Industry
6.1 Barriers to Entry
6.1.1 Brand Barriers
6.1.2 Quality Barriers
6.1.3 Capital Barriers
6.2 Competition Structure
6.2.1 Bargaining Power of Suppliers
6.2.2 Consumer Bargaining Power
6.2.3 Industry Competition
6.2.4 Potential New Entrants
6.2.5 Substitutes for Automobile Tires
7 Analysis of Major Automobile Tire Manufacturing Companies in Vietnam
7.1 Bridgestone
7.2 Michelin
7.3 Kumho
7.4 Sailun
7.5 Cheng Shin
7.6 Kenda
7.7 Goodride
7.8 Yokohama
7.9 Pirelli
7.10 Hankook
7.11 Sao Vang Rubber JSC (SRC)
7.12 Southern Rubber Industry Joint Stock Company (Casumina)
7.13 Danang Rubber JSC (DRC)
8 Outlook for Vietnam's Automobile Tire Industry 2023-2032
8.1 Analysis of Development Factors
8.2 Supply Forecast
8.3 Market Demand Forecast
8.4 Import and Export Forecast
For more information about this report visit https://www.researchandmarkets.com/r/9fo87s
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