Vietnam Tire Market Growth, Trends and Forecast Report 2025-2033
- Rahul Pal
- 3 hours ago
- 3 min read
Market Overview
The Vietnam Tire Market size reached USD 860 Million in 2024 and is expected to grow to USD 1,300 Million by 2033, with a CAGR of 4.1% during the forecast period 2025-2033. Key growth drivers include expanding infrastructure, rising vehicle production, increased demand for electric and eco-friendly tires, and growth in tourism and recreational activities. This comprehensive market study highlights trends across various vehicle types and distribution channels.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
Vietnam Tire Market Key Takeaways
Market Size in 2024: USD 860 Million
CAGR: 4.1% during 2025-2033
Forecast Period: 2025-2033
The expanding middle class and increasing disposable incomes are driving vehicle demand and tire sales.
Government infrastructure projects and urbanization support tire demand due to improved transport networks.
Growth in manufacturing and Vietnam’s role in global supply chains boost commercial vehicle production.
Rising usage of ride-sharing and e-commerce leads to increased demand for commercial vehicle tires.
A shift towards electric and hybrid vehicles drives demand for specialized tires.
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Market Growth Factors
The growing middle class population and rise of disposable incomes in Vietnam have led to a substantial increase in the demand for cars, motorcycles, and other vehicles. As a result, tire consumption has gone up directly. This change in the demographic is the main factor that is driving the expansion of the tire market during the forecast period.
Government measures aimed at promoting the development of the infrastructure, such as road construction and urbanization, have resulted in the improvement of transport networks all over Vietnam. These improvements require more tire usage for vehicles used in logistics and passenger transport thus the market is growing. Besides that, the rise in industrial activities and Vietnam’s advantageous position in the worldwide supply chains have led to the production of commercial vehicles mostly, thus increasing the demand for tires.
The popularity of ride-sharing and e-commerce platforms in Vietnam has resulted in the increase of delivery and logistics operations and thus, the need for commercial vehicle tires has gone up. At the same time, the increased use of electric vehicles (EVs) and hybrid cars as a result of government sustainability initiatives has created a positive market outlook for the segments of the tire industry that deal with the specialized ones. The transition to environmentally friendly, fuel-efficient tires that are in line with emission regulations is opening up more profitable market avenues.
Market Segmentation
Design Insights:
Radial and Bias tire designs are analyzed, reflecting their prevalence in the market.
End Use Insights:
OEM and replacement segments are covered, indicating where tires are applied either in new vehicles or as aftermarket products.
Vehicle Type Insights:
Market covers passenger cars, light commercial vehicles, medium and heavy commercial vehicles, two wheelers, three wheelers, and off-the-road (OTR) vehicles.
Distribution Channel Insights:
Offline and online channels are analyzed, addressing traditional and digital sales routes.
Season Insights:
All season, winter, and summer tires are included, representing the seasonal tire demand.
Regional Insights
The Vietnam Tire Market includes detailed regional analyses for Northern Vietnam, Central Vietnam, and Southern Vietnam. However, the report does not specify a dominant region or exact regional market shares or growth rates.
Key Players
DRC Tire
Bridgestone Tire Mfg.
Yokohama Tyre Vietnam Inc. (The Yokohama Rubber Company, Limited)
Pirelli & C. S.p.A.
Hankook Tire & Technology
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