The recent analytical report published by Markntel Advisors (a leading consulting, data analytics, and market research firm), Vietnam Truck & Bus Tire Market comprises a detailed study of critical and major aspects of market dynamics, i.e. market trends, size, forecasts, growth factors, challenges, and competitor landscape.
In-Depth Market Overview of Vietnam Truck & Bus Tire Industry (2024-2030):
According to the latest report, 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. The report demonstrates the prominent factors propelling the exponential growth of the Vietnam Truck & Bus Tire industry.
Key Takeaways: Beneficial for Stakeholders and Clients:
- Historical Data: 2019-22
- Base Year: 2023
- Forecast Period: 2024-30
- CAGR: 5.86%
- Market Value In 2024: USD 384 Million
What are the major Challenge Facing the Vietnam Truck & Bus Tire industry?
Expanding Tire Retreading Activities to Impede Market Growth – The tire retreading market in the country has been witnessing an uptick, primarily driven by the truck tires market. This expansion of the retreading industry typically increases tire mileage by a considerable amount, eventually increasing the replacement duration and reducing the total cost of ownership. This directly impacts the revenues of tire suppliers in the country. The growth of tire retreading activities in the country has an inverse relationship with the growth & development of the Truck & Bus Tire Industry. Thus, the expansion of the tire retreading market presents substantial hurdles to the growth & expansion of the Vietnam Truck & Bus Tire Market.
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Vietnam Truck & Bus Tire Market Segmentation
The Vietnam Truck & Bus Tire Market analysis of Markntel Advisors explores the industry by emphasizing the growth parameters and categorizes including geographical segmentation, to offer a comprehensive understanding of the market dynamic. The further bifurcations are as follows:
- 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)
- By Region
- Central
- East
- West
- South
As per the regional aspect, the Vietnam Truck & Bus Tire Market is expected to be dominated by North America by capturing the potential market share.
Explore further details about this research report – https://www.marknteladvisors.com/research-library/vietnam-truck-bus-tire-market.html
Top Companies in the 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
Global Vietnam Truck & Bus Tire Industry Recent Development:
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.
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