Vietnam Two Wheeler Tire Sales to Surpass 66 Million Units by 2028
Published | 16 February 2022
Vietnam two wheeler tire market is expected to continue growing owing to the expanding private-public investment in two-wheeler production in the country and increasing vehicle ownership owing to the rising disposable income of the consumers…
A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the Vietnam two wheeler tire market witnessed sales of 40.4 million units in the year 2021 and this sales figures is forecast to cross 66 million units by the end of 2028. The growth of the Vietnam two wheeler tire market can be attributed to the increasing penetration of tire OEMs in the country, establishing their production lines to meet the domestic demand in Vietnam. Furthermore, emerging local two wheeler tire producers and increasing demand for tires for replacement purposes are anticipated to provide lucrative growth opportunities to the Vietnam two wheeler tire market in the forecast period. However, the high import tax on tires and monopoly of multinational brands may act as a huge restraining factor for the market.
Growing Rent and Cab Services is Driving the Vietnam Two Wheeler Tire Market
Cab services are gaining huge popularity in Vietnam and are projected to emerge as a major driving factor for the growth of the two wheeler market in the country. The increasing penetration of smartphones and ride-hailing services, especially among younger and working adult demographics is boosting the sales of motorbikes and scooters in Vietnam. These ride-hailing services prove to be cost-effective for the consumers and seem economical for short-distance journeys, which is anticipated to drive the market in the forecast period.
Expanding Online Sales of Two Wheeler Tires Propelling the Overall Market Growth
The restrictions on mobility and the inaccessibility of tires in shops during the COVID-19 period led consumers as well as sellers to switch to online sales. Online tire stores supply tires from a variety of brands and for a variety of vehicles. These platforms also display key information and details, such as pricing, design, material, etc., which help the buyer make an informed decision based on their budgets and requirements. As a result, the market is expected to grow during the forecast period.
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Vietnam Two Wheeler Tire Market - By Fuel Type
Based on fuel types, Vietnam two wheeler tire market is segmented into petrol and electric. The petrol segment accounts for the largest market share owing to the easy availability of petrol stations compared to charging points. Due to this, the presence of two-wheeler vehicles that run on petrol has a higher penetration in Vietnam. However, the electric type segment is anticipated to gain traction during the forecast period. Furthermore, increasing government initiatives to boost the adoption of electric vehicles in Vietnam are anticipated to play a crucial role in propelling the growth of the segment.
Impact of COVID-19 on Vietnam Two Wheeler Tire Market
The growth of Vietnam two-wheeler market was hindered by the COVID-19 pandemic outbreak. Despite Vietnam being among the countries that managed to control the virus spread, the global restrictions on tire manufacture and import-export duties affected the availability of tires on the domestic market. Furthermore, local production was also hindered due to a shortage of imported components for tires, which also halted the market growth. However, the market is projected to recover in the forecast period due to increasing demand for tires in the electric vehicle category.
Vietnam Two Wheeler Tire Market - Competitive Landscape
The leading players in the Vietnam two wheeler tire market are Cheng Shin Rubber Industry Co., Southern Rubber Industry Joint Stock Company, Inoue Rubber Vietnam Co., Ltd., Kenda Rubber (Vietnam) Co., Ltd., Yokohama Tyre Vietnam Inc., Horng Fortune, Continental Motorcycle Tires, DRC Tire, and other prominent players.
The Vietnam two wheeler tire market is fragmented due to the presence of numerous multinational as well as regional industry players. Several players are entering the market to exploit new opportunities emerging in Vietnam. The companies offer a wide range of tires for different types of vehicles and brands. They also constantly launch new products to gain higher traction in the market. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Vietnam two wheeler tire market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the Vietnam two wheeler tire market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
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