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According to the latest report by MarkNtel Advisors, titled “Vietnam Truck & Bus Tire Market By Vehicle Type (Truck, Bus), By Demand Type (OEM, Aftermarket), By Tire Type (Radial, Bias), By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5, By Price Category (Budget (Upto USD 180), Economy (USD181 to 300), Premium (Above 300)), By Sales Channel (Direct Sales, Exclusive Outlets, Multi Brand Stores, Online), and Others, 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 provides a thorough analysis of the market, covering competitor dynamics, regional insights, and a detailed breakdown of industry segments.
Base Year: 2023
Forecast Period: 2024-30
Historical Data: 2019-22
CAGR (2024-30): 5.86%
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Expanding Tourism Sector to Offer Lucrative Growth Opportunities – The developing focus of the nation on promoting tourism is also boosting the demand for buses and minivans. In the first half of 2024, almost 7.5 million tourists visited Vietnam. Whereas, around 12.6 million international tourists visited the country in 2023, and 8.3 million in 2022. So, this large increase in the nation’s tourism industry is catalyzing the enlargement of the commercial automobile market. Ultimately, the replacement demand for truck and bus tires is anticipated to surge in the coming years. Vietnam anticipates hosting around, 25 million overseas tourists by 2025 and 35 million through 2030, other than around 18 million home travelers. To accommodate this number of traveler population and their logistics requirements, the sale of commercial vehicles (trucks, buses) is expected to register exponential revenue growth. Therefore, the demand for tires from this vehicle segment is likewise expected to surge during the forecast period.
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-By Vehicle Type
The Vietnamese truck and bus tire industry was dominated by the truck segment in 2023. As of 2023, trucks grabbed around 95% market share in the registered vehicle fleet of commercial vehicles (trucks and buses only).
-By Demand Type
The aftermarket segment dominated the Vietnam Truck and Bus Tire Market in 2023. Although manufacturers such as Hino, Isuzu, Ford, VinFast, Thaco, etc., have production plants in the country, their annual requirement is much lower than the aftermarket demand.
-By Tire Type
-By Tire Size
-By Price Category
-By Sales Channel
-By Region
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Vietnam Truck & Bus Tire Market Share Vietnam Truck & Bus Tire Market Trends Vietnam Truck & Bus Tire Market Growth
