Growing country’s two-wheeler fleet coupled with increasing penetration of tire manufacturers are anticipated to drive Vietnam two-wheeler tire market through 2026.
According to TechSci Research report, “Vietnam Two-Wheeler Tire Market By Demand Category (OEM Vs Replacement), By Tire Type (Radial Vs Bias), By Vehicle Type (Scooter, Electric & Hybrid Vehicle and Motorcycle), By Tire Size (70/90-17, 80/90-17, 80/90-14 and Others) Competition, Forecast & Opportunities, 2026”, Vietnam two-wheeler tire market is estimated to reach 60.71 million units by 2026. The road conditions in Vietnam are still on the underdevelopment stage, due to this scenario tire replacements by two-wheeler users are becoming more frequent. Vietnamese people prefer two-wheelers more than any other type of transport for their daily commutation. This has encouraged both production as well as the sales of two-wheelers to increase remarkably, therefore, the country’s two-wheeler fleet is continuously expanding. All these factors are driving the two-wheeler tire demand in Vietnam and are expected to grow the market in the forecast period as well. There are more than 800 enterprises operating in the tire industry, these companies also include world’s renowned brands. Such companies are continuously involved in introducing more performance-oriented tires to better suit different driving conditions, which is further anticipated to promote the level of technological advancements in the Vietnam two-wheeler tire market.
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Vietnam two-wheeler tire market can be segmented based on demand category, tire type, vehicle type, tire size, and company. Based on demand category, the market is segmented into OEM and replacement categories. As of 2020, owing to the large fleet size of the country, the market is dominated by replacement tires. Two-wheeler production is increasing year-on-year and sales of the same is also growing owing to the increased market penetration and outreach by two-wheeler brands in the country. These factors are expected to increase the vehicle fleet of the country. On the other hand, the road conditions of the country are still budding, which is a major reason two-wheeler users have to replace tires more frequently. These factors are poised to make replacement category dominate the Vietnam two-wheeler tire market in the forecast period also. On the basis of tire type, the market is segmented among radial tires and bias tires. Although, radialization is increasing nowadays due to their numerous benefits, two-wheeler tire market in Vietnam is still led by bias tires. In terms of vehicle type, the market is differentiated among scooter, electric & hybrid vehicle and motorcycle. Considering road and riding conditions in Vietnam, scooters are lightweight and are easy to maneuver and hence Vietnam two-wheeler fleet is majorly contributed by scooters. Owing to the increasing women and old age commuters, scooters are anticipated to dominate the market in the forecast period as well and hence tires used in scooters are expected to drive the tire demand in the next five years as well. With growing concern of increasing petrol prices and environmental degradation, electric & hybrid vehicles are also gaining popularity among Vietnamese consumers, however, this market is still in the initial stages. If tire sizes are considered, most of the two-wheelers currently running on the Vietnamese roads have tire size of 70/90-17 and 80/90-17. Thus, these two tire sizes generate most of the two-wheeler tire demand in the country.
In the year 2020, to prevent spread of COVID-19, the governments implemented lockdown which impacted international trade, in-house production as well as domestic sales. According to TechSci Research’s estimates, the market suffered a decline of 9.67% in terms of volume. In the country, consumer’s spending power contracted massively in the time of lockdown, overall production was declined, and imports of goods and services witnessed a robust descent impacting the economy as well as people’s purchasing power negatively in 2020. This decline left a remarkable depreciation in the two-wheeler tire market; however, it is currently reviving and is set to overcome the descent in the 2021-2022 period owing to the government’s stimulus for economy revival and unlocking international trades and investments.
Cheng Shin Rubber Industry Co., Southern Rubber Industry Joint Stock Company, Inoue Rubber Vietnam Co., Ltd. (IRC), Kenda Rubber (Vietnam) Co., Ltd., Yokohama Tyre Vietnam Inc. are some of the leading players operating in the Vietnam two-wheeler tire market. Apart from these flagship companies, many Chinese players are also increasing their footprint in the Vietnam two-wheeler tire market by pushing their low-cost products blended with ease of availability.
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“Owing to expanding vehicle fleet and increasing production of two-wheelers, the demand for two-wheeler tires is expected to grow at a robust pace in Vietnam. Also, expansion of global tire brands’ presence and growth in local manufacturing capabilities are further expected to back the growth of the Vietnam two-wheeler tire market in the future years”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Vietnam Two-Wheeler Tire Market By Demand Category (OEM Vs Replacement), By Tire Type (Radial Vs Bias), By Vehicle Type (Scooter, Electric & Hybrid Vehicle and Motorcycle), Tire Size (70/90-17, 80/90-17, 80/90-14 and Others) Competition, Forecast & Opportunities, 2026” has evaluated the future growth potential of the Vietnam two-wheeler tire market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the Vietnam two-wheeler tire market.
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