Vietnam Tyre Market Forecast and Opportunities, 2019
Vietnam, one of the developing economies in Asia-Pacific with a population of about 90 million as of 2013, is emerging as a major market for automotive tyres. Due to continuous increase in the country’s per capita GDP, motorization level of Vietnam has been growing at a faster pace. As a result, the country’s vehicle parc has been swelling tremendously year on year. Considering the growing demand for vehicles, many domestic and global players are strengthening their footprint in the country by establishing manufacturing plants in Vietnam. Government of Vietnam, on its part, has inked WTO and AFTA agreements with neighboring countries to encourage foreign investments. All these factors are increasingly fueling the demand for automotive tyres in Vietnam, in both OEM as well as replacement market. In addition, Vietnam has vast rubber resources, which further makes it an ideal destination for setting up tyre manufacturing operations.
According to “Vietnam Tyre Market Forecast & Opportunities, 2019”, the tyre market in Vietnam is forecast to register a CAGR of over 8% till 2019. Growing automobile sales, rising vehicle fleet, favorable government policies and increasing foreign investments in the automotive sector are the major factors driving Vietnam tyre market. Two-wheeler tyres form the dominant segment in the market, followed by passenger car and commercial vehicle & OTR tyre segments. Southern Vietnam comprising prominent urban centers like Ho Chi Minh City, Can Tho and Bien Hoa contributes towards more than 40% of the total tyre sales in the country. Bridgestone, Michelin and DRC are the leading players in the Vietnam tyre market. “Vietnam Tyre Market Forecast & Opportunities, 2019” discusses the following aspects:
• Vietnam Tyre Market Size, Share & Forecast
• Segmental Analysis – Two-Wheeler, Passenger Car, Commercial Vehicle& OTR Tyres
• Trade Analysis – Imports and Exports