The truck and bus tire market in Vietnam will be worth about 384 million USD in 2024. It is expected to grow by about 5.86% each year from 2024 to 2030. Vietnam’s roads and transportation are getting better. This makes it easier for people and goods to move around. As the country grows, there is more need for transportation. New roads are being built, and old ones are being fixed. Business for sale Sydney goods move faster.
In the years from 2019 to 2023, sales of commercial vehicles grew by about 2.7% each year. About 241,978 new commercial vehicles were registered in Vietnam. Business for sale Sydney tires will be needed.
Important Information
Market Growth: The tire market is growing because Vietnam is improving its roads and transportation.
Regulations: Local rules about vehicles and tires will affect the market.
Competition: Many companies are trying to grow by making new products and expanding to other places.
Investment: There are new opportunities for investment in this market.
Market Types
By Vehicle Type
Truck Market: Trucks make up about 95% of all commercial vehicles in Vietnam. Trucks are needed for moving goods between cities. This will keep the demand for truck tires high.
Bus Market: Bus businesses for sale in Sydney have been down in recent years. The bus tire market will likely keep shrinking.
By Type of Demand
OEM (Original Equipment): This is the first set of tires that come with the vehicle. The demand for these tires is lower than for replacement tires.
Aftermarket: Aftermarket means replacing old tires with new ones. This is the bigger part of the market and will keep growing.
Why is the Market Growing?
Tourism: More people are visiting Vietnam each year. In 2024, 7.5 million tourists are expected. By 2025, Vietnam hopes to have 25 million tourists. This means more buses and trucks are needed, so more tires will be sold.
Top Companies
Some of the big companies in the tire market are:
Bridgestone
Michelin
Kuhn Tire
Goodyear
Yokohama
These companies are working hard to make new tires and sell them in different places.
Challenges to Growth
Tire Retreading: Some people are reusing old tires instead of buying new ones. This makes the market for new tires smaller because retreaded tires last longer and cost less.
Frequently Asked Questions
Which industries are affected? The transportation and tourism industries are most affected by changes in the tire market.
How is technology changing the industry? New tire designs and retreading methods are changing how tires are made and used.
What risks might slow down growth? Problems like supply chain delays, new rules, and competition from retreaded tires could slow growth.
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