Overview of the Vietnam Truck & Bus Tire Industry:
The Vietnam Truck & Bus Tire market is projected to experience substantial growth between 2024 and 2030, driven by digital transformation, innovation in service delivery, and expanding demand. 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.
This report offers an in-depth analysis of the key drivers, challenges, competitive landscape, and future outlook — helping businesses, investors, and stakeholders make informed decisions.
Market Size & Forecast (2024–2030)
- Base Year: 2023
- Forecast Period: 2024–2030
- Estimated CAGR (2024–2030): 5.86%
Key Market Driver (What’s Driving Vietnam Truck & Bus Tire Sector Growth?)
Surge in Infrastructure Development Activities Driving Market Growth – Vietnam is planning to spend around USD 65 billion on infrastructure development during 2021-30. The nation plans to build expressways, railway lines, ports, airports, etc., under its Master Plan 2030. Vietnam is making plans to develop around 10,000 km of expressways for high-paced transportation. Additionally, the country is running closer to putting in place dams, thermal power plants, and warehouses for the well-timed shipping of products. The enlargement of cities to deal with the developing wishes of the urban population is contributing to the growth & development of trucks and buses in the country. Therefore, the aftermarket sale of tires for these automobiles is predicted to grow in the years to come.
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Vietnam Truck & Bus Tire Industry Recent Development:
- 2024: China’s Guizhou Tyre to invest USD 230 million in southern Vietnam to build a new factory, the factory will bolster the production capacity of the entire project area in Vietnam, helping to cut overall production costs, expand the market space, and improve the profitability of Guizhou Tyre’s product.
- 2021: Jinhu Tire starts truck tire production at the Vietnam plant, Jinyu (Vietnam) Tire is the first overseas production base of the Jinyu Tire Group. It was planned and constructed with digitization at its heart, connecting demand from customers with its R&D and production.
Top Companies in the Vietnam Truck & Bus Tire Market
Here’s a snapshot of key players leading innovation and market share:
- Bridgestone Corporation
- Michelin
- Casumina (Southern Rubber Industry Joint Stock Company)
- Sailun
- Kenda
- Kumho Tire
- Zhongce Rubber Group Co., Ltd.
- Hankook
- Goodyear
- Yokohama Rubber Company
- DRC Tire
- China’s Guizhou Tyre
- Jinhu Tire
- Others
Includes SWOT analysis, revenue trends, partnerships, and product launches.
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Vietnam Truck & Bus Tire Market Segmentation Analysis
-By Vehicle Type
- Truck
- Bus
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
- OEM
- Aftermarket
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
- Radial - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Bias - Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
-By Tire Size
- Tire Size 1- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Tire Size 2- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Tire Size 3-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Tire Size 4-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Tire Size 5-Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
-By Price Category
- Budget (Upto USD 180)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Economy (USD181 to 300)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Premium (Above 300)- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
-By Sales Channel
- Direct Sales- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Exclusive Outlets- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Multi Brand Stores- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
- Online- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
Geographical Analysis
-By Region
- Central
- East
- West
- South
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Methodology Behind the Report
This research combines qualitative and quantitative methods, including:
- Expert interviews
- Proprietary forecasting models
- Financial and trade databases
- Government and institutional data
Forecasts are validated using top-down and bottom-up approaches to ensure accuracy and reliability.
Frequently Asked Questions About the Vietnam Truck & Bus Tire Market
- What is the growth rate of the Vietnam Truck & Bus Tire market from 2024–2030?
- Which segment are expected to dominate market?
- Who are the top companies and what strategies being they using?
- What are the key risks and challenges in this industry?
- How can businesses prepare for future trends?
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