Market Insights & Analysis: The Vietnam Truck & Bus Tire Market (2024-30):
MarkNtel Advisors has published a research report on the Vietnam Truck & Bus Tire Market for the forecast years, 2024-30. This research is a dependable reference for assessing historical and future data, developmental trends, and prevailing industry catalysts. Recognizing the growing demand for market research across various sectors, a comprehensive study has been formulated addressing diverse topics. Through qualitative and quantitative data, this report effectively covers key alterations, gap analyses, emerging opportunities, trends, industry dynamics, and competitive challenges.
Vietnam Truck & Bus Tire Market Overview:
According to the latest report from MarkNtel Advisors, 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 comprehensive analysis contains key insights into market trends, size, projections, growth catalysts, challenges, and competitor assessments.
The report offers an in-depth evaluation of the Vietnam Truck & Bus Tire Market, presenting the latest developments and providing an overview of the current market scenario. With markets gradually recovering from the impact of the pandemic, there is a notable stabilization or even an increase in disposable income in developing nations, driving the market’s momentum.
Vietnam Truck & Bus Tire Market Opportunity:
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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Vietnam Truck & Bus Tire Market Segmentation Analysis:
This thorough analysis of the Vietnam Truck & Bus Tire Market facilitates the identification of significant market factors. The report delves into key market segments and the regional analysis outlined within this research, which will significantly aid industry players in refining their consumer targeting, strategic positioning, and overall business expansion efforts. The Market exhibits a high degree of fragmentation, categorizing into distinct segments as follows:
By Vehicle Type
-Truck- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
-Bus- Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
By Demand Type
-OEM – Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
-Aftermarket – Market Size & Forecast 2019-2030, Units Sold (Thousand Units)
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)
By Region
-Central
-East
-West
-South.
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Analysis of Vietnam Truck & Bus Tire Market Share:
The competitive landscape of the Vietnam Truck & Bus Tire Market is dissected through a thorough competitor analysis. This includes detailed insights into each company’s profile, financial performance, market share, potential, Research and Development (R&D) investments, recent market initiatives, reach, strengths and weaknesses, as well as product/service launches and dominance. The information outlined above offers a comprehensive overview of the prominent market players, including,
Bridgestone Corporation, Michelin, Casumina (Southern Rubber Industry Joint Stock Company), Sailun, Goodyear, Yokohama Rubber Co. Ltd., Zhongce Rubber Group Co., Ltd., Kumho Tire, Kenda, Hankook, DRC Tire, China’s Guizhou Tyre, Jinhu Tire and others.
Frequently Asked Questions (FAQs)
- What key forces are steering the dynamics of the Vietnam Truck & Bus Tire Market?
- What potential opportunities and obstacles can be identified on the horizon?
- How might regulatory changes impact the Vietnam Truck & Bus Tire industry’s trajectory?
- What are the anticipated technological advancements shaping the future of the Vietnam Truck & Bus Tire Market?
- Who are the key players profiled in the Vietnam Truck & Bus Tire Market research report?
- What is the estimated valuations in USD, and CAGR for the forecast years?
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Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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