Future Vietnam Truck & Bus Tire Market: Key Dynamics, Size & Share Analysis

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. The country's elevated infrastructure has increased passenger and cargo movement. The nation's demand for goods and passenger transportation has expanded due to the financial boom and urbanization, that have sped up infrastructure development. These projects, which consist of building new roads, increasing present ones, and enhancing the transportation network, are all planned to grow connectivity and inspire the effective motion of people and products in the country. According to OICA, sales of commercial vehicles in Vietnam grew at a CAGR of about 2.7% during 2019-23. Nearly 241,978 commercial vehicles (LCV, MHCV) were registered in the country during 2019-23. This good-sized addition to the modern fleet of commercial vehicles is predicted to reinforce the demand for truck and bus tires during the forecast period.

Top Market Diver Impacting the Vietnam Truck & Bus Tire Market 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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Understanding the Core Segments in the Vietnam Truck & Bus Tire Market

Vietnam Truck & Bus Tire Market Size, Share & Industry Trends Analysis- By Vehicle Type (Truck, Bus), By Demand Type (OEM, Aftermarket), By Tire Type (Radial, Bias), By Tire Size (Tire Size 1, Tire Size 2, Tire Size 3, Tire Size 4, Tire Size 5, By Price Category (Budget (Upto USD 180), Economy (USD181 to 300), Premium (Above 300)), By Sales Channel (Direct Sales, Exclusive Outlets, Multi Brand Stores, Online), and Others.

Geographical Analysis of the Vietnam Truck & Bus Tire Market

By Region

• Central
• East
• West
• South.

Who Dominates the Vietnam Truck & Bus Tire Market Insights on Key Industry Players?

Companies are strengthening their presence in the Vietnam Truck & Bus Tire market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.

• 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
•  

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MarkNtel Advisors is a premier market research and consulting firm with deep domain expertise in the tire industry, including off-the-road vehicle tires, performance tires, and comprehensive tire reports. Our research covers manufacturing processes, raw material trends, and market expansion strategies. Leveraging Competitive Intelligence, we help tire manufacturers, distributors, and investors benchmark performance, anticipate demand shifts, and implement data-driven strategies for achieving long-term competitiveness and sustainability.

MarkNtel Advisors is a leading Market Research Company and Industry Research Report Firm providing comprehensive intelligence across the tire industry, including off-the-road vehicle tires, performance tires, and comprehensive tire reports. Our data-backed Business Research and Market Research solutions deliver detailed insights at global, regional, and country levels, helping manufacturers, distributors, and investors understand demand patterns, regulatory standards, and competitive structures. Using verified Export and Import Data, robust Market Forecast models, and precision-driven Business Analysis, we identify evolving opportunities across OEM and replacement markets. Our Syndicated Research Reports and Customized Market Research Reports deliver reliable intelligence on pricing trends, sustainability, and technological innovation. Supported by expert Consulting Services, MarkNtel Advisors quantifies Revenue Impact and enables tire industry stakeholders to drive innovation, optimize growth, and sustain global competitiveness.

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