Tyre Market in Vietnam
Market Overview
The Vietnamese tyre market shrank to $
in , declining by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep reduction. The most prominent rate of growth was recorded in with an increase of % against the previous year. Over the period under review, the market hit record highs at $ in 2007; however, from 2008 to , consumption remained at a lower figure.
In value terms, tyre production reduced to $ in estimated in export price. Over the period under review, production recorded a mild downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by %. Tyre production peaked at $ in 2007; however, from 2008 to , production failed to regain momentum.
in , declining by -% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw a deep reduction. The most prominent rate of growth was recorded in with an increase of % against the previous year. Over the period under review, the market hit record highs at $ in 2007; however, from 2008 to , consumption remained at a lower figure.In value terms, tyre production reduced to $
in estimated in export price. Over the period under review, production recorded a mild downturn. The most prominent rate of growth was recorded in 2017 when the production volume increased by %. Tyre production peaked at $ in 2007; however, from 2008 to , production failed to regain momentum.Consumption
In , the amount of tyres consumed in Vietnam declined modestly to units, remaining stable against figures. Over the period under review, consumption showed a noticeable curtailment. The growth pace was the most rapid in when the consumption volume increased by % against the previous year. Tyre consumption peaked at units in 2010; however, from 2011 to , consumption remained at a lower figure.
The size of the tyre market in Vietnam contracted to $ in , approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt curtailment. The most prominent rate of growth was recorded in with an increase of %. Over the period under review, the market attained the peak level at $ in 2007; however, from 2008 to , consumption failed to regain momentum.
, the amount of tyres consumed in Vietnam declined modestly to units, remaining stable against figures. Over the period under review, consumption showed a noticeable curtailment. The growth pace was the most rapid in when the consumption volume increased by % against the previous year. Tyre consumption peaked at units in 2010; however, from 2011 to , consumption remained at a lower figure.The size of the tyre market in Vietnam contracted to $
in , approximately mirroring the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption saw a abrupt curtailment. The most prominent rate of growth was recorded in with an increase of %. Over the period under review, the market attained the peak level at $ in 2007; however, from 2008 to , consumption failed to regain momentum.Consumption by Type
Tyres for motor cars ( units), tyres for motorcycles or bicycles ( units) and tyres for buses or lorries ( units) were the main products of tyre consumption in Vietnam, together accounting for % of the total volume. Tyres for agriculture, forestry, construction, industry and other off the road vehicles and tyres for aircraft lagged somewhat behind, together comprising a further %.
From 2007 to, the most notable rate of growth in terms of consumption, amongst the key consumed products, was attained by tyres for aircraft (with a CAGR of +%), while consumption for the other products experienced a decline.
In value terms, tyres for motor cars ($) led the market, alone. The second position in the ranking was held by tyres for buses or lorries ($). It was followed by tyres for agriculture, forestry, construction, industry and other off the road vehicles.
From 2007 to, the average annual growth rate of the value of tyres for motor cars markets totaled -%. With regard to the other consumed products, the following average annual rates of growth were recorded: tyres for buses or lorries (-% per year) and tyres for agriculture, forestry, construction, industry and other off the road vehicles (-% per year).
units), tyres for motorcycles or bicycles ( units) and tyres for buses or lorries ( units) were the main products of tyre consumption in Vietnam, together accounting for % of the total volume. Tyres for agriculture, forestry, construction, industry and other off the road vehicles and tyres for aircraft lagged somewhat behind, together comprising a further %.From 2007 to
, the most notable rate of growth in terms of consumption, amongst the key consumed products, was attained by tyres for aircraft (with a CAGR of +%), while consumption for the other products experienced a decline.In value terms, tyres for motor cars ($
) led the market, alone. The second position in the ranking was held by tyres for buses or lorries ($). It was followed by tyres for agriculture, forestry, construction, industry and other off the road vehicles.From 2007 to
, the average annual growth rate of the value of tyres for motor cars markets totaled -%. With regard to the other consumed products, the following average annual rates of growth were recorded: tyres for buses or lorries (-% per year) and tyres for agriculture, forestry, construction, industry and other off the road vehicles (-% per year).Market Forecast
Depressed by shrinking demand for tyre in Vietnam, the market is expected to continue its downward consumption trend over the next eight-year period. The performance of the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to depress the market volume to units by the end of .
In value terms, the market is forecast to contract with an anticipated CAGR of -% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .
% for the period from to , which is projected to depress the market volume to units by the end of .In value terms, the market is forecast to contract with an anticipated CAGR of -
% for the period from to , which is projected to bring the market value to $ (in nominal prices) by the end of .Market Structure
In , the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.
, the share of imports in total consumption accounted for % in value terms and % in physical terms. The share of imports decreased moderately (- percentage point) over the period under review.Trade Balance
Vietnam remains a net exporter of tyre; in physical and value terms, exports consistently exceeded imports from 2007 to . In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
. In , there was a significant trade surplus of units, which was equal to $. This tangible trade surplus reflects the fact that the market remains buoyed by domestic production, and the industry is highly incorporated into the global market, which is likely to continue in the medium term.
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