Vietnam: Market for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles 2024

Market Size for Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Vietnam

The Vietnamese market for tyres for agriculture, forestry, construction, industry and other off the road vehicles expanded slightly to $X in 2022, growing by 2.2% against the previous year. Over the period under review, consumption, however, saw a perceptible setback. Consumption of peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Production of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles in Vietnam

In value terms, production of tyres for agriculture, forestry, construction, industry and other off the road vehicles rose modestly to $X in 2022 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 49%. Production of peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Exports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Exports from Vietnam

In 2022, the amount of tyres for agriculture, forestry, construction, industry and other off the road vehicles exported from Vietnam reached X units, surging by 2.3% against the year before. Overall, exports posted a buoyant expansion. The pace of growth was the most pronounced in 2017 when exports increased by 121%. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles attained the peak figure in 2022 and are expected to retain growth in the near future.

In value terms, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles soared to $X in 2022. Over the period under review, exports showed significant growth. The most prominent rate of growth was recorded in 2017 when exports increased by 170% against the previous year. Over the period under review, the exports of tyres for agriculture, forestry, construction, industry and other off road vehicles reached the peak figure in 2022 and are likely to continue growth in years to come.

Exports by Country

The United States (X units) was the main destination for exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles from Vietnam, accounting for a 30% share of total exports. Moreover, exports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to the United States exceeded the volume sent to the second major destination, Turkey (X units), sevenfold. Belgium (X units) ranked third in terms of total exports with a 2.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +43.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: Turkey (+36.3% per year) and Belgium (+20.2% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for agriculture, forestry, construction, industry and other off the road vehicles exports from Vietnam, comprising 59% of total exports. The second position in the ranking was taken by Canada ($X), with a 3.8% share of total exports. It was followed by Egypt, with a 2.8% share.

From 2012 to 2022, the average annual rate of growth in terms of value to the United States stood at +53.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+53.7% per year) and Egypt (+25.7% per year).

Export Prices by Country

In 2022, the average export price for tyres for agriculture, forestry, construction, industry and other off the road vehicles amounted to $X per unit, picking up by 33% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of 34%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Canada ($X per unit), while the average price for exports to Ukraine ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Canada (+23.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Tyres For Agriculture, Forestry, Construction, Industry And Other Off The Road Vehicles

Imports into Vietnam

Imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles into Vietnam reduced remarkably to X units in 2022, dropping by -37% against 2021. Over the period under review, imports showed a abrupt slump. The pace of growth was the most pronounced in 2017 with an increase of 171%. As a result, imports attained the peak of X units. From 2018 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles reduced notably to $X in 2022. Overall, imports, however, enjoyed strong growth. The growth pace was the most rapid in 2017 when imports increased by 207%. Imports peaked at $X in 2021, and then contracted dramatically in the following year.

Imports by Country

China (X units), India (X units) and Thailand (X units) were the main suppliers of imports of tyres for agriculture, forestry, construction, industry and other off the road vehicles to Vietnam, together comprising 68% of total imports. Taiwan (Chinese), Japan, South Korea and Turkey lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for Turkey (with a CAGR of +11.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest agricultural, construction and industrial machinery tyre suppliers to Vietnam were China ($X), Japan ($X) and India ($X), together accounting for 69% of total imports.

Among the main suppliers, China, with a CAGR of +28.4%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average import price for tyres for agriculture, forestry, construction, industry and other off the road vehicles stood at $X per unit in 2022, which is down by -23.8% against the previous year. In general, the import price, however, saw a significant increase. The pace of growth appeared the most rapid in 2020 an increase of 122%. Over the period under review, average import prices attained the peak figure at $X per unit in 2021, and then reduced rapidly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per unit), while the price for Taiwan (Chinese) ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+25.8%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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