Vietnam: Road Wheel Market 2024

Road Wheel Market Size in Vietnam

The Vietnamese road wheel market expanded notably to $X in 2022, growing by 6.9% against the previous year. In general, consumption, however, recorded a noticeable shrinkage. Road wheel consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Road Wheel Production in Vietnam

In value terms, road wheel production expanded to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a perceptible contraction. The most prominent rate of growth was recorded in 2020 with an increase of 6.4% against the previous year. Road wheel production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Road Wheel Exports

Exports from Vietnam

After six years of growth, overseas shipments of road wheels decreased by -25.8% to X tons in 2022. Over the period under review, exports, however, enjoyed a buoyant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 106%. As a result, the exports attained the peak of X tons, and then contracted rapidly in the following year.

In value terms, road wheel exports shrank notably to $X in 2022. In general, exports, however, saw a prominent expansion. The most prominent rate of growth was recorded in 2019 when exports increased by 62%. Over the period under review, the exports attained the peak figure at $X in 2021, and then shrank dramatically in the following year.

Exports by Country

The United States (X tons) was the main destination for road wheel exports from Vietnam, accounting for a 73% share of total exports. Moreover, road wheel exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), sevenfold. The third position in this ranking was taken by Germany (X tons), with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume to the United States totaled +14.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+20.1% per year) and Germany (+160.7% per year).

In value terms, the United States ($X) remains the key foreign market for road wheels exports from Vietnam, comprising 72% of total exports. The second position in the ranking was taken by Canada ($X), with an 11% share of total exports. It was followed by Germany, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value to the United States amounted to +12.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (+18.8% per year) and Germany (+160.8% per year).

Export Prices by Country

The average road wheel export price stood at $X per ton in 2022, with an increase of 11% against the previous year. In general, the export price, however, saw a slight downturn. The pace of growth appeared the most rapid in 2020 an increase of 21% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2021 to 2022, the average export prices remained at a somewhat lower figure.

Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the countries with the highest prices were Japan ($X per ton) and the United States ($X per ton), while the average price for exports to Thailand ($X per ton) and Germany ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+0.4%), while the prices for the other major destinations experienced more modest paces of growth.

Road Wheel Imports

Imports into Vietnam

In 2022, the amount of road wheels imported into Vietnam reduced to X tons, dropping by -2.8% on the year before. In general, total imports indicated a notable increase from 2012 to 2022: its volume increased at an average annual rate of +4.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +58.2% against 2017 indices. The most prominent rate of growth was recorded in 2013 when imports increased by 50% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, road wheel imports shrank to $X in 2022. Overall, imports, however, posted buoyant growth. The most prominent rate of growth was recorded in 2014 when imports increased by 53%. Imports peaked at $X in 2021, and then contracted in the following year.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of road wheel to Vietnam, accounting for a 52% share of total imports. Moreover, road wheel imports from China exceeded the figures recorded by the second-largest supplier, South Korea (X tons), threefold. Thailand (X tons) ranked third in terms of total imports with an 11% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +7.1%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+5.2% per year) and Thailand (-0.3% per year).

In value terms, China ($X) constituted the largest supplier of road wheels to Vietnam, comprising 54% of total imports. The second position in the ranking was held by South Korea ($X), with a 19% share of total imports. It was followed by Thailand, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled +12.6%. The remaining supplying countries recorded the following average annual rates of imports growth: South Korea (+10.7% per year) and Thailand (+3.7% per year).

Import Prices by Country

The average road wheel import price stood at $X per ton in 2022, waning by -5.4% against the previous year. In general, the import price, however, recorded noticeable growth. The pace of growth was the most pronounced in 2015 when the average import price increased by 81%. Over the period under review, average import prices attained the maximum at $X per ton in 2021, and then dropped in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from India ($X per ton) and Malaysia ($X per ton), while the price for Indonesia ($X per ton) and Japan ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+5.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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