Vietnam: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Vietnam

The Vietnamese passenger car tyre market was estimated at $X in 2021, picking up by 5.2% against the previous year. In general, the total consumption indicated noticeable growth from 2012 to 2021: its value increased at an average annual rate of +2.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +86.4% against 2015 indices. Over the period under review, the market reached the peak level in 2021 and is likely to see gradual growth in years to come.

Passenger Car Tyre Production in Vietnam

In value terms, passenger car tyre production expanded slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +3.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2016 when the production volume increased by 36%. As a result, production reached the peak level of $X. From 2017 to 2021, production growth remained at a lower figure.

Passenger Car Tyre Exports

Exports from Vietnam

In 2021, overseas shipments of tyres for motor cars decreased by -24.3% to X units, falling for the sixth year in a row after four years of growth. Over the period under review, exports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2013 when exports increased by 120%. The exports peaked at X units in 2015; however, from 2016 to 2021, the exports failed to regain momentum.

In value terms, passenger car tyre exports contracted rapidly to $X in 2021. In general, exports showed a abrupt decline. The pace of growth was the most pronounced in 2014 with an increase of 46% against the previous year. The exports peaked at $X in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X units) was the main destination for passenger car tyre exports from Vietnam, with a 78% share of total exports. Moreover, passenger car tyre exports to the United States exceeded the volume sent to the second major destination, Japan (X units), more than tenfold. The third position in this ranking was held by Australia (X units), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to the United States stood at +74.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-15.8% per year) and Australia (+6.7% per year).

In value terms, the United States ($X) remains the key foreign market for tyres for motor cars exports from Vietnam, comprising 78% of total exports. The second position in the ranking was held by Japan ($X), with a 5% share of total exports. It was followed by Australia, with a 3.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to the United States amounted to +80.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Japan (-16.8% per year) and Australia (+6.7% per year).

Export Prices by Country

In 2021, the average passenger car tyre export price amounted to $X per unit, which is down by -3% against the previous year. Over the period under review, the export price saw a abrupt slump. The pace of growth was the most pronounced in 2016 an increase of 37%. Over the period under review, the average export prices attained the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied noticeably for the major overseas markets. In 2021, the countries with the highest prices were South Korea ($X per unit) and Australia ($X per unit), while the average price for exports to the United States ($X per unit) and Japan ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+3.0%), while the prices for the other major destinations experienced a decline.

Passenger Car Tyre Imports

Imports into Vietnam

In 2021, approx. X units of tyres for motor cars were imported into Vietnam; rising by 10% against 2020 figures. Over the period under review, total imports indicated a prominent expansion from 2012 to 2021: its volume increased at an average annual rate of +9.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -17.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 38%. Over the period under review, imports hit record highs at X units in 2019; however, from 2020 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports skyrocketed to $X in 2021. Overall, total imports indicated a buoyant increase from 2012 to 2021: its value increased at an average annual rate of +8.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2014 when imports increased by 35%. Imports peaked in 2021 and are likely to see gradual growth in the near future.

Imports by Country

Thailand (X units), Hong Kong SAR (X units) and Japan (X units) were the main suppliers of passenger car tyre imports to Vietnam, together comprising 71% of total imports. Indonesia, Malaysia, Romania and Germany lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the biggest increases were recorded for Romania (with a CAGR of +57.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car tyre suppliers to Vietnam were Thailand ($X), Hong Kong SAR ($X) and Japan ($X), with a combined 69% share of total imports. These countries were followed by Indonesia, Malaysia, Romania and Germany, which together accounted for a further 17%.

In terms of the main suppliers, Romania, with a CAGR of +59.6%, recorded the highest rates of growth with regard to 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 passenger car tyre import price stood at $X per unit in 2021, growing by 8.5% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 12% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2021, the highest price was recorded for prices from Hong Kong SAR ($X per unit) and Romania ($X per unit), while the price for Thailand ($X per unit) and Germany ($X per unit) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+1.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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