Dublin, April 04, 2025 (GLOBE NEWSWIRE) — The “Vietnam Two-Wheeler Tire Market, By Region, Competition, Forecast and Opportunities, 2020-2030F” report has been added to ResearchAndMarkets.com’s offering.
The Vietnam Two-Wheeler Tire Market was valued at USD 1.96 Billion in 2024, and is expected to reach USD 2.64 Billion by 2030, rising at a CAGR of 5.11%
The Vietnam Two-Wheeler Tire Market is experiencing steady growth due to the increasing demand for motorcycles, which are a primary mode of transportation in the country. For instance, Vietnam’s motorcycle market is seeing a modest recovery in 2024, with year-to-date sales reaching 2.35 million units, up by 1.9%. The first half saw a decline of 1.4%, but sales improved in the latter part of the year. The scooter segment grew by 1.8%, while the motorcycle segment saw a 13% rise. Electric vehicle (EV) sales remain sluggish, especially in the L3 category.
Honda and Yamaha maintain their dominance, while newer brands like Pega and Yadea are gaining traction. Vinfast experienced a notable decline of 56.8%. The market is driven by urbanization, rising disposable incomes, and the need for affordable and efficient transportation solutions. Motorcycles are especially popular in urban and rural areas due to their flexibility and cost-effectiveness.
The growing focus on durable and fuel-efficient tires contributes to market expansion. Local manufacturers and global players are increasingly competing to offer high-quality tires, while the aftermarket segment also thrives due to the need for tire replacements. The market is expected to continue growing as two-wheeler ownership rises and infrastructure improves across the nation.
Shift Toward Electric Two-Wheelers
The growing popularity of electric two-wheelers in Vietnam is a key trend in the tire market. As environmental concerns rise, electric motorcycles and scooters are becoming an attractive alternative to traditional petrol-powered vehicles. The government’s initiatives to promote electric mobility, such as subsidies and tax incentives, are further fueling this trend.
As more consumers and businesses adopt electric two-wheelers, the demand for tires compatible with electric vehicles is increasing. These tires need to cater to the specific requirements of electric motorcycles, such as higher load-bearing capacity and improved rolling resistance for better energy efficiency. The expansion of electric two-wheeler models, alongside the infrastructure to support them, will create new opportunities for tire manufacturers to diversify their product offerings.
Integration of Smart Tire Technologies
The trend towards smart tires is gaining momentum in the Vietnamese market. Tires equipped with sensors that monitor tire pressure, temperature, and tread wear are becoming increasingly popular. These smart tires offer real-time data to riders and fleet operators, improving safety and enhancing tire performance.
This trend is particularly evident in the growing commercial two-wheeler segment, where delivery services and ride-sharing platforms require tires that can provide detailed information on their condition. Consumers are becoming more tech-savvy and are increasingly interested in solutions that enhance convenience, safety, and performance. As such, the integration of smart tire technologies will be crucial in meeting the evolving needs of the market
Focus on Sustainability and Eco-friendly Tires
Sustainability has become a significant trend in the two-wheeler tire market in Vietnam. Consumers and businesses alike are increasingly concerned with the environmental impact of tire production and disposal. This has led to the rise of eco-friendly tires made from sustainable materials, such as recycled rubber or biodegradable compounds.
Manufacturers are also exploring ways to reduce carbon emissions during tire production processes. Tires with lower rolling resistance, which improve fuel efficiency and reduce carbon emissions, are becoming more popular, particularly for electric vehicles. This trend aligns with the global push for green technologies and the local demand for environmentally responsible products, driving innovation in the sector.
Segmental Insights
Propulsion Type Insights
The Internal Combustion Engine (ICE) segment dominated the Vietnam Two-Wheeler Tire Market due to the country’s strong reliance on motorcycles powered by traditional fuel engines. Motorcycles with ICEs remain the most common mode of transportation, particularly in urban and rural areas, owing to their affordability, ease of maintenance, and fuel efficiency. The widespread use of ICE-powered motorcycles is driven by the need for cost-effective mobility solutions in a country with growing urban populations and infrastructure development. These motorcycles are widely utilized for commuting, logistics, and even as a means of livelihood, further cementing their dominance in the market.
The long-established presence of ICE motorcycles in Vietnam ensures a consistent demand for replacement tires, fueling the growth of the ICE segment. ICE motorcycles typically require a diverse range of tire types, from standard tires to specialized high-performance options, giving manufacturers the opportunity to cater to a broad market. While electric motorcycles are emerging, their market share is still small compared to ICE-powered models, as the infrastructure and adoption of electric vehicles are still in the early stages of development in Vietnam.
The cost-effectiveness and ease of refueling ICE motorcycles remain a significant advantage over electric counterparts, especially in rural areas where charging stations are less prevalent. The maintenance and servicing of ICE motorcycles are also well-established, making them the go-to choice for the majority of the population. Therefore, the ICE segment continues to dominate the two-wheeler tire market in Vietnam, with significant demand for tires driven by widespread motorcycle usage.
Region Insights
Southern Vietnam dominated the Two-Wheeler Tire Market due to its robust economic growth, high urbanization rates, and the concentration of industrial and commercial activities in the region. Ho Chi Minh City, the country’s largest city and economic hub, plays a pivotal role in driving motorcycle sales and, consequently, tire demand. The city’s extensive transportation network and heavy reliance on motorcycles for both personal and business use contribute to the region’s dominance in the market. Motorcycles, particularly those with internal combustion engines (ICE), are essential for navigating the city’s traffic and dense urban areas, making them the preferred mode of transportation.
Southern Vietnam is a key center for logistics, manufacturing, and tourism, sectors that rely heavily on motorcycles for efficient transport of goods and people. The region’s growing middle class and increasing disposable income further fuel the demand for two-wheelers, as more people can afford motorcycles for commuting. This also leads to a rise in tire replacement and aftermarket demand, reinforcing the market’s growth.
Southern Vietnam benefits from a well-established infrastructure for tire distribution and servicing, which supports the continuous demand for high-quality two-wheeler tires. The presence of both local manufacturers and international brands in this region ensures a wide variety of tire options, meeting the diverse needs of motorcycle owners. As the region’s economy continues to thrive, the dominance of Southern Vietnam in the two-wheeler tire market is set to persist, driven by its economic vibrancy, urbanization, and growing motorcycle ownership.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2024 – 2030 |
| Estimated Market Value (USD) in 2024 | $1.96 Billion |
| Forecasted Market Value (USD) by 2030 | $2.64 Billion |
| Compound Annual Growth Rate | 5.1% |
| Regions Covered | Vietnam |
Report Scope:
Key Market Players
- Michelin Vietnam Company Limited
- Bridgestone Tire Sales Viet Nam Limited
- Pirelli Tyre S.p.A
- Toyo Tire Corporation
- The Goodyear Tire and Rubber Company
- KUMHO TIRE VIETNAM CO., LTD
- The Yokohama Rubber Co., Ltd.
- Hankook Tire & Technology Co., Ltd.
- Maxxis International
- Sailun Tires
Vietnam Two-Wheeler Tire Market, By Vehicle Type:
Vietnam Two-Wheeler Tire Market, By Sales Channel:
Vietnam Two-Wheeler Tire Market, By Tire Construction Type:
Vietnam Two-Wheeler Tire Market, By Propulsion Type:
Vietnam Two-Wheeler Tire Market, By Region:
For more information about this report visit https://www.researchandmarkets.com/r/ly6yys
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- Vietnamese Two-Wheeler Tire Market
