NEW YORK, July 21, 2016 /PRNewswire/ --
Increasing automobile production / assembly and expanding fleet size coupled with favourable government initiatives to drive Vietnam tire market through 2021
According to recently released TechSci Research report, "Vietnam Tire Market Forecast & Opportunities, 2021", the tire market in Vietnam is projected to cross $ 3 billion by 2021. Over the last five years, Vietnam has emerged as one of the fastest developing economies in the Asia-Pacific region. Increasing automobile production/assembly, expanding fleet size and easy availability of natural rubber are few of the major factors boosting the country's tire market. Several automobile companies in Vietnam are planning to expand their manufacturing capacities in the coming years. For instance, Truong Hai Automobile Co., Ltd., which is one of the major automobile players in Vietnam, plans to invest US$ 1.33 billion over a period of three years to expand the company's production capacity in the country. Another major automobile player operating in the country, Hyundai Thanh Cong, is also planning to establish new plants in Vietnam.
Browse 32 market data Tables and 25 Figures spread through 142 Pages and an in-depth TOC on "Vietnam Tire Market"
Vietnam construction industry is expected to generate revenues worth US$ 10.76 billion in 2016, and the sector is anticipated to grow at a CAGR of over 10% over the next five years. Apart from the construction sector, the country's logistics industry is also forecast to register healthy growth rate owing to anticipated growth in the MSME sector. Booming construction and logistics sectors are expected to drive robust growth in demand for heavy, medium and light trucks in the country, and consequently boost tire sales as well over the next five years. Vietnam tire market is dominated by two-wheeler tire segment, followed by passenger car tire segment, and this trend is expected to continue during the forecast period. South Vietnam is the leading regional market for tires in the country, due to high population density, large vehicle fleet size and high concentration of industries and businesses in the region.
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"In order to boost the country's economy, Vietnam is signing trade agreements with various countries across the globe. For instance, Free Trade Agreement was signed between Vietnam and the European Union in 2015. Under this agreement, nearly all the trade tariffs between Vietnam and the European Union will be eliminated. Moreover, in 2015, the Government of Vietnam, inked AFTA (ASEAN Free Trade Agreements) with neighboring countries to encourage foreign investments into the country. AFTA is expected to bring down tariff levied on vehicle imports, which is expected to boost the country's tire market in the coming years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Vietnam Tire Market Forecast and Opportunities, 2021" has evaluated the future growth potential of tire market in Vietnam, and provides statistics and information on market size, consumer behaviour and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Vietnam tire market.
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