According to projections from the Ministry of Industry and Trade (MOIT), Vietnam’s automobile consumption is expected to grow strongly in the coming years, especially as multiple bilateral and multilateral free trade agreements (FTAs) take effect.
By 2025, Vietnam’s automobile demand is forecast to reach 800,000–900,000 vehicles, and by 2030, it could climb to 1.5–1.8 million units. The government’s policy to increase the proportion of domestically manufactured and assembled vehicles will create significant growth potential for domestic tire and tube consumption.
Given these dynamics, automotive tire sales are expected to continue growing steadily, particularly in the Radial tire segment (steel-belted tires).
Global and Domestic Tire Market Outlook
Globally, the automotive tire market was valued at USD 102 billion in 2020 and is projected to reach USD 122 billion by 2026, representing a compound annual growth rate (CAGR) of over 3% during 2021–2026.
In this context, Vietnam’s tire market value growth rate is expected to be twice the global average, and higher than the 6% average among emerging markets.
This positive trend is supported by increased vehicle ownership, expanded manufacturing capacity, and growing investments in infrastructure and logistics, all of which drive long-term tire demand.