Latest news with #vehicleproduction
Yahoo
a day ago
- Automotive
- Yahoo
Vietnam Tire Market Forecast: USD 4.28 Billion by 2030, Driven by Local Automotive Expansion
Vietnam's tire market presents opportunities through rising vehicle production, supported by increased foreign investments and domestic car manufacturing growth. Vietnam's strategic advantage in rubber production and favorable government policies further enhance its position as a manufacturing hub. Emerging trends like smart tires cater to tech-savvy consumers, boosting demand. Vietnamese Tire Market Dublin, Aug. 18, 2025 (GLOBE NEWSWIRE) -- The "Vietnam Tire Market, By Region, Competition, Forecast & Opportunities, 2020-2030F" has been added to offering. The Vietnamese Tire Market was valued at USD 3.13 Billion in 2024 and is expected to reach USD 4.28 Billion by 2030, rising at a CAGR of 5.37%. Vietnam's tire market is experiencing significant growth, driven by several key factors. The country's robust automotive manufacturing sector, bolstered by foreign investments from major global automakers like Toyota, Honda, and Ford, has led to increased domestic production and demand for tires. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You Great Rates and Award-Winning Service The Insurance Savings You Expect Additionally, Vietnam's strategic position as a leading producer of natural rubber, ranking third globally with an annual output of 1.2-2 million tons, provides a cost-effective advantage in raw material sourcing for tire manufacturers. Government incentives, such as favorable tax rates for foreign enterprises, further enhance the attractiveness of Vietnam as a manufacturing hub. Market Drivers Rising Vehicle Production: The increasing production of vehicles in Vietnam is a major driver of tire demand. As the automotive industry expands, both passenger cars and commercial vehicles require a constant supply of tires. This growth is largely attributed to the rise in foreign direct investments (FDIs) by global automobile manufacturers, which has enhanced local production capacities. As the demand for vehicles continues to rise, tire manufacturers are positioned to benefit from the growing need for replacement tires, which boosts overall market growth. Moreover, the rise in domestic consumption and export opportunities further strengthens the automotive sector, fostering tire market development. This trend is expected to continue as production volumes grow in tandem with the increasing automotive fleet. The increasing penetration of vehicles in rural areas also adds to the demand for tires, creating new market opportunities. For instance, Vietnam's domestic car production reached an estimated 388,500 units in 2024, a 27% increase from 2023, according to the General Statistics Office. Approximately 134,500 vehicles were produced during the three-month registration fee reduction from September to November, accounting for one-third of the annual output. December saw a decline to 47,000 units, down from 52,400 units in November, as the fee reduction policy expired and manufacturers adjusted to avoid inventory surplus. By the end of November, domestically assembled vehicle sales hit 159,868 units, reflecting a 1.6% year-on-year increase and comprising 59.5% of total market sales. Looking ahead, domestic production is expected to grow with new factories from Chinese brands like Omoda, Jaecoo, Geely, and Lynk & Co in Thai Binh, Skoda's plant in Quang Ninh with 120,000-unit capacity launching in early 2025, and VinFast's new electric car factory in Ha Tinh focused on VF 3 and VF 5 models. Key Market Challenges Fluctuating Raw Material Prices: The prices of key raw materials used in tire manufacturing, such as rubber, steel, and synthetic polymers, are highly volatile. These fluctuations often lead to unpredictable production costs, impacting the profitability of tire manufacturers. Price hikes in raw materials can result in higher tire prices for consumers, which may reduce demand, especially in price-sensitive market segments. Managing these cost fluctuations without compromising product quality remains a significant challenge for tire manufacturers. To mitigate this issue, manufacturers are increasingly seeking alternative sources of raw materials or exploring recycling methods. However, these alternatives often come with their own set of challenges, including limited availability or higher production costs. Balancing these fluctuations while maintaining competitive pricing remains a constant hurdle. Key Market Trends Shift Towards Smart Tires: The growing interest in smart vehicles has led to the emergence of smart tires equipped with sensors to monitor various parameters such as tire pressure, wear levels, and temperature. These innovations provide real-time data, enhancing vehicle safety and performance. As consumers become more technology-savvy, the demand for such smart solutions is expected to rise, encouraging tire manufacturers to develop new products with enhanced technological features. The integration of smart tires with vehicle diagnostics systems is expected to revolutionize vehicle maintenance, making it easier for car owners to monitor tire health. This trend not only caters to safety-conscious consumers but also appeals to those seeking better fuel efficiency and reduced maintenance costs. Smart tires are poised to become a mainstream offering in the automotive market. Key Market Players Bridgestone Corporation Betron Vietnam Co., Ltd Goodyear Tire & Rubber Company Sumitomo Rubber Industries Ltd Danang Rubber JSC Pirelli & C. S.p.A. Yokohama Rubber Company Limited Kumho Tire Co. Inc BFGoodrich Tyres Hankook Tire & Technology Co., Ltd. Report Scope: In this report, the Vietnam Tire Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below: Vietnam Tire Market, By Vehicle Type: Passenger Car Two-Wheelers Light Commercial Vehicles (LCV) Medium & Heavy Commercial Vehicles (M&HCV) Vietnam Tire Market, By Demand Category: OEM Aftermarket Vietnam Tire Market, By Tire Construction Type: Radial Bias Vietnam Tire Market, By Region: Northern Central Southern Key Attributes: Report Attribute Details No. of Pages 85 Forecast Period 2024 - 2030 Estimated Market Value (USD) in 2024 $3.13 Billion Forecasted Market Value (USD) by 2030 $4.28 Billion Compound Annual Growth Rate 5.3% Regions Covered Vietnam For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. Attachment Vietnamese Tire Market CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
Yahoo
06-08-2025
- Automotive
- Yahoo
Toyota-Lexus output to hit 10 million vehicles in 2025
Toyota Motor Corporation has revised upward its global vehicle production forecast for its Toyota and Lexus brands combined to 10 million vehicles in 2025, up from 9.9 million units in 2024, according to local reports. The data does not include the company's Daihatsu small car subsidiary and its truck-maker Hino Motors, which together produced a further 1.09 million units last year. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service The Toyota and Lexus brands last exceeded 10 million units in combined output in 2023, when the automaker rebounded from an acute shortage of semiconductors, which had a significant effect on overall Japanese vehicle output in the previous year. Earlier this year the automaker had forecast that Toyota and Lexus output in 2025 would come in at around 9.9 million units, with demand held back by uncertainty over US import tariff hikes. But the company has revised this forecast upward after output rose by 5.8% to 4,918,024 units in the first half of 2025. Additionally, Daihatsu's first-half global output rebounded by 55% to 546,072 units, following last year's production setbacks, while Hino's output declined by 19% to 58,943 units. "Toyota-Lexus output to hit 10 million vehicles in 2025" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-08-2025
- Automotive
- Yahoo
Honda's global output down just 1% in June
Japanese automaker Honda Motor Company reported a less than 1% year-on-year fall in global production to 287,783 vehicles in June 2025, from 289,453 units in the same month last year, with output in Japan rising by 8.5% to 60,804 units, while overseas production declined by 2.8% to 226,979 units. In the first six months of 2025, the company produced a total of 1,736,381 vehicles globally, down by almost 8% from 1,881,982 units a year earlier, with domestic output falling by less than 2% to 326,141 units, while overseas production dropped by 9% to 1,410,240 units. Switch Auto Insurance and Save Today! Affordable Auto Insurance, Customized for You The Insurance Savings You Expect Great Rates and Award-Winning Service Exports from Japan increased by 16% to 51,944 units year-to-date, underpinned by a fivefold increase in exports to the US to 12,806 units, while exports to Europe plunged by almost 24% to 20,937 units. Vehicle production in Asia outside Japan declined by 19% to 544,043 units in the first half of the year, driven lower by a 23% plunge in Chinese output to 317,257 units, while production in North America declined by 2% to 817,736 units in this period, driven lower by an almost 5% drop in US output to 494,998 units. "Honda's global output down just 1% in June" was originally created and published by Just Auto, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
31-07-2025
- Automotive
- Yahoo
BorgWarner raises annual sales forecast on strong vehicle production
(Reuters) -Auto parts supplier BorgWarner raised its annual sales forecast on Thursday, banking on stronger vehicle production and favorable exchange rates, sending its shares up over 2% in premarket trade. Despite the tariffs on auto companies across the supply chain forcing suppliers to absorb more expenses, BorgWarner benefited from sustained demand for efficient hybrid systems and turbochargers as automakers ramped up their production. Peer Aptiv PLC also forecast a bigger-than-expected annual adjusted profit. BorgWarner now expects full-year revenue between $14 billion and $14.4 billion, up from its prior forecast of $13.6 billion to $14.2 billion. On an adjusted basis, the company earned $1.21 per share for the quarter through June, compared with estimates of $1.08 per share, according to data compiled by LSEG. Overall sales in the second quarter rose about 1% to $3.64 billion compared to the previous year. Analysts expected the company to notch quarterly sales of $3.61 billion.
Yahoo
24-07-2025
- Automotive
- Yahoo
UK auto production to drop 15% in 2025, recovery expected in 2026, SMMT data shows
(Reuters) -Britain's new vehicle production is expected to decline by 15% in 2025, weighed down by global trade disruption; however, a reversal is expected the next year, industry data showed on Thursday. While global automakers continue to feel the impact of U.S. President Donald Trump's tariffs, the UK is set to benefit from a new trade deal that slashed taxes on British car exports. UK new vehicle production is expected to reach 755,000 units this year, data from the Society of Motor Manufacturers and Traders showed, lower than last year. However, the sector is expected to recover in 2026 with a 6.4% growth, pushing numbers back above 800,000 units. "There are foundations for a return to growth," said SMMT CEO Mike Hawes, after calling half-yearly output figures "disappointing". Car and commercial vehicle manufacturing fell nearly 12% to 417,232 units in the first six months of the year. However, June output rose 6.6% in the month, breaking its five-month downward trend, to 66,317 units. However, electrified car production rose by 1.8% to 160,107 units – a record share of output for the first half of the year.
