The import of solid or cushioned tires, interchangeable treads to Vietnam exhibited considerable fluctuations over the past decade. From 2013 to 2023, the value rose from $5.15 million to $7.74 million USD, marking a year-on-year increase of 3.86% between 2022 and 2023. Over the last two years, this represents a 5.2% growth. The Compound Annual Growth Rate (CAGR) for the past five years stood at around 4.4%. A significant drop occurred in 2020 with a 13.13% decrease, followed by a steady recovery in subsequent years.
Future trends from 2024 to 2028 indicate a continued upward trajectory with an expected CAGR of 2.8%, and the total import value forecasted to reach $9.22 million USD by 2028. Key points to monitor include potential shifts in global supply chains, changes in automotive manufacturing and usage trends, as well as governmental import policies which could influence the annual growth rates.
