The Vietnam tire market was worth USD 2.8 billion in 2020 and is further projected to reach USD 4.8 billion by the year 2027, growing at a CAGR of 8% in the forecast period (2021-2027). Several factors have contributed to the growth of the Vietnam tire market, including a flourishing automotive manufacturing sector in the country to make it self-sufficient. Additionally, foreign investment in the establishment of automotive factories, such as Toyota, Honda, Ford, Kia, and others, is also driving the market's growth. In addition, the high import taxes on automobiles are expected to favor the market growth in the forecast period.
$5.5 billion would be more than the entire tire market in Vietnam. NOT HAPPENING!