Press Release

Singapore Tire Market to Grow at 6% during 2017 – 2022

Anticipated increase in vehicle sales coupled with expanding vehicle fleet size to drive to drive Singapore tire market through 2022

According to TechSci Research report, Singapore Tire Market Forecast & Opportunities, 2022”, the country’s tire market is projected to grow at a CAGR of over 6% during 2017 – 2022. The major driver for the expanding tire market of Singapore can be accounted to the hastening sale of various segment vehicles among citizens due to the introduction of wide variety of new vehicle models in the domestic market as well as growing purchasing power among the citizens of the country.

Browse 22 market data Tables and 53 Figures spread through 126 Pages and an in-depth TOC on "Singapore Tire Market"

On account of unstable political environment, automobile as well as tire companies have been facing challenges in conducting their operations in the country over the last few years. However, with the country gradually regaining political stability in addition to better fiscal and regulatory policies, the economic growth of the country would pick up its pace in the coming years. Due to which, the country’s automotive sector is expected to thrive during forecast period, which in turn is forecast to aid Singapore tire market during 2017- 2022.

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“Government of Singapore is focusing on improving public transport system in the country. Singapore’s Land and Transport Authority (LTA) has made it mandatory for the public to obtain Certificate of Entitlement (COE) in an open bidding procedure to attain ownership of new passenger cars and two-wheelers in the country. This is negatively impacting the sales of passenger cars and commercial vehicles in Singapore. However, increasing use of public transport and taxis in the country are expected to drive Singapore tire market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“Singapore Tire Market Forecast & Opportunities, 2022” has analyzed the potential of Singapore tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.

About TechSci Research

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