Singapore Tyre Market to Cross US$ 176 Million by 2020
Anticipated increase in automobile sales and expanding automobile fleet to drive Singapore tyre market over the next five years
According to TechSci Research report, “Singapore Tyre Market Forecast and Opportunities, 2020”, the country’s tyre market is projected to surpass US$ 176 million by 2020. The tyre market in the country is dominated by the passenger car and commercial vehicle tyre segments, which cumulatively captured a market share of around 82% in 2014. With no domestic automobile production facility in the country, the tyre market is completely dependent on replacement demand. Moreover, replacement demand is addressed through imports, due to absence of tyre production units in the country.
Singapore automotive sector witnessed stagnancy during 2010-14 as automobile sales declined during this period due to government policy directed towards limiting vehicle ownership in the country. The policy involves open bidding for procuring certificate of entitlement (COE), which is mandatory for owning a vehicle in the country.
“The country’s vehicle fleet is dominated by passenger cars, which is followed by commercial vehicles and two-wheelers. As a result, the passenger car tyre segment has a major share in the replacement tyre market of the country and it is anticipated that the dominance of passenger car tyre segment will continue in the coming years as well, with commercial vehicle tyre and two-wheeler tyre segments following the league.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Singapore Tyre Market Forecast and Opportunities, 2020” has evaluated the future growth potential of Singapore tyre market and provides statistics and information on market structure and trends of Singapore tyre market. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in Singapore tyre market.