Press Release

Singapore Tire Market is Projected to Undergo 6.78% CAGR in Next Five Years

Rise in per capita disposable income and recovering sales of passenger cars are expected to fuel the growth of Singapore tire market in coming years.

According to TechSci Research report, “Singapore Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025”, Singapore tire market is projected to exhibit a CAGR of 6.78%, in value terms, during the forecast period to reach USD 0.30 Billion by 2025. Key factors fuelling the growth of Singapore tire market are include automobile sales and increasing per capita income. Furthermore, rapid urban and economic growth are also leading to increasing demand for commercial vehicles which in turn supports the growth of Singapore tire market. However, Singapore’s automotive sector witnessed a decline in sales during 2010-2014. This was predominantly due to implementation of various government initiatives to control increasing motor vehicle ownership in the country. In spite of that, this low vehicle motorization rate in Singapore promises huge growth potential for the country’s automotive industry in the coming years, including the tire industry.

Additionally, the total registration of new cars in Singapore was around 5,024 in October 2019. This also positively influenced the growth of tire market in the country. Some other major factors propelling the growth of Singapore tire market are introduction of advanced technologies and rise in competition among tire manufacturers. Apart from that, rising vehicle safety concern and fuel efficiency are also contributing to high demand for advanced tires by automobile companies. 

Browse 77 market data Figures and Tables spread through 115 Pages and an in-depth TOC on "Singapore Tire Market"

Singapore tire market is segmented based on vehicle type, demand category, radial vs bias and region. Based on vehicle type, the market can be categorized into passenger car, LCV, M&HCV, OTR, two-wheeler and three-wheeler. Among them, passenger car segment held the lion’s in 2019, and the segment is further expected to maintain its leading position during the forecast period on account of increase in adoption of passenger cars for personal use due to increasing middle class population. Based on demand category, Singapore tire market can be categorized into OEM and replacement. With no domestic automobile production facility in the country, the tire market is completely dependent on replacement demand. The segment is further projected to maintain its 100% dominance in Singapore tire market during the forecast period. Moreover, replacement demand is addressed through imports, due to absence of tire production units in the country.

Leading market players in Singapore tire market are Michelin Asia (Singapore) Co Pte Ltd., Continental Tires Holding Singapore Pte. Ltd., Pirelli Asia Pte Ltd., Bridgestone Asia Pacific Pte. Ltd., Hankook Tire Singapore PTE., Ltd., Goodyear Orient Company (Private) Limited, Dunlop Tyre, TOYO Tire & Rubber, GT Radial Singapore and Stamford Tyres Corporation Limited.

“Radial tires acquired the largest market share in the Singapore tire market in 2019 with a market share of 81% on account of consumers preference for radial tires due to their advantages, such as flexible sidewalls and reduced fuel consumption due to less vibration and resistance over other counterparts.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

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“Singapore Tire Market By Vehicle Type (Passenger Car, LCV, M&HCV, OTR, Two-Wheeler and Three -Wheeler), By Demand Category (OEM Vs. Replacement), By Radial Vs Bias, By Region, Forecast & Opportunities, 2015- 2025” has analyzed the potential of Singapore tire market, and provides information and statistics on market structure, size and trends. The report is designed to provide the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. The report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by Singapore tire market.

About TechSci Research

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Singapore Tire Market By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Two-Wheelers, Off Road Vehicles (OTR)); By Demand Category (OEM, Aftermarket), By Tire Construction Type (Radial, Bias), By Tube Type (Tube, Tubeless) and by Region, Trend Analysis, Competitive Landscape & Forecast,

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The country's strong automotive industry, increasing vehicle ownership rates, and consumer demand for high-performance and eco-friendly tires. Additionally, the growing adoption of electric vehicles and the government's emphasis on sustainability and safety standards are going to lead the Singapore tire market during the forecast year.

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