Singapore Tire Market to Grow with a CAGR of 2.8% through 2030
TheSingapore tire market is driven by urban mobility demands, rising EV adoption,fleet expansion, and consumer preference for performance and sustainable tires,supported by strong aftermarket and distribution infrastructure.
According toTechSci Research report, “Singapore Tire Market – By Region, CompetitionForecast & Opportunities, 2030F”, Singapore Tire Market was valued atUSD 1.23 Billion in 2024 and is expected to reach USD 1.45 Billion by 2030 witha CAGR of 2.8% duringthe forecast period. The Singaporetire market is evolving amid shifting mobility patterns, environmentalimperatives, and technological advancements. With the nation's focus onbecoming a smart and sustainable city, there is growing pressure on tiremanufacturers and distributors to align with broader goals such as reducingcarbon emissions and improving vehicle efficiency. Consumers are increasinglyaware of eco-performance, noise reduction, and fuel-saving capabilities whenselecting tires, prompting the rise of green tires and energy-efficientproducts. Additionally, Singapore's proactive push toward electrification ofvehicles is subtly reshaping tire requirements, as electric vehicles (EVs)demand specialized tires optimized for weight distribution, torque handling,and low rolling resistance. Meanwhile, the rise of shared mobility services andcorporate leasing programs is influencing tire usage patterns, leading to morefrequent wear-and-tear and structured replacement cycles managed by fleetoperators. On the supply side, Singapore serves as a hub for regionaldistribution, with a competitive network of importers and retailers offering awide selection of international brands across different price points.
However, themarket also grapples with structural constraints. The limited physical spacefor tire storage and service centers poses operational challenges, especiallyin high-demand areas. Rising business costs, including rental and labor, makeit increasingly difficult for smaller retailers and workshops to remaincompetitive without digital transformation or value-added services. At the sametime, the dominance of established global tire brands restricts entry forsmaller or new players, narrowing innovation diversity. Compounding this is thethreat of counterfeit or substandard tire imports, which not only pose safetyrisks but also disrupt pricing integrity in the aftermarket. While the marketholds promise through technology, sustainability, and fleet integration, tirebusinesses must navigate a delicate balance between premium service deliveryand cost efficiency to thrive in Singapore's tightly regulated and rapidlymodernizing automotive landscape.
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The SingaporeTire market is segmented into vehicle type, tire construction, demand category andregion.
Based on vehicletype, The Light Commercial Vehicle (LCV) segment is emerging as thefastest-growing segment due to the explosion of e-commerce and last-miledelivery services across the island nation. Singapore’s digital economy,coupled with increasing demand for food delivery, courier, and express parcelservices, has significantly increased the operational footprint of LCVs. Asthese vehicles clock high daily mileage, they experience quicker tire wear anddemand more frequent replacements, driving aftermarket sales. In parallel, thesmart and sustainable tire solutions market within the commercial vehiclecategory is also growing rapidly, as fleet operators look for intelligent tiremonitoring systems and eco-friendly alternatives to meet sustainability targetsand reduce operational costs. Additionally, the small but rising adoption ofelectric light commercial vehicles will further shift demand towardhigh-performance, low-resistance radial tires customized for EVs.
Based on region,East Singapore is the fastest-growing region in the tire market, fueled byrapid residential and commercial development, the presence of Changi Airport,and strong logistics infrastructure. Towns such as Tampines, Pasir Ris, andBedok have seen growing populations and increasing vehicle ownership, whileChangi Business Park and the nearby airport logistics zones are hubs forfreight and delivery vehicle movement. The expansion of e-commerce and fooddelivery services has led to a surge in light commercial vehicle traffic in theEast, increasing demand for high-durability tires and mobile tire servicingsolutions. Additionally, many businesses in East Singapore operate regionaldistribution and logistics centers, further supporting the need for commercialtire replacements. The region’s demographic includes a mix of middle-incomehouseholds and working professionals, resulting in demand across both budgetand mid-range tire segments. The rising popularity of EVs and hybrid vehiclesamong younger consumers here is also driving the adoption of specialized tires.
Major companiesoperating in Singapore Tire market are:
- BridgestoneAsia Pacific Pte Ltd
- Continental Automotive Singapore Pte Ltd
- Goodyear Singapore Pte Ltd
- JK Tyre & Industries Limited
- Kumho Tire Singapore Pte Ltd
- Hankook Tire Singapore Pte Ltd
- Pirelli Asia Pte Ltd
- Yokohama Tire (Singapore) Pte Ltd
- Michelin Asia-Pacific Pte Ltd.
- Toyo Tire Asia Co Ltd
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“Inrecent years, Technologyadoption in the tire sector is evolving beyond sales and service platforms,extending into the products themselves through the integration of smart tiretechnologies. Singapore’s ambitions to become a smart nation, coupled withadvancements in automotive telematics, have led to increased interest in tiresequipped with embedded sensors that can track various performance parameterssuch as air pressure, temperature, tread wear, and load conditions. These smarttires are particularly beneficial for fleet operators and logistics firms thatrequire high uptime and safety. The ability to monitor tire conditions inreal-time not only prevents accidents caused by blowouts or underinflation butalso allows for predictive maintenance and better fuel economy. For example,commercial vehicles equipped with IoT-enabled tires can send alerts to fleetmanagers when tire pressure drops or when a tire is nearing its replacementthreshold, helping reduce downtime and maintenance costs. said Mr. Karan Chechi, Research Director of TechSci Research, aresearch-based management consulting firm.
Singapore Tire Market, By Vehicle Type(Passenger Cars, Light Commercial Vehicles, Medium & Heavy CommercialVehicles, Two-Wheelers, Off Road Vehicles (OTR)), By Tire Construction (Radial,Bias), By Demand Category (OEM, Aftermarket), By Region, Competition, Forecast &Opportunities,2020-2030F”,has evaluated the future growth potential of Singapore Tire market and providesstatistics & information on market size, structure and future marketgrowth. The report intends to provide cutting-edge market intelligence and helpdecision makers take sound investment decisions. Besides, the report alsoidentifies and analyzes the emerging trends along with essential drivers,challenges, and opportunities in the Singapore Tire market.
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