Singapore Tire Market Projected to Cross SG$ 280 Million by 2021
Recovering
automobile sales, growing use of public transport, coupled with rising demand
for commercial vehicles to drive Singapore tire market through 2021
According
to TechSci Research report, “Singapore
Tire Market
Forecast and Opportunities, 2011 – 2021’’, tire market in Singapore
is forecast to cross SG$ 280 million by 2021, on account of recovering automobile
sales and expanding automobile fleet size. Moreover, as per the World Bank,
Singapore’s Consumer Price Index (CPI) decreased from 5.3% in 2011 to –0.5% in
2015, which, in turn, has positively impacted the purchasing power of consumers
in the country. Moreover, the country’s population increased
from 5.18 million in 2011 to 5.53 million in 2015. With increasing purchasing power and growing
population, Singapore tire market is expected to grow at a robust pace over the
span of next five years.
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Tire Market"
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On the basis of vehicle
type, Singapore tire market has been broadly segmented into five categories,
namely, passenger car, medium & heavy commercial vehicle, light commercial
vehicle, two-wheelers and off-the-road. Among these categories, passenger car
segment dominated the country’s tire market during 2011 – 2015, and the segment
is expected to maintain its dominance during forecast period as well. Central
& East region was the largest demand generating region for tires in the
country in 2015, followed by west, north-east and north regions.
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“Singapore automotive sector
witnessed stagnancy during 2011-2015 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. Moreover,
with no domestic automobile production facility in the country, the tire market
is completely dependent on replacement demand. In addition, replacement demand
is addressed through imports, due to absence of tire production units in the
country.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research based global management consulting firm.
“Singapore
Tire Market Forecast & Opportunities, 2021” 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 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.
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