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.
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53 Figures spread through 126 Pages and an in-depth TOC on "Singapore
Tire Market"
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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.
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