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.
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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.
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