Singapore Tire Market
Singapore Tire Market Size Set to Grow at Steady CAGR of 2.22% During 2023–2029
Published | 24 April 2023
Singapore tire market is flourishing due to an increasing number of car fleet and per capita income, rapid adoption of cutting-edge technologies, and intense competition among tire companies in the country.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Singapore tire market size to grow at a significant CAGR of 2.22% by 2029. The growth of Singapore tire market is driven by the increasing sales of passenger automobiles. Tires support a vehicle's weight, transmit accelerating and braking energy to the ground, change or maintain direction, and absorb road surface stress, all of which contribute to the vehicle's overall performance. Increasing infrastructure spending in both established and emerging markets is also expected to enhance demand for construction trucks, boosting tire sales. Aside from that, the major companies are working on innovative, environmentally friendly products including ecological, flat-run, and nitrogen-based tires. However, the high initial costs of premium and eco-friendly tires may limit the growth of Singapore tire market.
Singapore Tire Market – Overview
The tire on a car is a rim-like, circular object that contains air. It is made from a mix of organic and inorganic components, including steel, rubber, wire, cotton, glass, silica, and wire that has been strengthened with carbon black. A bead, bead filler, belts, body ply, inner liner, sidewall, and tread are just a few of the pieces that make up the tire, which is available in two variations: tubed and tubeless. The tire is essential for controlling the forces.
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Impact of COVID-19 on Singapore Tire Market
The COVID-19 pandemic affected the growth of Singapore tire market. The nationwide quarantine imposed by the government to stop the virus's spread affected tire production and the supply of raw materials. Also, the pandemic forced a lot of individuals to work from home, which reduced the demand for solitary activity. The nation's economic situation also affected the purchasing power of the general public. The demand for car tires in Singapore is severely constrained by these constraints, which is detrimental to the industry's overall expansion.
Singapore Tire Market - By Sales Channel
On the basis of sales channel, Singapore tire market is split into Original equipment manufacturers (OEM) and Replacement segments. The Singapore tire market is more heavily influenced by the replacement segment. It highlights the nation's significant reliance on imported tires due to its inability to produce tires and automobiles, highlighting the absence of OEMs. However, advantages like the simplicity of locating a wide range of tires for all vehicle types at various price points are probably going to accelerate the rise of the replacement sector. The demand for replacement tires is also expected to rise during the forecast period as consumer awareness of the importance of regular tire replacement and maintenance rises.
Competitive Landscape
Singapore tire market is fiercely competitive. Major companies in the market include Michelin Asia-Pacific Pte Ltd, Goodyear Singapore Pte Ltd, Bridgestone Asia Pacific Pte Ltd, Continental Automotive Singapore Pte Ltd, Dunlopillo Holdings Pte Ltd, Kumho Tire Singapore Pte Ltd, Hankook Tire Singapore Pte Ltd, Pirelli Asia Pte Ltd, Toyo Tire Asia Co Ltd, and Yokohama Tire (Singapore) Pte Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Singapore tire market.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Singapore Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Singapore Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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Related Report
Publish Date: April 2023
Increasing automobile sales, growing investments in automotives, and product development are boosting the growth of Singapore Tire Market during the forecast period between 2023 and 2029.
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