Report Overview

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.

Singapore Tire Market – Industry Trends & Forecast Report, 2029

Singapore tire market size is projected to grow at a CAGR of 2.22% during the forecast period between 2023 and 2029. Major factors driving the growth of Singapore tire market include the accelerating sales of passenger vehicles, particularly in emerging markets. Tires support the weight of a vehicle, convey accelerating and braking energy to the ground, change or maintain direction, and absorb stress from the road surface, all of which contribute to the vehicle's overall performance. Along with this, rising infrastructure spending in both developed and emerging regions is likely to increase demand for construction trucks, boosting tire sales. Aside from that, the main firms are developing advanced, environmentally friendly products, such as ecological, flat-run, and nitrogen-based tires.

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.

Growth Drivers

Rapid Adoption of Innovative Technologies

The majority of manufacturing companies are using automation to increase productivity and profitability due to the quick development of technology. The automotive tire market is expected to expand owing to the technological advancements in the Singapore tire market, including the introduction of rimless tires, green tires, and the use of lightweight elastomers, metals like alloys and carbon fiber, or composites like manganese bronze and nickel aluminum bronze, in the production of tires.

Restraints

Highly Volatile Raw Material Prices

Significant volumes of synthetic and natural rubber, sulfur, carbon black, and other materials are required in the production of automotive tires. The price of these raw materials fluctuates according to a variety of reasons, including the supply of natural rubber and government rules forbidding excessive destruction of rubber trees. The changes in raw material prices offer a hurdle to the Singapore tire market's expansion.

Impact of COVID-19 on Singapore Tire Market

The COVID-19 pandemic impacted the growth of the Singapore tire market. The government's countrywide quarantine, enforced to stem the virus's spread, impacted tire production and raw material availability. Also, the pandemic caused many people to work and stay at home, diminishing the demand for individual activity. The status of the nation's economy also had an impact on consumer purchasing power. These factors severely restrict demand for automobile tires in Singapore, weighing on the overall growth of the industry.

Singapore Tire Market

Segmental Coverage

Singapore Tire Market - By Type

On basis of type, Singapore tire market is divided into Passenger Car Tires, Light Commercial Vehicle Tires, Heavy Commercial Vehicle Tires, Off-The-Road Vehicle Tires, Two-Wheeler Tires, and other segments. The passenger car tires segment dominates the Singapore tire market, and this trend is likely to continue during the forecast period. The rising desire for private vehicle ownership is principally responsible for the growing fleet of passenger automobiles. Automakers are growing production and import capacity to meet increased customer demand for passenger automobiles. Tire demand has increased across the country, which has benefited tire manufacturing, distribution, accessibility, and affordability. Also, due to the country's huge share of cost-conscious inhabitants, used passenger car sales are rising nationwide, propelling the tire sector.

Singapore Tire Market – By Sales Channel

On the basis of sales channel, Singapore tire market is divided 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 (Original Equipment Manufacturers). 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.

Singapore Tire Market – By Construction

On basis of construction, Singapore tire market is split into Radial and Bias segments. Radial tires are a larger contributor to the Singapore tire market. They provide better comfort since they cushion the rider from shocks, crashes, and bumps. Also, the increased fuel efficiency of radial tires has a considerable impact on consumer demand. Radial tires are also becoming increasingly popular due to their resilience to heat, wear, and cutting.

Competitive Landscape

Major players in the Singapore tire 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. The key strategies used by these market leaders are new product launches, mergers & acquisitions, and alliances. To grow their market share, these companies are also focusing on investing in innovations, collaborations, and expansions.

Recent Developments

• In August 2021 - Michelin launched the Michelin Pilot Sport 4 SUV, a new tire range in Singapore. The Michelin Pilot Sport 4 SUV is designed for high-performance SUVs and offers improved handling, braking, and wet weather grip. Michelin launched this new tire range to meet the increasing demand for premium SUVs in Singapore. The Michelin Pilot Sport 4 SUV range is available at authorized Michelin dealerships and tire shops across Singapore.

Scope of the Report

By Type

• Passenger Car Tires

• Light Commercial Vehicle Tires

• Heavy Commercial Vehicle tires

• Off-the-Road Vehicle Tires

• Two-Wheeler Tires

• Others

By Sales Channel

• Original Equipment Manufacturers (OEMs)

• Replacement

By Construction

• Radial

• Bias