Report Overview

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

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. Singapore Tire Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing automotive industry in Singapore
         2. Increasing demand for fuel-efficient high-performance tires
         3. Increasing number of vehicle owners opting for premium tires
         4. Government initiatives to promote electric vehicles and eco-friendly tires
      2. Restraints
         1. High initial costs of premium and eco-friendly tires
         2. Limited availability of skilled labor in the tire industry
      3. Opportunities
         1. Growing demand for electric vehicles and associated tires
         2. Technological advancements in tire manufacturing, such as the development of self-healing and airless tires
      4. Challenges
         1. High cost of research and development for new tire technologies
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. Singapore Tire Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Type
         1. Passenger car tires
         2. Light commercial vehicle tires
         3. Heavy commercial vehicle tires
         4. Off-road tires
         5. Two-wheeler tires
         6. Others
      2. By Sales Channel
         1. Original equipment manufacturers (OEMs)
         2. Replacement
      3. By Construction
         1. Radial
         2. Bias
5. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. 3.       Singapore Tire Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
6. Impact of Covid-19 on Singapore Tire Market
7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
   1. Michelin Asia-Pacific Pte Ltd
   2. Goodyear Singapore Pte Ltd
   3. Bridgestone Asia Pacific Pte Ltd
   4. Continental Automotive Singapore Pte Ltd
   5. Dunlopillo Holdings Pte Ltd
   6. Kumho Tire Singapore Pte Ltd
   7. Hankook Tire Singapore Pte Ltd
   8. Pirelli Asia Pte Ltd
   9. Toyo Tire Asia Co Ltd
   10. Yokohama Tire (Singapore) Pte Ltd
   11. Other Prominent Players
8. Key Strategic Recommendations
9. Research Methodology
   1. Qualitative Research
      1. Primary & Secondary Research
   2. Quantitative Research
   3.  Market Breakdown & Data Triangulation
      1.  Secondary Research
      2.  Primary Research
   4.  Breakdown of Primary Research Respondents, By Region
   5.  Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List of Figures

Figure 1       Singapore Tire Segmentation                       

Figure 2       Singapore Tire Market Value Chain Analysis                     

Figure 3       Company Market Share Analysis, 2022                  

Figure 4       Singapore Tire Market Size, By Value (USD Million), 2019–2029                   

Figure 5       Singapore Tire Market Share, By Type, By Value, 2019–2029                       

Figure 6       Singapore Tire Market Share, By Sales Channel, By Value, 2019–2029                    

Figure 7       Singapore Tire Market Share, By Construction, By Value, 2019–2029  

List of Tables

Table 1        Singapore Tire Market Size, By Value (USD Million), 2019–2029

Table 2        Singapore Tire Market Share, By Type, By Value, 2019–2029

Table 3        Singapore Tire Market Share, By Sales Channel, By Value, 2019–2029

Table 4        Singapore Tire Market Share, By Construction, By Value, 2019–2029

Table 5        Michelin Asia-Pacific Pte Ltd Company Overview

Table 6        Michelin Asia-Pacific Pte Ltd Financial Overview

Table 7        Goodyear Singapore Pte Ltd Company Overview

Table 8        Goodyear Singapore Pte Ltd Financial Overview

Table 9        Bridgestone Asia Pacific Pte Ltd Company Overview

Table 10      Bridgestone Asia Pacific Pte Ltd Financial Overview

Table 11      Continental Automotive Singapore Pte Ltd Company Overview

Table 12      Continental Automotive Singapore Pte Ltd Financial Overview

Table 13      Dunlopillo Holdings Pte Ltd Company Overview

Table 14      Dunlopillo Holdings Pte Ltd Financial Overview

Table 15      Kumho Tire Singapore Pte Ltd Company Overview

Table 16      Kumho Tire Singapore Pte Ltd Financial Overview

Table 17      Hankook Tire Singapore Pte Ltd Company Overview

Table 18      Hankook Tire Singapore Pte Ltd Financial Overview

Table 19      Pirelli Asia Pte Ltd Company Overview

Table 20      Pirelli Asia Pte Ltd Financial Overview

Table 21      Toyo Tire Asia Co Ltd Company Overview

Table 22      Toyo Tire Asia Co Ltd Financial Overview

Table 23      Yokohama Tire (Singapore) Pte Ltd Company Overview

Table 24      Yokohama Tire (Singapore) Pte Ltd Financial Overview

Table 25      Other Prominent Players Company Overview

Table 26      Other Prominent Players Financial Overview