Singapore Tire Market Insights Forecasts to 2032

• The Singapore Tire Market Size was valued at USD XX Million in 2022.
• The Market Size is Growing at a CAGR of 3.5% from 2022 to 2032
• The Singapore Tire Market Size is Expected To Reach USD XX Million by 2032

The Singapore Tire Market Size is anticipated To Exceed USD XX Million by 2032, growing at a CAGR of 3.5% from 2022 to 2032.                                                              

Market Overview

A car tire is a rim-like, circular object that contains air. Steel, rubber, wire, cotton, glass, silica, and wire strengthened with carbon black are among the organic and inorganic components used to create it. A bead, bead filler, belts, body ply, inner liner, sidewall, and tread are just a few of the components that go into making a tire, which comes in two varieties: tubed and tubeless. The accelerating sales of passenger vehicles, particularly in emerging markets, are major factors driving the growth of the Singapore tire market. 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 developed and emerging markets is also expected to increase demand for construction trucks, boosting tire sales. Aside from that, the major companies are working on advanced, environmentally friendly products like ecological, flat-run, and nitrogen-based tires.

Report Coverage

This research report categorizes the market for the Singapore tire market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the tire market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the tire market.

Driving Factors

Automation is being used by the majority of manufacturing companies to increase productivity and profitability due to the rapid advancement of technology. The automotive tire market is expected to grow as a result of technological advancements in the Singapore tire market, such as the introduction of rimless tires, green tires, and the use of lightweight elastomers, metals such as alloys and carbon fiber, or composites such as manganese bronze and nickel aluminum bronze in tire production.

Restraining Factors

Automobile tires require large quantities of synthetic and natural rubber, sulfur, carbon black, and other materials. The price of these raw materials fluctuates due to a variety of factors, including natural rubber supply and government regulations prohibiting excessive destruction of rubber trees. Raw material price fluctuations impede the expansion of the Singapore tire market.

Market Segmentation

The Singapore Tire Market share is classified into type and sales channel.

• The passenger car tires segment is expected to hold the largest share of the Singapore tire market during the forecast period.                          

The Singapore tire market is segmented by type into passenger car tires, light commercial vehicle tires, heavy commercial vehicle tires, off-the-road vehicle tires, two-wheeler tires, and others. Among these, the passenger car tires segment is expected to hold the largest share of the Singapore tire market during the forecast period. The increasing desire for private vehicle ownership is primarily responsible for the developing fleet of passenger automobiles. Automobile manufacturers are increasing production and import capacity to meet rising customer demand for passenger vehicles. Tire demand has grown across the country, benefiting tire manufacturing, distribution, accessibility, and affordability.      

• The replacement segment is expected to grow at the fastest pace in the Singapore tire market during the forecast period.                       

Based on the sales channel, the Singapore tire market is divided into Original Equipment Manufacturers (OEMs), and replacement. Among these, the replacement segment is expected to grow at the fastest pace in the Singapore tire market during the forecast period. Advantages such as the ease of finding a wide range of tires for all vehicle types at various price points are likely to accelerate the growth of the replacement sector during the forecast period.                         

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Singapore tire market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Bridgestone Asia Pacific Pte Ltd
• Continental Automotive Singapore Pte Ltd
• Dunlopillo Holdings Pte Ltd
• Goodyear Singapore Pte Ltd
• Hankook Tire Singapore Pte Ltd
• Kumho Tire Singapore Pte Ltd
• Michelin Asia-Pacific Pte Ltd
• Pirelli Asia Pte Ltd
• Toyo Tire Asia Co Ltd
• Yokohama Tire
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at Singapore, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Singapore Tire Market based on the below-mentioned segments:

Singapore Tire Market, By Type

• Passenger Car Tires
• Light Commercial Vehicle Tires
• Heavy Commercial Vehicle Tires
• Off-The-Road Vehicle Tires
• Two-Wheeler Tires
• Others

Singapore Tire Market, By Sales Channel

• Original Equipment Manufacturers (OEMs)
• Replacement

Singapore Tire Market, By Construction

• Radial
• Bias