Singapore's consumer market has been reviving, sustained by remuneration growth and low levels of unemployment, but may see reducing economic growth due to the result of US-China trade tensions and rising interest rates in the country. A rise in ride-sharing demand may also have softened some of the pressures during the current contraction. The demand for cars for ride-hailing such as Grab and Uber is expected to generate demand for cars in the forecast period as the service providers will continue to provide ride-hailing. The country has a dominance of private cars and ride hailing cars. Therefore, it is anticipated to positively impact the growth of Singapore tire market in the years to come.
According to the MarkNtel Advisors’ research report, “Singapore Tire Market Analysis, 2020”, the tire market is projected to register a CAGR of around 2% in terms of unit sold during 2020-25. Moreover, the motorization rate of Singapore is around 145 vehicles per 1000 inhabitants. Moreover, the country has presence of handful number of dealers in the country importing the tires from countries such as Germany, China, Thailand, Japan and Netherlands, etc. Germany is the largest exporter to Singapore and imported around 130,469 units in the year 2018, 25,497 units from China, 19,964 units from Japan and 12,876 units from Thailand in the same year. The online sales channel is gaining traction in recent years. The sales through online channel has witnessed a growth for around 7% to 9% in past years
Additionally, Singapore is a tourist destination that escalates the use of medium heavy commercial vehicles thereby, the tires in the vehicles gets wear and tear within some years. Thus, replacement of tires is required. Moreover, with no presence of OEMs in the country, the replacement demand in tires dominates the market by the largest market share.
Based on the season type, all season type vehicles dominated the market with the largest market share owing to the climatic conditions in Singapore faces moderate with temperatures around 24 degrees Celsius to 32 degrees Celsius. Thus, all-season tires offer better performance in these weather conditions outpacing from winter and summer tires.
The total vehicle registration in the country declined in 2019 and is expected to worsen and hit bottom till 2021. This is due to the very cyclical nature of vehicle sales in Singapore and the extremely high cost of ownership of vehicles in the country. The total sales of vehicles in 2017 was estimated to be around 116,127 as compared to 95,206 in 2018. Hence, it is anticipated to adversely impact the tire market, revealed by MarkNtel Advisors’ in their research report, “Singapore Tire Market Analysis, 2020”.
According to the MarkNtel Advisors the major leading players are Michelin Asia, Continental, Pirelli, Hancook, Bridgestone, Goodyear, Giti, Dunlop, Toyo, Stamford Tyres Corporation among others. In 2018, Chin Seng Hin Pte Ltd. a distributor of Michelin tires launched a new tire Primacy 4 in Singapore that offers exceptional wet grip performance.
“Singapore Tire Market Analysis, 2020”, provides comprehensive qualitative and quantitative insights on the industry potential, key factors such as trends, drivers, hotspots and opportunities and challenges available for Singapore Tire market providers across the globe. Moreover, the report also encompasses the key leading players in the industry, along with competitive benchmarking and competition matrix and company profiling.
1. By Type of Vehicles (Passenger Car, Light Commercial Vehicle, Buses and Trucks, Medium and Heavy Commercial Vehicles, Off the Road (OTR), Two Wheelers, Three Wheeler)
2. By Demand Category (OEM and Replacement)
3. By Type of Tires (Radial and Bias)
4. By Sales Channel (Dealer/Exclusive stores, Online and Others)
5. By Season (all season, winter and Summer)
6. By Price Category (Low, Medium, High)
7. By Rim Diameter (Upto 12”, 12.1” to 15”, 15.1.” to 18”, 18.1” to 20”, 20.1” to 22.5”, 22.6” to 26”, 26.1” to 35”, 35.1” to 47”, Above 47”)
8. By Company (Michelin Asia, Continental, Pirelli, Hancook, Bridgestone, Goodyear, Giti, Dunlop, Toyo, Stamford Tyres Corporation)
Key questions answered in the study:
1. What are the current and future trends of the Singapore tire market?
2. How the industry has been evolving in terms of end-user demand and application areas?
3. What are the future plans and customer expectations of end-users across the country?
4. How the competition has been shaping across the countries followed by their comparative factorial indexing?
5. What are the key growth drivers and challenges for the Singapore tire market?
6. What are the customer orientation, purchase behavior, and expectations from Singapore tire suppliers across various regions?