Press Release Description

Singapore Two-Wheeler Tire Market to Bloom Due to Increased Sales of Two-Wheelers for Last-Mile Delivery Services

The Singapore Two-Wheeler Tire Market size is projected to grow at a CAGR of 2.1% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The advent of the COVID-19 pandemic has led to a notable increase in the utilization of two-wheelers in Singapore. As conventional mass transit alternatives, like buses and trains, have become overcrowded and present a significant risk of infection, there has been a surge in the purchase of two-wheelers. This trend is driven by individuals seeking to adhere to social distancing protocols by opting for these modes of transportation. Consequently, the heightened sales of two-wheelers have spurred demand for two-wheeler tires in Singapore.

Moreover, Singapore boasts one of the world's most robust economies, fueled by its affluent population, opulent lifestyle, considerable disposable income, and extensive internet infrastructure. Recognized for its leading global internet speed, Singapore has witnessed a surge in new internet users since the onset of the pandemic. For instance, in 2023, according to the Go-Globe Singapore, internet users in Singapore increased by 38,000 (0.7%) between 2002 and 2023. This heightened internet penetration has driven the growth of e-commerce logistics businesses in Singapore.

With the proliferation of e-commerce, there has been an increasing adoption of two-wheelers for efficient last-mile delivery solutions, transporting goods from distribution centers to customers' doorsteps. The widespread use of two-wheelers in the e-commerce sector has amplified the frequency of tire replacements due to the elevated mileage, accumulated by these vehicles.

Further, with the surge in tourism activities in Singapore, there is a continuous increase in demand for efficient mobility services among both residents & tourists. Consequently, to meet this demand, mobility and logistics providers, such as GetGo, Ion Mobility, and others, are expanding their operations in the country by incorporating fuel-efficient electric two-wheelers into their fleets.

Therefore, the expanding presence of e-mobility providers and production activities is presenting significant revenue growth opportunities for the Two-Wheeler Tire Market in Singapore during the forecast period, further states the research report, “Singapore Two-Wheeler Tire Market Analysis, 2024.”

Singapore Two-Wheeler Tire Market

Singapore Two-Wheeler Tire Market Segmentation Analysis

Replacement to Account Prominent Market Share

Based on the demand type segment, the market is further bifurcated into, OEMs and Replacement. Among them, the Replacement segment is anticipated to secure a notable share of the Singapore Two-Wheeler Tire Market in the foreseeable future. Singapore demonstrates elevated levels of two-wheeler ownership, pointing towards a substantial existing market for replacement parts and components. Further, given the significant reliance of a large number of individuals on two-wheelers for personal transportation requirements, there exists a steady demand for maintenance and repair services, encompassing tire replacements.

Furthermore, the rapid expansion of ride-hailing service providers in Singapore significantly bolsters the growth of the replacement segment. For instance, Vietnamese ride-hailing firm FastGo announced its debut in Singapore, and 500 drivers signed up 12 hours after registration. These companies often maintain extensive fleets of two-wheelers to meet the rising demand for convenient and cost-effective transportation solutions.

Also, the continual utilization of these vehicles for commercial purposes leads to increased wear and tear, necessitating frequent replacements of tires and other components to ensure safety and optimal performance.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bridgestone Corporation, Goodyear Tire and Rubber Company, Michelin, Continental AG, Yokohama TWS (Mitas), Pirelli Tyre S.p.A, Metzeler, Shinko Tyres, Kenda Tyres, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the Singapore Two-Wheeler Tire Market?
  3. What key factors would propel and impede the industry across the country?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping across the country?
  6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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