The Singapore Tire Market is expected to register around 2% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. Due to the absence of manufacturing facilities and entire dependence on imports to meet the requirements of the rising vehicle fleet, Singapore procures tires from countries like China, Germany, Thailand, and Japan, among others.
The immense government support through trade agreements & favorable policies for attracting foreign investments in establishing tire production units in the country is playing a crucial role in driving the tire industry of Singapore.
Moreover, with the mounting influx of tourists & migrants in the country, various ongoing & upcoming construction activities associated with the development of airports, shopping malls, hotels, restaurants, etc., are propelling the demand for commercial vehicles and, in turn, surging the need for robust tires to improve the operational efficiency & worker safety, thereby fueling the overall market growth, further states the research report, “Singapore Tire Market Analysis, 2022.”
Mounting Demand for Light Commercial Vehicles to Boost the Tire Industry
The mounting demand for light commercial vehicles owing to rising construction activities and the constantly expanding transportation & logistics sectors are projected to drive the tire industry in Singapore during 2022-27. Moreover, the growing government focus on upgrading the public transportation infrastructure is another crucial aspect propelling the demand for light commercial vehicles and, in turn, tire sales. Hence, the leading players in the tire industry of Singapore are actively working on expanding their import & distribution capacities to meet the burgeoning end-user requirements for tires in the future.
The leading companies operating in the Singapore Tire Market include Michelin Asia, Continental, Pirelli, Hancook, Bridgestone, Goodyear, Giti, Toyo, Stamford Tyres Corporation, Others.
Key Questions Answered in the Research Report