Favorable Government Policies for Foreign Investors to Drive the Tire Market in Singapore

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.

Competitive Landscape

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

1. What are the current & future trends in the Singapore Tire Market?
2. How has the industry been evolving in terms of geography & product adoption?
3. How has the competition been shaping across Singapore, followed by their comparative factorial indexing?
4. What are the key growth drivers & challenges for the Singapore Tire Market?
5. What are the customer orientation, purchase behavior, & expectations from the leading companies operating in the Singapore Tire Market?

Market Segmentation:

1. By Type of Vehicles (Passenger Cars, Light Commercial Vehicles, Medium & Heavy Commercial Vehicles, Off the Road (OTR) Vehicles, Two Wheelers, Three Wheeler)
2. By Demand Category (OEM, Aftermarket)
3. By Type of Tire (Radial, Bias)
4. By Sales Channel (Dealer/Exclusive Outlets, Online)
5. By Season (All-Season, Summer)
6. By Price Category (Low, Medium, High)
7. By Rim Diameter (Up to 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”)