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Singapore auto industry is facing a visible decline in vehicle sales which temporarily accelerated in 2019 and may hit rock bottom in 2021, despite an improving consumer outlook and a rise in ride-sharing demand as the government is actively formulating plans and policies to restrict the vehicle ownership in the country. Thus, these trends are anticipated to impact the sales of tires in the country during the forecast period.
According to the MarkNtel Advisors’ research report titled “Singapore Tire Market Analysis, 2020”, the Tire market is expected to grow at a CAGR of around 2% in terms of units sold during 2020-25. According to the Singapore Land Transport Authority, the total registration of new cars in the country was around 5,024 including Toyota, Honda, BMW, Mercedes Benz, Jaguar, and Tesla in October 2019. Moreover, the automotive passenger cars sales in September 2019 declined by 7.8% with 5,677 units sold. With no manufacturing structure of its own, the country had a vehicle fleet size of around 116,127 in 2017 whereas 96,206 in 2018. A slight slump in the overall automotive industry was witnessed in 2018 as compared to 2017 thus, negatively impacting the demand for tires during the forecast period.
Based on the rim diameter, rim size of 16” and 17” is more preferred by the OEMs such as MAN, BMW, Mercedes Benz, Ford, Hyundai, etc. Thus, the tire market is going to transforming to larger rim sizes.
The radial tires acquired the highest market share in the Singapore Tire market in 2019, owing to certain properties such as they help in a safer ride, consume less fuel and have flexible sidewalls. Radial tires are majorly used in passenger cars and light commercial vehicles; however, bias tires are still used in the OTR vehicles and heavy commercial vehicles.
According to the MarkNtel Advisors, the major players who have captured a significant market share in the Singapore Tire market include Michelin Asia, Continental, Pirelli, Hancook, Bridgestone, Goodyear, Giti, Dunlop, Toyo, Stamford Tyres Corporation, etc. These companies are launching new tires to expand their business in the country. In 2019, Bridgestone launched a new tire ECOPIA H/L 001 that offers balance, safety, and fuel efficiency. These tires are associated with new generation eco-tires.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report Singapore Tire Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecasted up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million, while the market volume is measured in terms of Unit sold (Thousand Units).
Q. What would be the growth rate or CAGR of Singapore Tire Market during 2020-25?
A. The market size of Singapore Tire Market during 2020-25 is forecast to be around 4.5%.
Q. Who are the key competitors or players operating in Singapore Tire Market?
A. Michelin Asia, Continental, Pirelli, Hancook, Bridgestone, Goodyear, Giti, Dunlop, Toyo, Stamford Tyres Corporation and few others are the leading players in the Singapore Tire Market.
Q. Does the report scope cover tire rim size wise market statistics also?
A. Yes, the scope of the report encompasses detailed tire rim size wise statistics such as market size, market segmentation, market overview based on various subcategories.
Q. Which Vehicle type segment would emerge as an opportunity area for players in Singapore Tire Market?
A. The passenger car segment dominates the market moreover, the sales of passenger cars declined in 2018 as compared to 2017 due to the economic slowdown in the country. The total passenger cars sales in 2018 was around 514,680 and around 533,201 in 2017.
Q. Which type tire type segment would emerge as an opportunity area for players in Singapore Tire Market?
A. The radial tires grabbed the highest market share in the Singapore tire market in 2019, owing to certain properties such as helps in the safer ride, consumes less fuel and has flexible sidewalls. Radial tires are majorly used in passenger cars and light commercial vehicles, however, bias tires are still used in the OTR vehicles and Heavy commercial vehicles.
Q. Which Rim Size segment would emerge as an opportunity area for players in Singapore Tire Market?
A. Based on the rim diameter, rim size of 16” and 17” is more preferred by the OEMs such as MAN, BMW, Mercedes Benz, Ford, Hyundai, etc. Thus, the tire market is going to transforming to larger rim sizes.
Q. Which sales Channel segment would emerge as an opportunity area for players in Singapore Tire Market?
A. Leading players in the country such as Hankook, Bridgestone, Michelin, Pirelli follow the traditional sales channel through dealers and distributors as online sales channel has witnessed a slow growth as compared to offline sales. The trend of offline sales channel is expected to reverse in the coming years as through online platform the prices offered are cheap as compared to dealers.
