Singapore Two-Wheeler Tire Market Research Report: Forecast (2024-2030)

Market Insights & Analysis: Singapore Two-Wheeler Tire Market (2024-30):

The Singapore Two-Wheeler Tire Market size is estimated to grow at a CAGR of around 2.1% during the forecast period, i.e., 2024-30. With traditional mass transit options like buses and trains becoming overcrowded and posing a significant risk of infection during the pandemic, there has been a surge in the sales of two-wheelers. This is because individuals are increasingly turning to these services to uphold social distancing measures. Consequently, the heightened sales of two-wheelers have fueled the demand for two-wheeler tires in Singapore.

Furthermore, Singapore boasts one of the world's most robust economies, attributed to its affluent population, lavish lifestyle, ample disposable income, and extensive internet penetration. Renowned for its top-ranking internet speed globally, Singapore has experienced a surge in new internet users since the onset of the pandemic. According to the World Bank, the share of the population using the Internet in Singapore has reached around 96% in 2023 from about 92% in 2020. This increased penetration of the internet has propelled the E-commerce logistics businesses in Singapore.

With the rise of e-commerce, there has been a growing deployment of two-wheelers for efficient last-mile delivery solutions to transport goods from distribution centers to customers' doorsteps. The extensive use of two-wheelers in the e-commerce sector has increased the frequency of replacement of tires due to the higher mileage accumulated by these vehicles.

Additionally, with the rising tourism activities in Singapore, the demand for efficient mobility services is growing continuously among both residents & tourists. Thus, to cater to this, mobility & logistics providers such as GetGo, Ion Mobility, and others, are expanding in the country by adding fuel-efficient electric two-wheelers to their fleets. Therefore, the increasing expansion of e-mobility providers & production activities is citing enormous revenue growth opportunities for the Two-Wheeler Tire Market in Singapore during 2024-30.

Singapore Two-Wheeler Tire Market Driver:

Rising Adoption of Electric Two-Wheelers – Singapore is actively promoting sustainability and reducing carbon emissions. Electric two-wheelers offer a cleaner alternative to traditional petrol-powered vehicles, aligning with the city-state's efforts to combat air pollution and mitigate climate change. Further, the Singaporean government has introduced various incentives to encourage the adoption of electric vehicles, including electric two-wheelers. These incentives include tax rebates, grants, and subsidies for purchasing electric vehicles, making them more affordable for consumers. For instance:

• In 2023, the Electric Vehicle (EV) early adoption incentive was extended by two years to 2025 by the Land Transport Authority (LTA) and the National Environment Agency (NEA)

The increased support from the government has fuelled the adoption of electric two-wheelers across the country, contributing to the growth of the Singapore two-wheeler tire market of Singapore in recent years.

Singapore Two-Wheeler Tire Market Trend:

Increasing Inclination Towards Sustainable Two-Wheeler Tires – The escalating CO2 emissions in Singapore due to the rapid increase in on-road vehicles have prompted governments and two-wheeler manufacturers such as Honda, Yamaha, and Suzuki to prioritize sustainability initiatives. Consequently, governmental bodies & two-wheeler manufacturers in the Asia-Pacific countries, including Singapore, are shifting towards embracing sustainable tires.

Moreover, recognizing the growing demand for sustainable tires, companies like Nexen Tire, Linglong Tires, Michelin, etc., are introducing their sustainable tire portfolios in the region to tap into emerging revenue opportunities. These eco-friendly two-wheeler tires are engineered with reduced rolling resistance, enhancing energy efficiency and lowering fuel consumption.

Furthermore, a heightened awareness of environmental concerns and the imperative to curb carbon emissions and ecological footprint is expected to drive the adoption of sustainable tires, even among electric two-wheeler manufacturers. Consequently, the demand for sustainable tires is poised to witness a significant surge in the coming years.

Singapore Two-Wheeler Tire Market (2024-30): Segmentation Analysis

The Singapore Two-Wheeler Tire Market study by MarkNtel Advisors evaluates & highlights the major trends & influencing factors in each segment & includes predictions for the period 2024–2030 at the national level. In accordance to the analysis, the market has been further classified as:

Based on Demand Type:

• OEMs
• Replacement

The Replacement segment is expected to capture a significant share of the Singapore Two-Wheeler Tire Market in the coming years. The country exhibits high rates of two-wheeler ownership, indicating a substantial existing market for replacement parts and components. With a large number of individuals relying on two-wheelers for personal transportation needs, there is a consistent demand for maintenance and repair services, including tire replacements.

Additionally, the burgeoning growth of ride-hailing service providers in the country contributes significantly to the growth of the replacement segment.

Based on Tire Type:

• Radial
• Bias

Radial two-wheeler tires are expected to account majority share of the Singapore Two-Wheeler Tire Market during the forecast period. Radial tires offer superior performance and safety compared to bias-ply tires. As more two-wheeler riders in Singapore prioritize safety and seek better handling and stability on the roads, the demand for radial tires is increasing. Further, with the increasing urbanization and congestion in Singapore, many residents opt for two-wheelers as a primary mode of transportation. As the number of two-wheelers on the roads continues to rise, so does the demand for high-quality tires, including radial options.

Gain a Competitive Edge with Our Singapore Two-Wheeler Tire Market Report

• Singapore Two-Wheeler Tire Market Report by MarkNtel Advisors provides a detailed & thorough analysis of market size & share, growth rate, competitive landscape, and key players. This comprehensive analysis helps businesses gain a holistic understanding of the market dynamics & make informed decisions.
• This report also highlights current market trends & future projections, allowing businesses to identify emerging opportunities & potential challenges. By understanding market forecasts, companies can align their strategies & stay ahead of the competition.
• Singapore Two-Wheeler Tire Market Report aids in assessing & mitigating risks associated with entering or operating in the market. By understanding market dynamics, regulatory frameworks, and potential challenges, businesses can develop strategies to minimize risks & optimize their operations.