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PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1267369

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PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1267369

Singapore Tire Market, By Type ; By Sales Channel (Original Equipment Manufacturers, Replacement); By Construction, Trend Analysis, Competitive Landscape & Forecast, 2019-2029

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Singapore Tire Market Size Set to Grow at Steady CAGR of 2.22% During 2023-2029.

Singapore tire market is flourishing due to an increasing number of car fleet and per capita income, rapid adoption of cutting-edge technologies, and intense competition among tire companies in the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Singapore tire market size to grow at a significant CAGR of 2.22% by 2029. The growth of Singapore tire market is driven by the increasing sales of passenger automobiles. Tires support a vehicle's weight, transmit accelerating and braking energy to the ground, change or maintain direction, and absorb road surface stress, all of which contribute to the vehicle's overall performance. Increasing infrastructure spending in both established and emerging markets is also expected to enhance demand for construction trucks, boosting tire sales. Aside from that, the major companies are working on innovative, environmentally friendly products including ecological, flat-run, and nitrogen-based tires. However, the high initial costs of premium and eco-friendly tires may limit the growth of Singapore tire market.

Singapore Tire Market - Overview:

The tire on a car is a rim-like, circular object that contains air. It is made from a mix of organic and inorganic components, including steel, rubber, wire, cotton, glass, silica, and wire that has been strengthened with carbon black. A bead, bead filler, belts, body ply, inner liner, sidewall, and tread are just a few of the pieces that make up the tire, which is available in two variations: tubed and tubeless. The tire is essential for controlling the forces.

Impact of COVID-19 on Singapore Tire Market

The COVID-19 pandemic affected the growth of Singapore tire market. The nationwide quarantine imposed by the government to stop the virus's spread affected tire production and the supply of raw materials. Also, the pandemic forced a lot of individuals to work from home, which reduced the demand for solitary activity. The nation's economic situation also affected the purchasing power of the general public. The demand for car tires in Singapore is severely constrained by these constraints, which is detrimental to the industry's overall expansion.

Singapore Tire Market - By Sales Channel:

On the basis of sales channel, Singapore tire market is split into Original equipment manufacturers (OEM) and Replacement segments. The Singapore tire market is more heavily influenced by the replacement segment. It highlights the nation's significant reliance on imported tires due to its inability to produce tires and automobiles, highlighting the absence of OEMs. However, advantages like the simplicity of locating a wide range of tires for all vehicle types at various price points are probably going to accelerate the rise of the replacement sector. The demand for replacement tires is also expected to rise during the forecast period as consumer awareness of the importance of regular tire replacement and maintenance rises.

Competitive Landscape:

Singapore tire market is fiercely competitive. Major companies in the market include Michelin Asia-Pacific Pte Ltd, Goodyear Singapore Pte Ltd, Bridgestone Asia Pacific Pte Ltd, Continental Automotive Singapore Pte Ltd, Dunlopillo Holdings Pte Ltd, Kumho Tire Singapore Pte Ltd, Hankook Tire Singapore Pte Ltd, Pirelli Asia Pte Ltd, Toyo Tire Asia Co Ltd, and Yokohama Tire (Singapore) Pte Ltd. These companies use various strategies, including increasing investments in their R&D activities, mergers, and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in the Singapore tire market.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Singapore Tire Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Singapore Tire Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

Product Code: BWC23321

Table of Contents

1. Research Framework

  • 1.1. Research Objective
  • 1.2. Product Overview
  • 1.3. Market Segmentation

2. Executive Summary

3. Singapore Tire Market Insights

  • 3.1. Industry Value Chain Analysis
  • 3.2. DROC Analysis
    • 3.2.1. Growth Drivers
      • 3.2.1.1. Growing automotive industry in Singapore
      • 3.2.1.2. Increasing demand for fuel-efficient high-performance tires
      • 3.2.1.3. Increasing number of vehicle owners opting for premium tires
      • 3.2.1.4. Government initiatives to promote electric vehicles and eco-friendly tires
    • 3.2.2. Restraints
      • 3.2.2.1. High initial costs of premium and eco-friendly tires
      • 3.2.2.2. Limited availability of skilled labor in the tire industry
    • 3.2.3. Opportunities
      • 3.2.3.1. Growing demand for electric vehicles and associated tires
      • 3.2.3.2. Technological advancements in tire manufacturing, such as the development of self-healing and airless tires
    • 3.2.4. Challenges
      • 3.2.4.1. High cost of research and development for new tire technologies
  • 3.3. Technology Advancements/Recent Developments
  • 3.4. Regulatory Framework
  • 3.5. Porter's Five Forces Analysis
    • 3.5.1. Bargaining Power of Suppliers
    • 3.5.2. Bargaining Power of Buyers
    • 3.5.3. Threat of New Entrants
    • 3.5.4. Threat of Substitutes
    • 3.5.5. Intensity of Rivalry

4. Singapore Tire Market Overview

  • 4.1. Market Size & Forecast, 2019-2029
    • 4.1.1. By Value (USD Million)
  • 4.2. Market Share & Forecast
    • 4.2.1. By Type
      • 4.2.1.1. Passenger car tires
      • 4.2.1.2. Light commercial vehicle tires
      • 4.2.1.3. Heavy commercial vehicle tires
      • 4.2.1.4. Off-road tires
      • 4.2.1.5. Two-wheeler tires
      • 4.2.1.6. Others
    • 4.2.2. By Sales Channel
      • 4.2.2.1. Original equipment manufacturers (OEMs)
      • 4.2.2.2. Replacement
    • 4.2.3. By Construction
      • 4.2.3.1. Radial
      • 4.2.3.2. Bias

5. Competitive Landscape

  • 5.1. List of Key Players and Their Offerings
  • 5.2. 3. Singapore Tire Company Market Share Analysis, 2022
  • 5.3. Competitive Benchmarking, By Operating Parameters
  • 5.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)

6. Impact of Covid-19 on Singapore Tire Market

7. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)

  • 7.1. Michelin Asia-Pacific Pte Ltd
  • 7.2. Goodyear Singapore Pte Ltd
  • 7.3. Bridgestone Asia Pacific Pte Ltd
  • 7.4. Continental Automotive Singapore Pte Ltd
  • 7.5. Dunlopillo Holdings Pte Ltd
  • 7.6. Kumho Tire Singapore Pte Ltd
  • 7.7. Hankook Tire Singapore Pte Ltd
  • 7.8. Pirelli Asia Pte Ltd
  • 7.9. Toyo Tire Asia Co Ltd
  • 7.10. Yokohama Tire (Singapore) Pte Ltd
  • 7.11. Other Prominent Players

8. Key Strategic Recommendations

9. Research Methodology

  • 9.1. Qualitative Research
    • 9.1.1. Primary & Secondary Research
  • 9.2. Quantitative Research
  • 9.3. Market Breakdown & Data Triangulation
    • 9.3.1. Secondary Research
    • 9.3.2. Primary Research
  • 9.4. Breakdown of Primary Research Respondents, By Region
  • 9.5. Assumptions & Limitations

*Financial information in case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

Product Code: BWC23321

List of Figures

  • Figure 1 Singapore Tire Segmentation
  • Figure 2 Singapore Tire Market Value Chain Analysis
  • Figure 3 Company Market Share Analysis, 2022
  • Figure 4 Singapore Tire Market Size, By Value (USD Million), 2019-2029
  • Figure 5 Singapore Tire Market Share, By Type, By Value, 2019-2029
  • Figure 6 Singapore Tire Market Share, By Sales Channel, By Value, 2019-2029
  • Figure 7 Singapore Tire Market Share, By Construction, By Value, 2019-2029

List of Tables

  • Table 1 Singapore Tire Market Size, By Value (USD Million), 2019-2029
  • Table 2 Singapore Tire Market Share, By Type, By Value, 2019-2029
  • Table 3 Singapore Tire Market Share, By Sales Channel, By Value, 2019-2029
  • Table 4 Singapore Tire Market Share, By Construction, By Value, 2019-2029
  • Table 5 Michelin Asia-Pacific Pte Ltd Company Overview
  • Table 6 Michelin Asia-Pacific Pte Ltd Financial Overview
  • Table 7 Goodyear Singapore Pte Ltd Company Overview
  • Table 8 Goodyear Singapore Pte Ltd Financial Overview
  • Table 9 Bridgestone Asia Pacific Pte Ltd Company Overview
  • Table 10 Bridgestone Asia Pacific Pte Ltd Financial Overview
  • Table 11 Continental Automotive Singapore Pte Ltd Company Overview
  • Table 12 Continental Automotive Singapore Pte Ltd Financial Overview
  • Table 13 Dunlopillo Holdings Pte Ltd Company Overview
  • Table 14 Dunlopillo Holdings Pte Ltd Financial Overview
  • Table 15 Kumho Tire Singapore Pte Ltd Company Overview
  • Table 16 Kumho Tire Singapore Pte Ltd Financial Overview
  • Table 17 Hankook Tire Singapore Pte Ltd Company Overview
  • Table 18 Hankook Tire Singapore Pte Ltd Financial Overview
  • Table 19 Pirelli Asia Pte Ltd Company Overview
  • Table 20 Pirelli Asia Pte Ltd Financial Overview
  • Table 21 Toyo Tire Asia Co Ltd Company Overview
  • Table 22 Toyo Tire Asia Co Ltd Financial Overview
  • Table 23 Yokohama Tire (Singapore) Pte Ltd Company Overview
  • Table 24 Yokohama Tire (Singapore) Pte Ltd Financial Overview
  • Table 25 Other Prominent Players Company Overview
  • Table 26 Other Prominent Players Financial Overview
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Jeroen Van Heghe

Manager - EMEA

+32-2-535-7543

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Christine Sirois

Manager - Americas

+1-860-674-8796

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