Singapore Tire Market Is Dominated by Passenger Car Sector, Informs TechSci Research in Its Publication Available at MarketPublishers.com20 Jan 2017 • by Natalie Aster
LONDON – Singapore is known as a key hub for global commercial and financial activities. As of the year 2014, the country’s vehicle motorization rate was assessed at approximately 150 vehicles per 1,000 people. Due to absence of automobile production units in Singapore, the country’s tire market is completely replacement driven.
From 2011 till 2015, Singapore’s GNI rose from little over USD 48,530 to touch USD 52,090, thereby boosting sales of autos in Singapore. In the years to come, growth in Singapore’s tire market will likely be driven by various factors, including developing infrastructure, rising vehicle sales and expanding country’s automobile fleet.
In the year 2015, the tire market in Singapore was led by the passenger car segment, which is expected to keep on dominating the marketplace majorly due to increasing sales and expanding fleet of passenger cars in the country. Nowadays, escalating demand for commercial vehicle and OTR tires in the country is spurred by increasing demand for these vehicles in sectors like infrastructure, transportation and construction.
Michelin, Continental, Pirelli and Bridgestone are the world-known companies active in the Singapore tire market.
Topical research report prepared by TechSci Research, “Singapore Tire Market Forecast and Opportunities, 2011 - 2021”, provides a comprehensive analysis of the Singapore tire market. It offers detailed examination of the market shares, uncovers data on size (volume and value), delves deep into the market policy and regulatory landscape, covers changing market trends and identifies emerging opportunities, explores performance of each segment of the marketplace, traces light on the market dynamics, includes a granular overview of the market growth drivers, restraints and challenges. Moreover, competitive market environment and the leading market players are discussed in this topical research report. In addition, the report study includes future forecasts for Singapore tire market up till 2021.
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