Singapore Tire market size was USD 1.18 billion in 2023 and the market is projected to reach roughly USD 1.7 billion by 2032, at a CAGR of 4.2% during the forecast period.
An automotive tire refers to a compact circular component which is encircled by rubber material and fittingly placed over the rim of a wheel with the main focus being on protecting the rim and ensuring there are forces acting on the wheel and underlying surface. Besides that, the tire acts as a resilient member which minimizes stresses and resistance on the road surface. using materials such as synthetic rubber, carbon black and fabric along with tread, jointless cap heaps, and beads, the tire provides stability and lessens strains when in use thus contributing to improving the performance of the automobile and also the comfort of the passenger.
The tire market in Singapore is a vibrant and fast-paced industry related to the automotive activities that has a wide range of tire brands and manufacturers for all types of vehicles ranging from cars to trucks and motorcycles. Out of which tires for passenger vehicles are mostly used attributed to the high number of privately owned automobiles in the country albeit such tires for commercial and even motorcycle use take up a considerable amount of the share. The preferences of the listeners have also been influenced by the weather with a good amount of people looking for year-round tires which can do other seasons well as for some who look for wet trade tires aimed at the wet season only. What is more, there is an upsurge in luxury and sport vehicles ownership which calls for high-performance tires that offer traction, cornering, and stopping power attributes which all the above tires do not possess.
Singapore Tire Market dynamics
Several drivers are in play which affect the directional potential of the market, among them the growth in vehicle sales, rising automotive manufacturing, and growth in fleet services. There have been major developments in tire construction technology which when combined with effective infrastructure development are propelling this growth. Moreover, the replacement needs of tires and adherence to implementation of rigid safety regulations add more positive outlook on the growth of the market.
Singapore Tire Market drivers
Increase in the sale of Vehicles
With improvement in the standard of living hence economic development, more individuals and households are purchasing personal vehicles. The rise in car ownership heightens the need for OE tires and the need for replacement tires. Car ownership and urbanization policy has also led to increased car usage which increases demand for tires. The increasing penetration of car rental services and fleets for taxis and delivery services has also enhanced the demand for tires since these vehicles are more active and require tires to be changed more often. Thus, the continued and growing demand for personal and shared vehicle convenience is anticipated to support the current tire demand in Singapore.
Tire Technology Improvements
Improvements in tire technology greatly affect the sale of tires since customers seem more interested in new technology that improves performance, safety, and fuel consumption. A good example is run flat tires that allow a car to run for a limited distance after a puncture and hence reduces the urgency of changing the tire. Low rolling resistance eco-friendly tires help in enhancing fuel efficiency and consequently reducing the reliance on fuel and pollution of the environment.
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Rise in the sale of electric vehicles (EVs)
The Carbon Emission and Air Quality Improvement agenda of the Green Plan 2030 of the Singapore government is a very potent reason for the increase in the demand for specific tires manufactured for electric vehicles. The approach is complimented by a ban on the sale of internal combustion engine vehicles, development of charging facilities for electric vehicles, and design of schemes to rebates for vehicle buyers. Considering that electric vehicles have special features like increased torque and additional weight from battery packs, tires fit for electric vehicles are specialized in durability even as energy efficiency and range extension drive the design. Therefore, there is a healthy demand for such tires in the market of Singapore for EVs.
Opportunities:
Singapore’s high-income population has cultivated a strong preference for luxury and high-performance vehicles, leading to an increasing demand for high-performance tires among owners of premium cars, sports cars, and luxury sedans. These tires are made to provide better traction, precision cornering, and above all, better final braking performances which will help in driving in high speeds and sharp corners comfortably. At the same time, Singapore is also an environmentally conscious country and is therefore encouraging the use of green tires. These tires have been designed to minimize the power lost when the vehicle is in motion, hence enhancing the fuel efficiency and reducing carbons emitted. These products have also gained popularity amongst consumers who care for the environment in a bid to reduce their carbon emissions while enjoying a seamless and effective transport system. In addition, the electric vehicle (EV) boom globally is also affecting the market in Singapore. The EV market is expected to grow in Singapore as the government and the people are increasingly inclined towards mobility solutions that are environmentally friendly.
Challenges
The Singapore automobile tire industry has many impediments, and one of them is the evolving needs for new materials and sustainability. Consumers expect that tires perform to the highest levels of performance, safety, and wear, which in turn drives R & D activities. In addition, the growing focus on increasing the use of eco-friendly and energy-efficient tire materials is critical due to regulatory frameworks and shift in customer behaviors. One issue that remains a priority is the need to guarantee the quality of tires in various weather and road scenarios. The issue is further compounded by the fact the system faces stiff competition from global tire producing companies.
Segment Overview
By Vehicle Type, The Singapore Tire Market is segmented into Passenger Cars, Light Commercial Vehicles, Medium and Heavy Commercial Vehicles, Two Wheelers, Three Wheelers, Off-The-Road (OTR).
Light Commercial Vehicles (LCVs), are expected to the primary growth actors in the Singapore tire market within the years 2024–2032. This growth is mainly due to the various construction and development works currently underway as well as the ongoing development of management of the logistics sector which further increases the use of LCVs in various sectors and hence the market for tires.
Further, the state focus on improving public transportation systems is also a factor in boosting the market growth for light commercial vehicles. In a bid to realize the sustainability agenda by 2030, the rapid introduction of electric buses is likely to present a horizon for tire manufacturers to produce more electric vehicle tires in turn increasing the tire market.
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