Singapore Automotive Tire Market Growth and Size, Rising Trends, Revenue, Key Players, Demand, Challenges, Future Opportunities and Forecast Till 2033: SPER Market Research
An automotive tyre is a rubber-covered circular vehicle component that protrudes from the outside of the wheel rim. The tyre’s principal function is to protect the wheel rim while also transmitting tractive force between the vehicle and the road surface. Because it is constructed of rubber, it also acts as a flexible cushion, reducing vibrations and absorbing stress from the vehicle. A rubber tyre consists of tread, jointless cap piles, beads, synthetic rubber, carbon black, and fabric.
According to SPER Market Research, ‘Singapore Automotive Tire Market Size- By Type, By Sales Channel, By Construction and Region, Competitive Strategies and Segment Forecast to 2033’ States that the Singapore Automotive Tire Market is estimated to reach USD 0.11 billion by 2033 with a CAGR of 4.93%.
Drivers:
Singapore is seeing an increase in car ownership as the economy grows and living standards rise. In April 2024, Singapore had 850,921 registered vehicles. As vehicle ownership increases, so does the demand for original equipment (OE) and replacement tyres. The government’s attempts to promote car ownership and the development of urban infrastructure have also made it easier for individuals to get around, increasing demand for tyres. Because delivery and taxi cars have higher mileage and require more regular tyre changes, the expansion of fleet services, as well as the introduction of ride-sharing services, contribute to the increasing demand for tyres.
Restraints:
The Singapore vehicle tyre business has a number of challenges, including the need for new materials and sustainability. Tyres must provide optimal performance, safety, and durability, necessitating continuous research and development. Furthermore, environmental regulations and consumer demands are driving the development of eco-friendly and energy-efficient tyre materials. Ensuring tyre safety and reliability under a variety of driving conditions is a significant challenge. The market also competes with global tyre manufacturers, putting additional strain on maintaining market share and quality standards.
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The COVID-19 outbreak influenced the growth of Singapore’s tyre market. The government’s statewide quarantine, established to keep the virus from spreading, had an effect on tyre production and raw material availability. Furthermore, the epidemic compelled many people to work and stay at home, which reduced their desire for personal hobbies. The status of the national economy also had an impact on consumer purchasing power. These factors considerably affect demand for vehicle tyres in Singapore, limiting the industry’s total growth.
The Central Region of Singapore controls the Singapore automotive tyre market. This region comprises crucial regions such as the Central Business District (CBD), which has a high concentration of enterprises, commercial activity, and a large number of automobiles, resulting in increased demand for automotive tyres. Major players in the market are Bridgestone Asia Pacific Pte Ltd, Continental Automotive Singapore Pte Ltd, Dunlopillo Holdings Pte Ltd, and others.
Singapore Automotive Tire Market Segmentation:
By Type: Based on the Type, Singapore Automotive Tire Market is segmented as; Passenger Car Tires, Light Commercial Vehicle Tires, Heavy Commercial Vehicle Tires, Off-The-Road Vehicle Tires, Two-Wheeler Tires, Others.
By Sales Channel: Based on the Sales Channel, Singapore Automotive Tire Market is segmented as; Original Equipment Manufacturers, Replacement.
By Construction: Based on the Construction, Singapore Automotive Tire Market is segmented as; Radial, Bias.
By Region: This research also includes data for Western, Southern, Eastern, Northern, Central.
For More Information, refer to below link:-
Singapore Automotive Tire Market Outlook
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