NEW YORK, Jan. 5, 2017 /PRNewswire/ -- Singapore is a major hub for global financial and commercial activities. Vehicle motorization rate (for passenger cars and commercial vehicles) in the country stood at around 150 vehicles per 1,000 people, as of 2014. Further, tire market in the country is completely replacement driven, owing to absence of automobile production plants in the country. Singapore's Gross National Income grew from USD48,530 in 2011 to USD52,090 in 2015, and this boosted sales of automobiles in the country. Growing infrastructure developments, increasing vehicle sales and expanding automobile fleet in the country are forecast to drive Singapore tire market over the next five years.
According to "Singapore Tire Market Forecast and Opportunities, 2011 - 2021'', tire market in the country is projected to cross US$ 200 million by 2021. Passenger cars dominated Singapore tire market in 2015, and the segment is anticipated to continue dominating the market in the coming years as well, due to expanding passenger car fleet size and rising passenger car sales. Moreover, growing demand for commercial vehicle and OTR tires in Singapore can be attributed to rising demand for these vehicles in transportation, infrastructure developments and construction sectors. Few of the leading companies operating in Singapore tire market include Michelin, Continental, Pirelli and Bridgestone. "Singapore Tire Market Forecast and Opportunities, 2011 - 2021" report elaborates following aspects of tire market in Singapore:
- Singapore Tire Market Size, Share & Forecast
- Segmental Analysis – By Vehicle Type (Passenger Car, Medium & Heavy Commercial Vehicle, Light Commercial Vehicle, Two-Wheeler, and Off-The-Road), By Radial Vs Bias
- Policy & Regulatory Landscape
- Changing Market Trends and Emerging Opportunities
- Competitive Landscape and Strategic Recommendations
Why You Should Buy This Report?
- To gain an in-depth understanding of tire market in Singapore
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tire companies and other stakeholders to align their market-centric strategies
- To obtain research based business decision and add weight to presentations and marketing material
- To gain competitive knowledge of leading players
- To avail 10% customization in the report without any extra charges and get the research data or trends added in the report as per the buyer's specific needs
The information contained in this report is based on both primary and secondary sources. Primary research included interviews with vehicle manufactures, tire companies, distributors, retailers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
Read the full report: http://www.reportlinker.com/p04518429-summary/view-report.html
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
Contact Clare: firstname.lastname@example.org
Intl: +1 339-368-6001
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/singapore-tire-market-forecast-and-opportunities-2011---2021-300386742.html