NEW YORK, December 14, 2016 /PRNewswire/ --
Recovering automobile sales, growing use of public transport, coupled with rising demand for commercial vehicles to drive Singapore tire market through 2021
According to TechSci Research report, "Singapore Tire Market Forecast and Opportunities, 2011 - 2021'’, tire market in Singapore is forecast to cross SG$ 280 million by 2021, on account of recovering automobile sales and expanding automobile fleet size. Moreover, as per the World Bank, Singapore's Consumer Price Index (CPI) decreased from 5.3% in 2011 to -0.5% in 2015, which, in turn, has positively impacted the purchasing power of consumers in the country. Moreover, the country's population increased from 5.18 million in 2011 to 5.53 million in 2015. With increasing purchasing power and growing population, Singapore tire market is expected to grow at a robust pace over the span of next five years.
Browse 15 market data Tables and 44 Figures spread through 110 Pages and an in-depth TOC on
"Singapore Tire Market"
On the basis of vehicle type, Singapore tire market has been broadly segmented into five categories, namely, passenger car, medium & heavy commercial vehicle, light commercial vehicle, two-wheelers and off-the-road. Among these categories, passenger car segment dominated the country's tire market during 2011 - 2015, and the segment is expected to maintain its dominance during forecast period as well. Central & East region was the largest demand generating region for tires in the country in 2015, followed by west, north-east and north regions.
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"Singapore automotive sector witnessed stagnancy during 2011-2015 as automobile sales declined during this period due to government policy directed towards limiting vehicle ownership in the country. The policy involves open bidding for procuring certificate of entitlement (COE), which is mandatory for owning a vehicle in the country. Moreover, with no domestic automobile production facility in the country, the tire market is completely dependent on replacement demand. In addition, replacement demand is addressed through imports, due to absence of tire production units in the country." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"Singapore Tire Market Forecast & Opportunities, 2021" has analyzed the potential of Singapore tire market, and provides statistics and information on market sizes, shares and trends. The report will suffice in providing intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.
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