NEW YORK, Nov. 17, 2015 /PRNewswire/ -- With a population of around 5.47 million in 2014, Singapore is a global financial and commercial hub. Singapore's vehicle motorization rate (for passenger cars and commercial vehicles) stood at around 153 vehicles per 1,000 people, as of 2013. This low vehicle motorization rate in Singapore promises huge growth potential for the country's automotive industry in the coming years, including the tyre industry. Major global players such as Michelin, Bridgestone, Yokohama, and Hankook operate in Singapore by importing tyres into the country.
According to "Singapore Tyre Market Forecast & Opportunities, 2020", Singapore's automotive sector witnessed a decline in sales during 2010-2014. This was predominantly due to implementation of various government initiatives to control increasing motor vehicle ownership in the country. The tyre market in the country is dominated by passenger car and commercial vehicle tyre segments, which cumulatively captured a market share of around 82% in 2014. With no domestic automobile production facility in the country, the tyre market is completely dependent on replacement demand. Moreover, replacement demand is addressed through imports, due to absence of tyre production units in the country. "Singapore Tyre Market Forecast & Opportunities, 2020" report elaborates following aspects of tyre market in Singapore:
- Singapore Tyre Market Size, Share & Forecast
- Segmental Analysis – Passenger Car Tyres, Light Commercial Vehicle Tyres, Medium and Heavy Commercial Tyres & Two Wheeler Tyres
- 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 tyre market in Singapore
- To identify the on-going trends and segment wise anticipated growth in the coming years
- To help industry consultants, tyre 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 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 tyre companies, distributors, retailers and industry experts. Secondary research included an exhaustive search of relevant publications like company annual reports, financial reports and proprietary databases.
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