A tyre is a rim-shaped, circular object that carries air. Steel, rubber, wire, cotton, glass, silica, and wire reinforced with carbon black are some of the biological and inorganic materials used to make it. A tyre is made up of several components, including a bead, bead filler, belts, body ply, inner liner, sidewall and tread. There are two types of tyres: tubed and tubeless. Tyres support a vehicle's weight, convey accelerating and braking energy to the ground, change or maintain direction, and absorb road surface stress, all of which improve the vehicle's overall performance.

Driving Factors- Growing car ownership in Singapore: More people and families are buying personal vehicles as the country's economy expands and living standards rise. When April 2024 rolled around, Singapore had 850,921 registered automobiles. The increased demand for original equipment (OE) and replacement tyres is a result of the rise in vehicle ownership. The government's initiatives to encourage car ownership and the construction of urban infrastructure have also made it easier for people to move about, which has increased demand for tyres. Since delivery and taxi cars have higher mileage and need tyre changes more frequently, the growth of fleet services and the emergence of ride-sharing services both add to the rising need for tyres. As a result, as more individuals seek the ease and flexibility of personal and shared car use, there will be an ongoing demand for tyres in Singapore.

Challenges- Automobile tyres require a lot of synthetic and natural rubber, sulphur, carbon black, and other components. The price of these raw materials varies depending on a number of factors, including natural rubber supplies and government rules forbidding excessive removal of rubber trees. Raw material price changes stymie the growth of the Singapore tyre sector.

Impact of COVID-19 on Singapore Automotive Tire Market 

The emergence of Covid-19 in 2020 presented various unforeseen difficulties to the top companies operating in the Singapore Tyre Market. With lockdowns and import/export restrictions in place, businesses suffered enormous revenue losses as a result of supply chain interruptions, raw material shortages, delivery and import delays, and changes in raw material and tyre prices, among other things, during the crisis. As a result, they made a strategic shift to online platforms, selling their items through e-commerce websites and offering door-to-door delivery and installation to customers. Later, with the slow drop in Covid-19 instances and the relaxation of rules, the Singapore tyre market saw a significant increase with the resumption of imports and shipments throughout the country.

Singapore Automotive Tire Market Key Players: 

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as Bridgestone Asia Pacific Pte Ltd, Continental Automotive Singapore Pte Ltd, Dunlopillo Holdings Pte Ltd, Goodyear Singapore Pte Ltd, Hankook Tire Singapore Pte Ltd, Kumho Tire Singapore Pte Ltd, Michelin Asia-Pacific Pte Ltd, Pirelli Asia Pte Ltd, Toyo Tire Asia Co Ltd, Yokohama Tire.

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.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.