Singapore: Aircraft Tyre Market 2024

Aircraft Tyre Market Size in Singapore

In 2021, the Singaporean aircraft tyre market decreased by -51.2% to $X, falling for the fourth consecutive year after two years of growth. Overall, consumption faced a dramatic descent. As a result, consumption reached the peak level of $X. From 2018 to 2021, the growth of the market remained at a lower figure.

Aircraft Tyre Exports

Exports from Singapore

In 2021, overseas shipments of tyres for aircraft increased by 44% to X units for the first time since 2018, thus ending a two-year declining trend. Overall, exports recorded buoyant growth. The pace of growth was the most pronounced in 2013 when exports increased by 444% against the previous year. Over the period under review, the exports attained the peak figure at X units in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, aircraft tyre exports soared to $X in 2021. In general, exports enjoyed a strong expansion. The pace of growth was the most pronounced in 2013 with an increase of 360% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Hong Kong SAR (X units), Indonesia (X units) and India (X units) were the main destinations of aircraft tyre exports from Singapore, together comprising 52% of total exports. China, Taiwan (Chinese), Malaysia, Thailand, South Korea, Pakistan, the Philippines and Vietnam lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2021, the biggest increases were recorded for Thailand (with a CAGR of +45.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for aircraft tyre exported from Singapore were Indonesia ($X), India ($X) and China ($X), together accounting for 54% of total exports. Taiwan (Chinese), Malaysia, Hong Kong SAR, Thailand, Pakistan, South Korea, the Philippines and Vietnam lagged somewhat behind, together comprising a further 31%.

Among the main countries of destination, Pakistan, with a CAGR of +131.6%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average aircraft tyre export price stood at $X per unit in 2021, falling by -2.7% against the previous year. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2015 an increase of 31%. The export price peaked at $X per unit in 2019; however, from 2020 to 2021, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2021, the country with the highest price was Vietnam ($X per unit), while the average price for exports to Hong Kong SAR ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+8.3%), while the prices for the other major destinations experienced more modest paces of growth.

Aircraft Tyre Imports

Imports into Singapore

After two years of decline, overseas purchases of tyres for aircraft increased by 21% to X units in 2021. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 33%. Over the period under review, imports hit record highs at X units in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

In value terms, aircraft tyre imports soared to $X in 2021. Overall, imports recorded a relatively flat trend pattern. Imports peaked at $X in 2017; however, from 2018 to 2021, imports stood at a somewhat lower figure.

Imports by Country

In 2021, the United States (X units) constituted the largest supplier of aircraft tyre to Singapore, accounting for a 61% share of total imports. Moreover, aircraft tyre imports from the United States exceeded the figures recorded by the second-largest supplier, Thailand (X units), twofold. Japan (X units) ranked third in terms of total imports with a 3.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.1% per year) and Japan (-8.1% per year).

In value terms, the United States ($X) constituted the largest supplier of tyres for aircraft to Singapore, comprising 66% of total imports. The second position in the ranking was taken by Thailand ($X), with a 20% share of total imports. It was followed by Japan, with a 5.7% share.

From 2012 to 2021, the average annual growth rate of value from the United States stood at +2.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+8.6% per year) and Japan (-13.0% per year).

Import Prices by Country

In 2021, the average aircraft tyre import price amounted to $X per unit, increasing by 14% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 15% against the previous year. The import price peaked at $X per unit in 2017; however, from 2018 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was France ($X per unit), while the price for Brazil ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+2.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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