Singapore: Passenger Car Tyre Market 2024

Passenger Car Tyre Market Size in Singapore

The Singaporean passenger car tyre market soared to $X in 2021, rising by 91% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption continues to indicate a modest increase. Over the period under review, the market attained the maximum level at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Passenger Car Tyre Exports

Exports from Singapore

Passenger car tyre exports from Singapore dropped rapidly to X units in 2021, waning by -15.5% on the previous year's figure. Over the period under review, exports showed a pronounced downturn. The growth pace was the most rapid in 2014 when exports increased by 62%. Over the period under review, the exports hit record highs at X units in 2017; however, from 2018 to 2021, the exports failed to regain momentum.

In value terms, passenger car tyre exports declined to $X in 2021. In general, exports continue to indicate a perceptible decrease. The most prominent rate of growth was recorded in 2014 when exports increased by 62%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

The Netherlands (X units) was the main destination for passenger car tyre exports from Singapore, accounting for a 33% share of total exports. Moreover, passenger car tyre exports to the Netherlands exceeded the volume sent to the second major destination, Oman (X units), threefold. The third position in this ranking was taken by Hong Kong SAR (X units), with an 8% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the Netherlands was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Oman (+186.9% per year) and Hong Kong SAR (+8.1% per year).

In value terms, the Netherlands ($X), Malaysia ($X) and Hong Kong SAR ($X) appeared to be the largest markets for passenger car tyre exported from Singapore worldwide, with a combined 50% share of total exports. These countries were followed by Oman, China, Taiwan (Chinese), Japan, the United States, Germany, Australia, Pakistan, Cambodia and Bangladesh, which together accounted for a further 34%.

In terms of the main countries of destination, Oman, with a CAGR of +191.0%, saw the highest growth rate of 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

In 2021, the average passenger car tyre export price amounted to $X per unit, increasing by 8.6% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 when the average export price increased by 18%. The export price peaked at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Malaysia ($X per unit), while the average price for exports to Bangladesh ($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 Malaysia (+9.0%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Tyre Imports

Imports into Singapore

Passenger car tyre imports into Singapore surged to X units in 2021, with an increase of 19% compared with the year before. Overall, imports, however, recorded a slight setback. The pace of growth appeared the most rapid in 2016 when imports increased by 29% against the previous year. Over the period under review, imports hit record highs at X units in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, passenger car tyre imports surged to $X in 2021. In general, imports showed a relatively flat trend pattern. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Japan (X units), China (X units) and Thailand (X units) were the main suppliers of passenger car tyre imports to Singapore, with a combined 60% share of total imports. Germany, Indonesia, South Korea, Romania, the Netherlands, Poland, Malaysia, France and the United Arab Emirates lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for Poland (with a CAGR of +32.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Japan ($X) constituted the largest supplier of tyres for motor cars to Singapore, comprising 27% of total imports. The second position in the ranking was held by Thailand ($X), with a 13% share of total imports. It was followed by Germany, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Japan stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Thailand (+0.4% per year) and Germany (-4.0% per year).

Import Prices by Country

In 2021, the average passenger car tyre import price amounted to $X per unit, with an increase of 10% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.7%. The most prominent rate of growth was recorded in 2015 when the average import price increased by 19%. As a result, import price reached the peak level of $X per unit. From 2016 to 2021, the average import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Romania (+6.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :