Passenger Cars - Singapore

Singapore

Revenue in the Passenger Cars market is projected to reach US$1,667.0m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 10.40%, resulting in a projected market volume of US$2,476.0m by 2028.
The market's largest segment is SUVs with a projected market volume of US$662.4m in 2024.
Passenger Cars market unit sales are expected to reach 62.16k vehicles in 2028.
The volume weighted average price of Passenger Cars market is expected to amount to US$39.34k in 2024.
With a vehicle unit sales share of 23.5% in 2024, Toyota is expected to have one of the highest market share in the selected region.
The value market share of the make BMW in the selected region is expected to stand at 23.0% in 2024.
From an international perspective it is shown that the most revenue will be generated in the United States (US$558bn in 2024).

Key regions: United States, Germany, Europe, China, India

Market

Make

Region

Region comparison

Currency

Analyst Opinion

The Passenger Cars market in Singapore is experiencing steady growth due to several factors.

Customer preferences: Customers in Singapore have a strong preference for passenger cars that are fuel-efficient and environmentally friendly. With the increasing awareness of climate change and the need to reduce carbon emissions, there is a growing demand for electric and hybrid vehicles in the market. Additionally, customers also value safety features and advanced technology in their cars, such as autonomous driving capabilities and connectivity options.

Trends in the market: One of the key trends in the Singaporean Passenger Cars market is the rise of electric vehicles (EVs) and hybrid cars. The government has implemented various incentives and initiatives to promote the adoption of EVs, including tax rebates, grants, and charging infrastructure development. As a result, more car manufacturers are introducing EV models into the market, and customers are increasingly considering these options. Another trend is the growing popularity of ride-sharing services and car-sharing platforms. With the rise of companies like Grab and Gojek, many Singaporeans are opting to use these services rather than purchasing their own cars. This trend has led to a shift in customer preferences, with more emphasis on convenience and cost-effectiveness rather than car ownership.

Local special circumstances: Singapore's limited land area and high population density have led to strict regulations on car ownership. The government implements a Certificate of Entitlement (COE) system, which requires individuals to bid for the right to own a car. This system aims to control the number of cars on the road and reduce congestion. As a result, the cost of owning a car in Singapore is significantly higher compared to other countries, which influences customer preferences and purchasing decisions.

Underlying macroeconomic factors: Singapore has a strong and stable economy, with a high GDP per capita and a well-developed infrastructure. These factors contribute to a high level of affluence among the population, allowing for a higher purchasing power and willingness to spend on luxury and premium cars. Additionally, the government's focus on promoting sustainable development and reducing carbon emissions aligns with the global trend towards electric and hybrid vehicles. In conclusion, the Passenger Cars market in Singapore is driven by customer preferences for fuel-efficient and environmentally friendly cars, as well as safety features and advanced technology. The rise of electric vehicles and the popularity of ride-sharing services are notable trends in the market. The local special circumstance of limited land area and strict car ownership regulations also play a significant role in shaping the market. Overall, Singapore's strong economy and focus on sustainability contribute to the growth and development of the Passenger Cars market.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on the sales of new passenger cars. Data on the specifications of the sold vehicles is based on the base models of the respective makes.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market segment. As a basis for evaluating markets, we use company reports and websites, vehicle registries, car dealers, and environment agencies among other sources. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP and car stock per capita. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, we use the ARIMA model for the Passenger Cars market. The main drivers are GDP per capita and consumer spending per capita.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the data is updated on an ad hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development).