Automotive Products - Singapore | Statista Market Forecast

Value added in the Automotive Products market is projected to amount to US$3.6bn in 2024.
A compound annual growth rate of 1.48% is expected (CAGR 2024–2029).
The value added per capita in the Automotive Products market is projected to amount to US$601.9 in 2024.
The value added margin in the Automotive Products market is projected to amount to 32% in 2024.
Output in the Automotive Products market is projected to amount to US$11.6bn in 2024.
A compound annual growth rate of 1.29% is expected (CAGR 2024–2029).
The output per enterprise in the Automotive Products market is projected to amount to US$12.3m in 2024.
The manufacturing intensity in the Automotive Products market is projected to amount to 2.8% in 2024.
The number of enterprises in the Automotive Products market is projected to amount to 941.00 in 2024.
A compound annual growth rate of 2.04% is expected (CAGR 2024–2029).
The enterprise density in the Automotive Products market is projected to amount to 155 in 2024.
The number of employees in the Automotive Products market is projected to amount to 50.54k in 2024.
A compound annual growth rate of 1.48% is expected (CAGR 2024–2029).
The employment rate in the Automotive Products market is projected to amount to 0.84% in 2024.
The labor efficiency in the Automotive Products market is projected to amount to US$228.9k in 2024.
The labor productivity in the Automotive Products market is projected to amount to US$72.1k in 2024.

Definition:

The Automotive Products market includes the production of motor vehicles, trailers, and other forms of transportation equipment. This encompasses passenger cars, commercial vehicles, and other motorized vehicles, as well as ships, boats, trains, airplanes, and related components such as engines, gears, and brakes. Essentially, it is a comprehensive market that covers all forms of transportation and related equipment used for the movement of people and goods.

Structure:

The market is divided into 2 parts: Motor Vehicles & Trailers that refers to motor vehicles for transporting passengers or freight and Other Transportation Equipment that refers to vehicles and transportation systems other than those used for personal or commercial transportation.

Additional information:

The market comprises value added, output, number of enterprises, number of employees, and the respective growth rates. Output refers to the total value of all goods produced, whereas value added is the sum of the intermediate stages of production or, in other words, the wealth created by industry activity. The market only displays B2B production.

Manufacture of motor vehicles, trailers, and semi-trailers
Manufacture of parts and accessories for motor vehicles
Manufacture of ships, floating structure, pleasure and sporting boats
Manufacture of railway locomotives, air and spacecraft machinery
Manufacture of military fighting vehicles
Manufacture of motorcycles, bicycles, and invalid carriages
Other categories listed within ISIC Divisions 29 and 30 as "included"

Manufacture of tractors and trailers used in construction, mining or agriculture
Manufacture of tanks and other military fighting vehicles, weapons and ammunitions
Manufacture of tyres and batteries, engines, turbines, and electric motors
Manufacture of navigational and lighting equipment
Maintenance, repair and alteration of motor vehicles
Other categories listed within ISIC Divisions 29 and 30 as "excluded"

The manufacturing market has faced several challenges in recent years due to geopolitical uncertainty, supply chain disruptions, changing consumer preferences, and increasing regulatory scrutiny. However, several positive factors, such as rising global demand, ongoing technological advancements, and increasing investment in automation and digitalization, continue to influence the market, and the outlook for manufacturing remains positive.

While the Covid-19 pandemic has caused significant hardships for manufacturers, those that invested in digitalization and automation of their processes will be best positioned for long-term success. Manufacturers who can effectively balance cost pressures and maintain a strong focus on quality are likely to survive the current crisis and come out more resilient in the end.

Among the factors that could affect the manufacturing market in 2023 is the adoption of advanced technology, such as artificial intelligence, robotics, and the Internet of Things (IoT), which have the potential to improve overall efficiency and productivity while reducing costs.

Furthermore, our analysts believe that sustainability and environmental awareness will become increasingly important trends, as more investors and consumers prefer companies that prioritize these values and develop eco-friendly products.

Finally, geopolitical factors such as trade tensions and changes in government policies could also impact the manufacturing market in 2023, with the Russia-Ukraine war having the biggest impact.

In summary, the current environment presents both challenges and opportunities for the manufacturing market in 2023. However, with the right managerial strategies and high flexibility, companies can succeed and strengthen their long-term market position.

Data coverage:

The data encompasses B2B. Figures are based on the value added in the manufacturing market.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market. As a basis for evaluating markets, we use resources from the Statista platform as well as annual financial reports of the market-leading companies and industry associations, third-party studies and reports, national statistical offices, international institutions, and the experience of our analysts. In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, and consumer price index.

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, the S-curve function and exponential trend smoothing are well suited for forecasting the manufacturing market due to the non-linear growth of this market.

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.

This report presents a comprehensive analysis and additional information on the Industrial market, in a PDF format.

Is the global automotive industry experiencing an economic downturn? High inflation rates and raw material price increases recorded throughout 2022 and 2023 have challenged the industry, impacting consumers’ purchasing power and manufacturers’ production costs and profits. However, while global automobile sales slowed in 2022 due to the impact of the automotive semiconductor shortage, the market has been growing since the pandemic, and is forecast to move closer to its pre-pandemic level in 2023.