Executive Cars - Singapore

Singapore

Highlights

Revenue in the Executive Cars market is projected to reach US$183m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.22%, resulting in a projected market volume of US$185m by 2029.
Executive Cars market unit sales are expected to reach 3.0k vehicles in 2029.
The volume weighted average price of Executive Cars market in 2024 is expected to amount to US$62k.
From an international perspective it is shown that the most revenue will be generated China (US$63bn in 2024).

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Executive Cars market in Singapore has been experiencing steady growth over the past few years.

Customer preferences: One of the main reasons for this growth is the increasing demand for luxury and high-end vehicles among the affluent population in Singapore. Customers in this segment are looking for cars that offer both style and performance, and are willing to pay a premium for these features. In addition, there is a growing trend towards eco-friendly vehicles, with customers showing a preference for hybrid or electric executive cars.

Trends in the market: One of the key trends in the Executive Cars market in Singapore is the rise of ride-hailing services. These services have gained popularity among the urban population, offering a convenient and cost-effective alternative to owning a car. As a result, some customers are opting to use ride-hailing services instead of purchasing their own executive cars. However, there is still a strong demand for executive cars among those who value the status and comfort that these vehicles provide. Another trend in the market is the increasing availability of advanced technology features in executive cars. Customers are looking for vehicles that offer the latest in-car entertainment systems, navigation tools, and safety features. This has led to a rise in the adoption of connected car technology, which allows drivers to stay connected to the internet and access various apps and services while on the road.

Local special circumstances: Singapore is known for its strict regulations and high taxes on cars. These factors have a significant impact on the Executive Cars market in the country. The high taxes make luxury cars more expensive, which can deter some potential buyers. However, Singapore also has a strong economy and a high concentration of high-net-worth individuals, who are willing to pay the premium prices for luxury vehicles.

Underlying macroeconomic factors: The growth of the Executive Cars market in Singapore is also influenced by macroeconomic factors such as GDP growth, employment rates, and disposable income levels. When the economy is performing well and people have more disposable income, they are more likely to invest in luxury items such as executive cars. Similarly, a stable job market and low unemployment rates give consumers the confidence to make big-ticket purchases. In conclusion, the Executive Cars market in Singapore is driven by customer preferences for luxury and high-end vehicles, as well as a growing demand for eco-friendly options. The market is also influenced by trends such as the rise of ride-hailing services and the increasing availability of advanced technology features. Additionally, local special circumstances such as strict regulations and high taxes on cars play a role in shaping the market. Finally, underlying macroeconomic factors such as GDP growth and employment rates also impact the growth of the market.

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).