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Passenger Cars - Singapore

Singapore
  • Revenue in the Passenger Cars market is projected to reach US$2.1bn 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$2.1bn by 2029.
  • The market's largest segment is SUVs with a projected market volume of US$872.7m in 2024.
  • Passenger Cars market unit sales are expected to reach 54.01k vehicles in 2029.
  • The volume weighted average price of Passenger Cars market is expected to amount to US$39.55k in 2024.
  • With a vehicle unit sales share of 20.6% 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 24.4% in 2024.
  • From an international perspective it is shown that the most revenue will be generated United States (US$605bn in 2024).

The Mobility Market specifically covers newly sold passenger cars, including small, medium, executive, and luxury cars as well as SUVs, minivans, and sports cars. However, motorcycles, buses, trucks, large vans, and light utility vehicles are not included. The market's segmentation is based on several factors, including physical properties (weight, volume, wheelbase) and economic factors (pricing, status, etc.). All key figures shown represent the sales of new cars in the basic configuration in the respective year. Used vehicles are not taken into account, nor is adapted equipment for the new cars sold. The prices and revenues shown as well as the distribution of connectivity, drive types, autonomy levels, and average CO2 emissions are accordingly based on the basic models. Importantly, our focus is solely on the market for newly sold cars, distinct from the broader category of registered cars.

The Passenger Cars market is divided into further markets for small cars, medium cars, executive cars, luxury cars, SUVs, minivans, and sports cars. Additionally, it delves into different car brands, offering a comprehensive view of the market.

Insights are centered on newly sold cars in standard configurations, excluding used vehicles and customizations. Reported statistics align with base vehicle configurations, ensuring a focused understanding of the dynamic passenger car market.

In-Scope

  • Newly Sold Passenger cars
  • Sports cars
  • SUVs
  • MPVs

Out-Of-Scope

  • Motorcycles, Buses and Trucks
  • Commercial Vans (included for the U.S. market only)
  • Pickup trucks (included for the U.S. market only)
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eMobility: in-depth market analysis

Study Details

    Unit Sales

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: The chart “Comparable Estimates” shows the forecasted development of the selected market from different sources. Please see the additional information for methodology and publication date.

    Most recent update: Mar 2024

    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.

    Technical Specifications

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Notes: Level 0: No automation and very limited driver assistance in the form of automatic emergency braking or blind-spot warning. Level 1: Driver assistance such as cruise control or lane centering. Level 2: Partial automation, including brake and steering support. Level 3: Conditional automation, the vehicle can perform most driving tasks in certain scenarios, human intervention is still needed.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Revenue

    Notes: Data was converted from local currencies using average exchange rates of the respective year.

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Most recent update: Oct 2024

    Source: Statista Market Insights

    Price

    Most recent update: Oct 2024

    Source: Statista Market Insights

    User Demographics

    Most recent update: Mar 2024

    Sources: Statista Market Insights, Statista Consumer Insights Global

    Global Comparison

    Most recent update: Oct 2024

    Source: Statista Market Insights

    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).

    Mobility

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    Key Market Indicators

    Notes: Based on data from IMF, World Bank, UN and Eurostat

    Most recent update: Sep 2024

    Source: Statista Market Insights

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