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The Singapore automotive market size is estimated to grow at a CAGR of 6.03% between 2022 and 2027. The market size is forecast to increase by 18,191 actual units. The growth of the market depends on several factors, including growing demand for fuel-efficient and low-emission vehicles, rising penetration of downsized engines in LCVs, and emerging online marketplaces for vehicles.
This automotive market in Singapore report extensively covers market segmentation by Type (hatchback, sedan, SUV, and MPV) and Geography (apac) and geography Singapore. It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Demand for economical and low-pollution vehicles is increasing. The harmful effects of emissions from fossil-fueled vehicles have alarmed people around the world, thus increasing the demand for low-emission vehicles. Additionally, with oil and gas prices fluctuating rapidly, consumers are turning to more fuel-efficient vehicles. Adoption of electric vehicles is therefore increasing as they increase energy security, improve fuel efficiency and reduce fuel emissions. Rising fuel prices have caused consumers to switch from conventional vehicles to electric vehicles.
Rising fuel prices and growing demand for low-emission vehicles have caused consumers and automakers to look for alternatives to gasoline and diesel-powered vehicles. Emissions from fuel-based vehicles contribute to climate change due to their high greenhouse gas (GHG) emissions. Moreover, the growing demand for electric vehicles is driven by dynamic policy developments, policy implementations, and technological advancements. Hence, growing consensus between governments and consumers to reduce emissions will spur market growth during the forecast period.
Advancement in EVs is an emerging trend influencing the Singapore Automotive Market. The developing adoption of EVs is witnessing new possibilities for stakeholders, including machine integrators, automobile manufacturers, and engine manufacturers. With growing consumer awareness and understanding of the benefits of EVs, coupled with the government supporting the trend with incentives, the market players are focused to cater the surging demand and providing better options.
The principal demanding situation is related to the high cost and limited range of these vehicles. The companies are making investments in R&D and to provide advanced EVs. Therefore, technological advancements in these electric vehicles are expected to represent a positive trend for the market during the forecast period.
The lack of proper infrastructure may impede the growth of the Singapore Automotive Market. The lack of EV charging infrastructure is a major concern for consumers. As consumer demand for electric vehicles is expected to grow in the coming years, governments and suppliers will have to work together to provide the necessary infrastructure, which is in short supply in most countries. And as more long-range electric vehicles hit the market in the next few years, they will come with larger, more powerful batteries and require larger charging systems.
Without significant funding and investment support from governments and other companies, EV charger makers will find it difficult to expand their network, limiting the growth of the featured market during the forecast period. Therefore, the lack of infrastructure and the challenges associated with developing more charging stations are likely to hinder the adoption of EVs during the forecast period.
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The market share growth by the IC engine-based vehicles segment will be significant during the forecast period. Diesel and gasoline engines have penetrated most of the Singapore automotive market. Growing domestic preference for petrol and diesel pickups is driving the growth of the automotive market.
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The IC engine-based vehicles showed a gradual increase in the market share of 49,030.00 actual units in 2017 and continued to grow by 2021. The growth of this segment has been attributed to the increasing disposable income of consumers, which has led to the increased adoption of automobiles in the country. Technological developments have also led to improvements in internal combustion engines in terms of emissions, performance, and fuel efficiency.
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Mitsubishi Electric Corp. The company offers automotives in Singapore such as AVANTE, TUCSON, TUCSON Hybrid, SANTA FE Hybrid, IONIQ Hybrid. Also, the company offers products such as turbine generators, hydraulic turbine generators, nuclear power plant equipment, motors, transformers, power electronics equipment, and more
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The automotive market in Singapore report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Automotive Market In Singapore Scope |
|
Report Coverage |
Details |
Page number |
150 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.03% |
Market growth 2023-2027 |
18,191 actual units |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.2 |
Regional analysis |
Singapore |
Performing market contribution |
Singapore at 100% |
Key countries |
Singapore |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aston Martin Lagonda Ltd., Bayerische Motoren Werke AG, Daimler AG, Ferrari spa, Honda Motor Co. Ltd., Isuzu Motors Ltd., Mazda Motor Corp., Mitsubishi Electric Corp., Porsche Automobil Holding SE, Renault SAS, SAIC Motor Corp. Ltd., Stellantis NV, Suzuki Motor Corp., Tata Sons Pvt. Ltd., TC Changan Singapore Pte Ltd, Tesla Inc., Toyota Motor Corp., AB Volvo, General Motors Co., and Hyundai Motor Co. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Propulsion
7 Market Segmentation by Vehicle Type
8 Market Segmentation by Type
9 Customer Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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