Singapore Automotive Market by Propulsion, Vehicle Type, Type , and Geography - Forecast and Analysis 2023-2027

Published: Mar 2023 Pages: 150 SKU: IRTNTR71518

Automotive Market in Singapore Analysis Report 2023-2027:

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.

What will be the Size of the Automotive Market In Singapore During the Forecast Period?

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Automotive Market In Singapore: Key Drivers, Trends, Challenges, and Customer Landscape

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.

Key Automotive Market In Singapore Driver

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.

Significant Automotive Market In Singapore Trends

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.

Major Automotive Market Challenge

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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Automotive Market in Singapore Market Segmentation by Product, Application, Geography

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.

 Major Automotive Market in Singapore Vendors 

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:

  • 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.
  • Hyundai Motor Co.

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.

Segment Overview

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. 

  • Propulsion Outlook (USD Million, 2017 - 2027)
    • IC engine-based vehicles
    • Electric vehicles
  • Vehicle Type Outlook (USD Million, 2017 - 2027)
    • Passenger cars
    • Commercial vehicles
  • Type Outlook (USD Million, 2017 - 2027)
    • Hatchback
    • Sedan
    • SUV
    • MPV

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.

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What are the Key Data Covered in this Automotive Market In Singapore In Country Research Report ?

  • CAGR of the market during the forecast period
  • Detailed information on factors that will drive the growth of the market between 2023 and 2027
  • Precise estimation of the size of the market  size and its contribution of the market in focus to the parent market
  • Accurate predictions about upcoming trends and changes in consumer behaviour
  • Growth of the market industry across Singapore
  • Thorough analysis of the market’s competitive landscape and detailed information about vendors
  • Comprehensive analysis of factors that will challenge the growth of market vendors

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1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market Segmentation by Propulsion
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
    • Exhibit 06: Executive Summary – Chart on Market Segmentation by Type
    • Exhibit 07: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 08: Parent market
    • Exhibit 09: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 10: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 11: Market segments
  • 3.3 Market size 2022
    • 3.4 Market outlook: Forecast for 2022-2027
      • Exhibit 12: Chart on Singapore - Market size and forecast 2022-2027 (actual units)
      • Exhibit 13: Data Table on Singapore - Market size and forecast 2022-2027 (actual units)
      • Exhibit 14: Chart on Singapore: Year-over-year growth 2022-2027 (%)
      • Exhibit 15: Data Table on Singapore: Year-over-year growth 2022-2027 (%)

    4 Historic Market Size

    • 4.1 Automotive market in Singapore 2017 - 2021
      • Exhibit 16: Historic Market Size – Data Table on Automotive market in Singapore 2017 - 2021 (actual units)
    • 4.2 Propulsion Segment Analysis 2017 - 2021
      • Exhibit 17: Historic Market Size – Propulsion Segment 2017 - 2021 (actual units)
    • 4.3 Vehicle type Segment Analysis 2017 - 2021
      • Exhibit 18: Historic Market Size – Vehicle type Segment 2017 - 2021 (actual units)
    • 4.4 Type Segment Analysis 2017 - 2021
      • Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 (actual units)

    5 Five Forces Analysis

    • 5.1 Five forces summary
      • Exhibit 20: Five forces analysis - Comparison between 2022 and 2027
    • 5.2 Bargaining power of buyers
      • Exhibit 21: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
    • 5.3 Bargaining power of suppliers
      • Exhibit 22: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
    • 5.4 Threat of new entrants
      • Exhibit 23: Threat of new entrants – Impact of key factors in 2022 and 2027
    • 5.5 Threat of substitutes
      • Exhibit 24: Threat of substitutes – Impact of key factors in 2022 and 2027
    • 5.6 Threat of rivalry
      • Exhibit 25: Threat of rivalry – Impact of key factors in 2022 and 2027
    • 5.7 Market condition
      • Exhibit 26: Chart on Market condition - Five forces 2022 and 2027

    6 Market Segmentation by Propulsion

    • 6.1 Market segments
      • Exhibit 27: Chart on Propulsion - Market share 2022-2027 (%)
      • Exhibit 28: Data Table on Propulsion - Market share 2022-2027 (%)
    • 6.2 Comparison by Propulsion
      • Exhibit 29: Chart on Comparison by Propulsion
      • Exhibit 30: Data Table on Comparison by Propulsion
    • 6.3 IC engine-based vehicles - Market size and forecast 2022-2027
      • Exhibit 31: Chart on IC engine-based vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 32: Data Table on IC engine-based vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 33: Chart on IC engine-based vehicles- Year-over-year growth 2022-2027 (%)
      • Exhibit 34: Data Table on IC engine-based vehicles- Year-over-year growth 2022-2027 (%)
    • 6.4 Electric vehicles - Market size and forecast 2022-2027
      • Exhibit 35: Chart on Electric vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 36: Data Table on Electric vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 37: Chart on Electric vehicles- Year-over-year growth 2022-2027 (%)
      • Exhibit 38: Data Table on Electric vehicles- Year-over-year growth 2022-2027 (%)
    • 6.5 Market opportunity by Propulsion
      • Exhibit 39: Market opportunity by Propulsion (actual units)
      • Exhibit 40: Data Table on Market opportunity by Propulsion (actual units)

    7 Market Segmentation by Vehicle Type

    • 7.1 Market segments
      • Exhibit 41: Chart on Vehicle Type - Market share 2022-2027 (%)
      • Exhibit 42: Data Table on Vehicle Type - Market share 2022-2027 (%)
    • 7.2 Comparison by Vehicle Type
      • Exhibit 43: Chart on Comparison by Vehicle Type
      • Exhibit 44: Data Table on Comparison by Vehicle Type
    • 7.3 Passenger cars - Market size and forecast 2022-2027
      • Exhibit 45: Chart on Passenger cars- Market size and forecast 2022-2027 (actual units)
      • Exhibit 46: Data Table on Passenger cars- Market size and forecast 2022-2027 (actual units)
      • Exhibit 47: Chart on Passenger cars- Year-over-year growth 2022-2027 (%)
      • Exhibit 48: Data Table on Passenger cars- Year-over-year growth 2022-2027 (%)
    • 7.4 Commercial vehicles - Market size and forecast 2022-2027
      • Exhibit 49: Chart on Commercial vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 50: Data Table on Commercial vehicles- Market size and forecast 2022-2027 (actual units)
      • Exhibit 51: Chart on Commercial vehicles- Year-over-year growth 2022-2027 (%)
      • Exhibit 52: Data Table on Commercial vehicles- Year-over-year growth 2022-2027 (%)
    • 7.5 Market opportunity by Vehicle Type
      • Exhibit 53: Market opportunity by Vehicle Type (actual units)
      • Exhibit 54: Data Table on Market opportunity by Vehicle Type (actual units)

    8 Market Segmentation by Type

    • 8.1 Market segments
      • Exhibit 55: Chart on Type - Market share 2022-2027 (%)
      • Exhibit 56: Data Table on Type - Market share 2022-2027 (%)
    • 8.2 Comparison by Type
      • Exhibit 57: Chart on Comparison by Type
      • Exhibit 58: Data Table on Comparison by Type
    • 8.3 Hatchback - Market size and forecast 2022-2027
      • Exhibit 59: Chart on Hatchback- Market size and forecast 2022-2027 (actual units)
      • Exhibit 60: Data Table on Hatchback- Market size and forecast 2022-2027 (actual units)
      • Exhibit 61: Chart on Hatchback- Year-over-year growth 2022-2027 (%)
      • Exhibit 62: Data Table on Hatchback- Year-over-year growth 2022-2027 (%)
    • 8.4 Sedan - Market size and forecast 2022-2027
      • Exhibit 63: Chart on Sedan- Market size and forecast 2022-2027 (actual units)
      • Exhibit 64: Data Table on Sedan- Market size and forecast 2022-2027 (actual units)
      • Exhibit 65: Chart on Sedan- Year-over-year growth 2022-2027 (%)
      • Exhibit 66: Data Table on Sedan- Year-over-year growth 2022-2027 (%)
    • 8.5 SUV - Market size and forecast 2022-2027
      • Exhibit 67: Chart on SUV- Market size and forecast 2022-2027 (actual units)
      • Exhibit 68: Data Table on SUV- Market size and forecast 2022-2027 (actual units)
      • Exhibit 69: Chart on SUV- Year-over-year growth 2022-2027 (%)
      • Exhibit 70: Data Table on SUV- Year-over-year growth 2022-2027 (%)
    • 8.6 MPV - Market size and forecast 2022-2027
      • Exhibit 71: Chart on MPV- Market size and forecast 2022-2027 (actual units)
      • Exhibit 72: Data Table on MPV- Market size and forecast 2022-2027 (actual units)
      • Exhibit 73: Chart on MPV- Year-over-year growth 2022-2027 (%)
      • Exhibit 74: Data Table on MPV- Year-over-year growth 2022-2027 (%)
    • 8.7 Market opportunity by Type
      • Exhibit 75: Market opportunity by Type (actual units)
      • Exhibit 76: Data Table on Market opportunity by Type (actual units)

    9 Customer Landscape

    • 9.1 Customer landscape overview
      • Exhibit 77: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    10 Drivers, Challenges, and Trends

    • 10.1 Market drivers
      • 10.2 Market challenges
        • 10.3 Impact of drivers and challenges
          • Exhibit 78: Impact of drivers and challenges in 2022 and 2027
        • 10.4 Market trends

          11 Vendor Landscape

          • 11.1 Overview
            • 11.2 Vendor landscape
              • Exhibit 79: Overview on Criticality of inputs and Factors of differentiation
            • 11.3 Landscape disruption
              • Exhibit 80: Overview on factors of disruption
            • 11.4 Industry risks
              • Exhibit 81: Impact of key risks on business

            12 Vendor Analysis

            • 12.1 Vendors covered
              • Exhibit 82: Vendors covered
            • 12.2 Market positioning of vendors
              • Exhibit 83: Matrix on vendor position and classification
            • 12.3 AB Volvo
              • Exhibit 84: AB Volvo - Overview
              • Exhibit 85: AB Volvo - Business segments
              • Exhibit 86: AB Volvo - Key news
              • Exhibit 87: AB Volvo - Key offerings
              • Exhibit 88: AB Volvo - Segment focus
            • 12.4 Aston Martin Lagonda Ltd.
              • Exhibit 89: Aston Martin Lagonda Ltd. - Overview
              • Exhibit 90: Aston Martin Lagonda Ltd. - Product / Service
              • Exhibit 91: Aston Martin Lagonda Ltd. - Key offerings
            • 12.5 Bayerische Motoren Werke AG
              • Exhibit 92: Bayerische Motoren Werke AG - Overview
              • Exhibit 93: Bayerische Motoren Werke AG - Business segments
              • Exhibit 94: Bayerische Motoren Werke AG - Key news
              • Exhibit 95: Bayerische Motoren Werke AG - Key offerings
              • Exhibit 96: Bayerische Motoren Werke AG - Segment focus
            • 12.6 Daimler AG
              • Exhibit 97: Daimler AG - Overview
              • Exhibit 98: Daimler AG - Business segments
              • Exhibit 99: Daimler AG - Key news
              • Exhibit 100: Daimler AG - Key offerings
              • Exhibit 101: Daimler AG - Segment focus
            • 12.7 Ferrari spa
              • Exhibit 102: Ferrari spa - Overview
              • Exhibit 103: Ferrari spa - Business segments
              • Exhibit 104: Ferrari spa - Key offerings
              • Exhibit 105: Ferrari spa - Segment focus
            • 12.8 General Motors Co.
              • Exhibit 106: General Motors Co. - Overview
              • Exhibit 107: General Motors Co. - Business segments
              • Exhibit 108: General Motors Co. - Key news
              • Exhibit 109: General Motors Co. - Key offerings
              • Exhibit 110: General Motors Co. - Segment focus
            • 12.9 Honda Motor Co. Ltd.
              • Exhibit 111: Honda Motor Co. Ltd. - Overview
              • Exhibit 112: Honda Motor Co. Ltd. - Business segments
              • Exhibit 113: Honda Motor Co. Ltd. - Key news
              • Exhibit 114: Honda Motor Co. Ltd. - Key offerings
              • Exhibit 115: Honda Motor Co. Ltd. - Segment focus
            • 12.10 Hyundai Motor Co.
              • Exhibit 116: Hyundai Motor Co. - Overview
              • Exhibit 117: Hyundai Motor Co. - Business segments
              • Exhibit 118: Hyundai Motor Co. - Key news
              • Exhibit 119: Hyundai Motor Co. - Key offerings
              • Exhibit 120: Hyundai Motor Co. - Segment focus
            • 12.11 Mazda Motor Corp.
              • Exhibit 121: Mazda Motor Corp. - Overview
              • Exhibit 122: Mazda Motor Corp. - Business segments
              • Exhibit 123: Mazda Motor Corp. - Key offerings
              • Exhibit 124: Mazda Motor Corp. - Segment focus
            • 12.12 Mitsubishi Electric Corp.
              • Exhibit 125: Mitsubishi Electric Corp. - Overview
              • Exhibit 126: Mitsubishi Electric Corp. - Business segments
              • Exhibit 127: Mitsubishi Electric Corp. - Key news
              • Exhibit 128: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 129: Mitsubishi Electric Corp. - Segment focus
            • 12.13 Porsche Automobil Holding SE
              • Exhibit 130: Porsche Automobil Holding SE - Overview
              • Exhibit 131: Porsche Automobil Holding SE - Business segments
              • Exhibit 132: Porsche Automobil Holding SE - Key offerings
              • Exhibit 133: Porsche Automobil Holding SE - Segment focus
            • 12.14 Renault SAS
              • Exhibit 134: Renault SAS - Overview
              • Exhibit 135: Renault SAS - Product / Service
              • Exhibit 136: Renault SAS - Key offerings
            • 12.15 Tata Sons Pvt. Ltd.
              • Exhibit 137: Tata Sons Pvt. Ltd. - Overview
              • Exhibit 138: Tata Sons Pvt. Ltd. - Business segments
              • Exhibit 139: Tata Sons Pvt. Ltd. - Key offerings
              • Exhibit 140: Tata Sons Pvt. Ltd. - Segment focus
            • 12.16 Tesla Inc.
              • Exhibit 141: Tesla Inc. - Overview
              • Exhibit 142: Tesla Inc. - Business segments
              • Exhibit 143: Tesla Inc. - Key news
              • Exhibit 144: Tesla Inc. - Key offerings
              • Exhibit 145: Tesla Inc. - Segment focus
            • 12.17 Toyota Motor Corp.
              • Exhibit 146: Toyota Motor Corp. - Overview
              • Exhibit 147: Toyota Motor Corp. - Business segments
              • Exhibit 148: Toyota Motor Corp. - Key offerings
              • Exhibit 149: Toyota Motor Corp. - Segment focus

            13 Appendix

            • 13.1 Scope of the report
              • 13.2 Inclusions and exclusions checklist
                • Exhibit 150: Inclusions checklist
                • Exhibit 151: Exclusions checklist
              • 13.3 Currency conversion rates for US$
                • Exhibit 152: Currency conversion rates for US$
              • 13.4 Research methodology
                • Exhibit 153: Research methodology
                • Exhibit 154: Validation techniques employed for market sizing
                • Exhibit 155: Information sources
              • 13.5 List of abbreviations
                • Exhibit 156: List of abbreviations

              Research Framework

              Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

              INFORMATION SOURCES

              Primary sources

              • Manufacturers and suppliers
              • Channel partners
              • Industry experts
              • Strategic decision makers

              Secondary sources

              • Industry journals and periodicals
              • Government data
              • Financial reports of key industry players
              • Historical data
              • Press releases

              DATA ANALYSIS

              Data Synthesis

              • Collation of data
              • Estimation of key figures
              • Analysis of derived insights

              Data Validation

              • Triangulation with data models
              • Reference against proprietary databases
              • Corroboration with industry experts

              REPORT WRITING

              Qualitative

              • Market drivers
              • Market challenges
              • Market trends
              • Five forces analysis

              Quantitative

              • Market size and forecast
              • Market segmentation
              • Geographical insights
              • Competitive landscape

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              Key Questions Answered

              • What are the key global market and the regional market share?
              • What are the revenue-generating key market segments?
              • What are the key factors driving and challenging this market’s growth?
              • Who are the key market vendors and their growth strategies?
              • What are the latest trends influencing the growth of this market?
              • What are the variables influencing the market growth in the primary regions?
              • What are the factors influencing the growth of the parent market?

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