Singapore: Passenger Car Market 2024

Passenger Car Market Size in Singapore

The Singaporean passenger car market reduced to $X in 2022, falling by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded a deep slump. Passenger car consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Passenger Car Exports

Exports from Singapore

In 2022, shipments abroad of passenger cars decreased by X% to X units, falling for the fourth consecutive year after seven years of growth. In general, exports, however, enjoyed a pronounced increase. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at X units in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, passenger car exports shrank to $X in 2022. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2018 with an increase of X%. The exports peaked at $X in 2020; however, from 2021 to 2022, the exports remained at a lower figure.

Exports by Country

Nigeria (X units), Tanzania (X units) and India (X units) were the main destinations of passenger car exports from Singapore, together comprising X% of total exports. Indonesia, South Africa, Malaysia, Brunei Darussalam, Egypt, Thailand, Australia, New Zealand, Kenya and the United Arab Emirates lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the biggest increases were recorded for the United Arab Emirates (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Indonesia ($X), Malaysia ($X) and Brunei Darussalam ($X) appeared to be the largest markets for passenger car exported from Singapore worldwide, together comprising X% of total exports. Tanzania, Australia, the United Arab Emirates, New Zealand, Thailand, Kenya, South Africa, India, Nigeria and Egypt lagged somewhat behind, together accounting for a further X%.

Among the main countries of destination, the United Arab Emirates, with a CAGR of X%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average passenger car export price stood at $X per unit in 2022, picking up by X% against the previous year. Over the period under review, the export price, however, showed a deep reduction. Over the period under review, the average export prices hit record highs at $X per unit in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Indonesia ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Singapore

Passenger car imports into Singapore reduced markedly to X units in 2022, which is down by X% against 2021. Over the period under review, imports recorded a mild decline. The growth pace was the most rapid in 2015 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X units in 2016; however, from 2017 to 2022, imports stood at a somewhat lower figure.

In value terms, passenger car imports fell sharply to $X in 2022. In general, imports showed a mild setback. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Japan (X units), Germany (X units) and China (X units) were the main suppliers of passenger car imports to Singapore, together comprising X% of total imports. South Korea, the United States, Mexico, the UK, South Africa, Thailand, France, Hungary and Spain lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Hungary (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Japan ($X) and the UK ($X) were the largest passenger car suppliers to Singapore, with a combined X% share of total imports. China, Mexico, South Korea, the United States, South Africa, Hungary, France, Thailand and Spain lagged somewhat behind, together comprising a further X%.

China, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average passenger car import price stood at $X per unit in 2022, increasing by X% against the previous year. Over the period under review, the import price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, average import prices attained the maximum at $X per unit in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per unit), while the price for Thailand ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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