Singapore: Passenger Car Market 2024

Passenger Car Market Size in Singapore

In 2021, the Singaporean passenger car market was finally on the rise to reach $X after two years of decline. In general, consumption, however, recorded a deep contraction. Passenger car consumption peaked at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Passenger Car Exports

Exports from Singapore

In 2021, shipments abroad of passenger cars decreased by -10.6% to X units, falling for the fourth consecutive year after six years of growth. Over the period under review, exports, however, saw strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 104% against the previous year. As a result, the exports attained the peak of X units. From 2018 to 2021, the growth of the exports remained at a lower figure.

In value terms, passenger car exports contracted markedly to $X in 2021. In general, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 with an increase of 37% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2020, and then contracted significantly in the following year.

Exports by Country

South Africa (X units) was the main destination for passenger car exports from Singapore, with a 16% share of total exports. Moreover, passenger car exports to South Africa exceeded the volume sent to the second major destination, Tanzania (X units), twofold. The third position in this ranking was held by Nigeria (X units), with a 6% share.

From 2012 to 2021, the average annual growth rate of volume to South Africa amounted to +19.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tanzania (+33.4% per year) and Nigeria (+42.3% per year).

In value terms, Brunei Darussalam ($X), Indonesia ($X) and Malaysia ($X) appeared to be the largest markets for passenger car exported from Singapore worldwide, together accounting for 41% of total exports. Tanzania, Kenya, New Zealand, South Africa, India, the United Arab Emirates, Jamaica, Taiwan (Chinese), Guyana and Nigeria lagged somewhat behind, together accounting for a further 31%.

The United Arab Emirates, with a CAGR of +157.7%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination 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 2021, falling by -10.3% against the previous year. Over the period under review, the export price showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 when the average export price increased by 49% against the previous year. Over the period under review, the average export prices reached the peak figure at $X per unit in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Malaysia ($X per unit), while the average price for exports to Nigeria ($X per unit) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+12.6%), while the prices for the other major destinations experienced more modest paces of growth.

Passenger Car Imports

Imports into Singapore

In 2021, after two years of decline, there was significant growth in purchases abroad of passenger cars, when their volume increased by 5.5% to X units. In general, imports showed slight growth. The pace of growth appeared the most rapid in 2015 when imports increased by 63% against the previous year. Imports peaked at X units in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, passenger car imports soared to $X in 2021. Over the period under review, total imports indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -29.2% against 2019 indices. The pace of growth appeared the most rapid in 2016 when imports increased by 33% against the previous year. As a result, imports attained the peak of $X. From 2017 to 2021, the growth of imports remained at a lower figure.

Imports by Country

China (X units), Japan (X units) and Germany (X units) were the main suppliers of passenger car imports to Singapore.

From 2012 to 2021, the biggest increases were recorded for China (with a CAGR of +75.7%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest passenger car suppliers to Singapore were Germany ($X), Japan ($X) and the UK ($X), together comprising 64% of total imports. The United States, China, South Korea, Italy, Mexico, Thailand, Hungary and France lagged somewhat behind, together accounting for a further 29%.

In terms of the main suppliers, China, with a CAGR of +68.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average passenger car import price amounted to $X per unit, jumping by 22% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2019 an increase of 34% against the previous year. Over the period under review, average import prices reached the maximum at $X per unit in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by South Korea (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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