Automotive market size in Singapore to grow by 18,191 actual units between 2022 and 2027; Growth driven by demand for economical and low-pollution vehicles – Technavio

NEW YORK, April 17, 2023 /PRNewswire/ — The automotive market in Singapore is estimated to grow by 18,191 actual units from 2022 to 2027. The growth momentum will be progressing at a CAGR of 6.03% during the forecast period. The market is segmented by propulsion (IC engine-based vehicles and electric vehicles), vehicle type (passenger cars and commercial vehicles), and type (hatchback, sedan, SUV, and MPV). To understand more about the automotive market in Singapore, request a sample report.

By propulsion, the market will observe significant growth in the IC engine-based vehicles segment during the forecast period. The growth of the segment is driven by the increased preference for gasoline and diesel pickup trucks in Singapore. In addition, factors such as rising disposable income, technological developments in IC engines, and the introduction of strict legal regulations on exhaust emissions will fuel the growth of the segment.

The market is driven by the demand for economical and low-pollution vehicles. Growing concerns over the harmful effects of greenhouse gases emitted by automobiles have increased the demand for low-emission vehicles. Besides, the rise in fuel prices has shifted consumers’ focus toward adopting more fuel-efficient vehicles. Increased fuel prices have also led many consumers to adopt electric vehicles. The demand for such vehicles is expected to further rise during the forecast period with dynamic developments in policies, the implementation of guidelines, and advances in automotive technologies. All these factors will drive the growth of the market.

Automotive Market in Singapore – Insights –

• Vendors: 15+, 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., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: Propulsion (IC engine-based vehicles and electric vehicles), vehicle type (passenger cars and commercial vehicles), and type (hatchback, sedan, SUV, and MPV).

Automotive Market in Singapore – Vendor Insights

The automotive market in Singapore is fragmented due to the presence of local and international players. Local and regional car manufacturers in the country are looking to tap into the growing demand for affordable and fuel-efficient vehicles. Car manufacturers in Singapore compete on several fronts, including price, quality, features, and brand reputation. Leading car brands offer a wide range of models, from entry-level vehicles to high-end luxury cars, to appeal to a broad range of customers. To stay competitive, car manufacturers in Singapore are investing in the development of new technologies, such as electric vehicles, autonomous driving, and connectivity solutions. They are also focusing on improving the customer experience, both in terms of the buying process and after-sales support. Some of the key vendors covered in the report include:

• Aston Martin Lagonda Ltd. – The company offers automobile models in Singapore, such as VANTAGE, DB11, DBS, and DBX.
• Bayerische Motoren Werke AG – The company offers automobile models in Singapore, such as BMW iX, BMW i7, BMW X7.
• Daimler AG – The company offers automobile models in Singapore, such as BharatBenz Trucks, FUSO Trucks, Setra, and Thomas Built Buses.
• Honda Motor Co. Ltd. – The company offers automobile models in Singapore, such as Jazz, Accord, and Civic.
• Isuzu Motors Ltd.
• Mazda Motor 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.

Automotive Market in Singapore – Market Dynamics

Major Trends – 

• Technological advances in EVs
• Electric LCVs used for facilitating last-mile connectivity
• Increasing popularity of semi-autonomous vehicles

People worldwide are becoming more aware of the benefits of adopting EVs. In addition, various support initiatives by governments in the form of incentives and subsidies have increased the popularity of EVs among consumers. The growing demand for EVs has encouraged automakers to focus on innovation to improve the features of vehicles. They are investing significantly in R&D to come up with better models. For instance, in March 2021, BMW announced its plan to launch i4, the company’s electric four-door coupe, in Singapore by the end of 2022. Such developments among automobile manufacturers will drive the growth of the market.

Key challenges – 

• Insufficient charging infrastructure
• Stringent emissions regulations
• Concerns related to cybersecurity

The lack of proper charging infrastructure for EVs is one of the major challenges restricting the growth of the market. With the increased demand for EVs, vendors and the Government in Singapore are working toward providing the necessary infrastructure. However, the high cost of the establishment of charging stations is limiting their widespread availability. The lack of infrastructure for charging EVs can hinder their adoption and negatively affect the growth of the market.

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What are the key data covered in this report?

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

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Table of contents:

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

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