Singapore 2024. Toyota, Mercedes And BMW In A Close Fight For The Leadership

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Singapore Car Market increases by double digits in 2024. February totaled 2,414 new sales (+13.0%). BYD gains 7 spots ranking into 4th place (+697.7%).

Market Trend and Outlook

Singapore’s Car Market in February reports the 4th positive consecutive month, increasing by 13.0% while registering 2,414 sales. YTD sales up to 4,654 units (+15.7%).  

Looking at cumulative data up to February 2024 brand-wise the leader is still Toyota with 768 sales (-6.0%), followed by Mercedes at 758 sales (+8.6%), BMW at 756 (-57.2%) and BYD -up 7 spots- with 686 sales (+697.7%).

Honda loses 1 spot, ranking into 5th with 363 registrations (-11.7%), followed by Nissan -down 1 spot- in 6th with 185 units sold (+7.6%), Hyundai -up 1 spot- with 151 sales (+16.2%) and Tesla -up 2 spots- in 8th with 137 sales (-47.3%).

Mazda loses 3 spots ranking in 9th with 132 sales (-20.5%) and Kia -down 1 spot- closes the top 10 with 105 vehicle registrations (-6-3%).

Looking at specific models the Toyota Corolla maintains 1st spot whilst growing 20.4% from the previous year, followed by the Mazda3 up 23.2%.

Medium-Term Market Trend

The car market in Singapore has had a few ups and downs in the last decade. From 2010 to 2014 demand for car passengers fluctuated between 41k and 20k. Following a 28.8% growth in 2014, the market broke the 40k resistance in 2015 closing the year at 66,740 cumulative sales. Demand for car passengers continued to grow until reaching the current all-time high at 91,980 in 2017. In 2018 the market rebounded, falling two years in a row and reaching 72,408 sales by the end of 2019.

The arrival of the pandemic in 2020 caused many manufacturers and distributers to shut down. This brought the car market to a halt and sales fell 38.6% down to 44,463.

Singapore’s car market slightly recovered in 2021 reaching 45,442 sales. While in 2022 sales fell 31.9% to 30,934. In 2023 sales slightly fell back, while reaching 30,221 registrations (-2.3%). A combination of factors are behind the current industry struggle: the disruption in the global supply chain caused by a lack of raw materials, in particular for the production of microchips and Governments push towards Evs, an expensive alternative for low income consumers. 

Tables with sales figures

In the tables below we report sales for all Brands and top 10 Manufacturers Group.

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