Singapore’s Car Market in October 2023 falls for the 8th month this year, reporting 2,351 new registrations (-1.9%). YTD figures at 22,905 are down 12.6% from the previous year. Hyundai falls 45.1% into 8th spot.
Market Trend and Outlook
Singapore’s Car Market in October 2023 falls for the 8th month this year, reporting 2,351 new registrations (-1.9%). YTD figures at 22,905 are down 12.6% from the previous year.
Looking at cumulative data up to October 2023 brand-wise the Top 4 brands remain unchanged compared to the previous year: Toyota in 1st at 5,280 sales (-4.6%), followed by Mercedes at 3,539 sales (-20.6%), BMW at 2,913 (-2.2%) and Honda with 1,915 sales (-31.7%).
Nissan moves up 2 spots into 5th with 1,004 registrations (+38.1%), followed by BYD in 6th with 908 units sold (+43.9%), Mazda with 851 sales (-9.7%) and Hyundai -down 3 spot- in 8th with 782 sales (-45.1%).
Kia rises 2 spots into 9th with 746 sales (+3.6%) and Tesla closes the top 10 growing 1 spot with 697 vehicle registrations (+0.4%).
Looking at specific models the Toyota Corolla maintains 1st spot despite falling 38.9% from the previous year, followed by the Mazda3 down 18.6%.
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. 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.