Singapore 2022. Car Market Collapses (-31.9%), Falling In All 12 Months

The 2023 Porsche 911 Sport Classic
The 2023 Porsche 911 Sport Classic

Singapore’s Car Market in 2022 accumulates 30,934 sales (-31.9%), with all 12 months posting losses. In fact, December at 2,407 new registrations fell 17.1% from the prior year.

Market Trend and Outlook

Final data from 2022 shows Singapore’s car market down 31.9% compared to the prior year, with sales totaling 30,934. This is the lowest level seen in the last 8 years in fact December, with 2,407 new registrations (-17.1%), reports the 12th consecutive loss of 2022.

Looking at cumulative data from 2022 brand-wise the Top 6 brands remain unchanged compared to the previous year: Toyota in 1st at 6,405 sales (-33.5%), followed by Mercedes at 5,262 sales (-18.1%), BMW at 3,720 (-29.2%), Honda at 3,274 sales (-32.0%), Hyundai at 1,673 (-41.5%) and Mazda in 6th with 1,126 registrations (-52.4%).

Tesla ranks in 7th with 875 sales (-5.3%), in front of Nissan in 8th with 865 (-52.5%), Audi  at 856 sales (-56.7%) and Audi that falls into 10th position with 839 sales (-41.5%).

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. In 2022 the trend isn’t looking good, with sales projected to end at 31,798 (-30.0%). 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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