Singapore Car Market in 2024 rebounded from 2021 dip and reported 43,022 units sold, up 42.4%. Toyota’s dominance is threatened by BYD’s surge, who jumped across the rankings, up 337.2% into 2nd.
Market Trend and Outlook
Singapore’s economy grew 4.0% in 2024, its fastest pace since the pandemic, accelerating from 1.1% in 2023 and 3.8% in 2022. Q4 GDP rose 4.3% year-on-year, surpassing forecasts, while quarterly growth was 0.1%. Economists attribute strong performance to shifting supply chains and front-loaded shipments ahead of potential U.S. tariffs.
The government forecasts 2025 growth between 1.0% and 3.0%, with OCBC expecting around 2% unless tariffs directly impact Singapore. Inflation fell to 1.9% in November, its lowest in three years, giving room for potential monetary easing. The Monetary Authority of Singapore kept policy steady in October but may adjust later in 2025 based on U.S. policy impacts. Manufacturing growth is expected to stay strong in early 2025, though external risks remain. Despite uncertainties, economists believe Singapore’s economy will avoid a sharp slowdown.
Despite the overall economy’s moderate growth, Singapore’s Car Market surged 42.4% in 2024. With impressive performance throughout the year, it rebounded from 2021 dip, although it stil trails pre-Covid figures.
Looking at cumulative data up to December 2024 brand-wise the leader was still Toyota with 7,876 sales (+8.7%), followed by BYD at 6,191 sales (+337.2%), Mercedes at 5,101 (+18.2%) and BMW with 5,071 sales (+47.6%).
Honda ranked 5th with 3,892 registrations (+47.9%), followed by Tesla in 6th with 2,384 units sold (+153.3%), Hyundai with 2,053 sales (+79.6%) and Nissan in 8th with 1,638 sales (+22.6%).
Mazda secured 9th position with 1,260 sales (+7.1%) and Kia closed the top 10 with 1,214 vehicle registrated (+13%).
Looking at specific models the Toyota Corolla secured 1st spot whilst growing 31.4% from the previous year, followed by the Mazda3 up 22.9%.
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.
